SEB is now a registered swap dealer for clients and counterparties that fall within US regulation. As a registered swap dealer, SEB complies with regulatory requirements stipulated in the US Dodd-Frank Act. The Act aims to reduce risks, increase investor protection and improve transparency when trading derivatives.
"Registering as a swap dealer is yet another step for us to continue enhancing relationships with clients and counterparties. Dodd-Frank is about making markets more transparent and secure through, for example, additional reporting and clearing requirements. Becoming a registered swap dealer means we will safeguard our role as the leading Nordic corporate bank for home-market clients as well as for clients around the world trading Nordic derivative products and currencies," says Joachim Alpen, Head of Markets at SEB.
A swap is a derivative contract, often used to manage for example interest-rate or foreign-currency risk.
SEB already has the ability to deal in swap contracts in Europe under European Market Infrastructure Regulation (EMIR). By becoming a registered swap dealer, there are a number of unique and comprehensive rules in US regulation which SEB has now also committed to complying with.
The Dodd-Frank Wall Street Reform and Consumer Protection Act was introduced in response to the financial crisis and G20 commitments to reform financial markets. Among many areas, the Act encompasses sections regulating all aspects of trading in derivative instruments.
Read more on Dodd-Frank from the US Commodity Futures Trading Commission at www.cftc.gov.
| For further information, please contact Joachim Alpen, Head of Markets +46-8-506 23 296 joachim.alpen@seb.se | Press contact Anna Helsén, Group Press Officer +46(0) 70 698 48 58 anna.helsen@seb.se |
| SEB is a leading Nordic financial services group. As a relationship bank, SEB in Sweden and the Baltic countries offers financial advice and a wide range of financial services. In Denmark, Finland, Norway and Germany the bank's operations have a strong focus on corporate and investment banking based on a full-service offering to corporate and institutional clients. The international nature of SEB's business is reflected in its presence in some 20 countries worldwide. On December 31, 2013, the Group's total assets amounted to SEK 2,485 billion while its assets under management totalled SEK 1,475 billion. The Group has about 16,000 employees. Read more about SEB at www.sebgroup.com. | |