Banks track US-facing business to avoid swap dealer tag

Less than half of the world’s largest banks have registered as swap dealers, with many absentees saying they are now monitoring and limiting their US-facing business. Other banks see the rules as a chance to corner their local market

Leif Lindahl, head of Danske Markets New York

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China Construction Bank, Intesa Sanpaolo and Rabobank are among the world's 30 biggest banks by assets, but may not look to have much else in common. One is a Chinese titan, another is Italy's second-biggest bank and the third is a Dutch co-operative. The hidden connection is that none have registered with the Commodity Futures Trading Commission (CFTC) as a swap dealer – a regulatory category introduced by the US Dodd-Frank Act to ensnare derivatives