Individuals and entities, registered with the CFTC, that are subject to certain reporting and reconciliation requirements, among other things. The CFTC defines a ''major swap participant'' as an entity who is not a swap dealer and who satisfies any one of the following conditions:<ul type='i'"><li>A person that maintains a ''substantial position'' in any of the major swap categories, excluding certain hedging positions.</li><li>A person whose outstanding swaps create ''substantial counterparty exposure that could have serious adverse effects on the financial stability of the United States banking system or financial markets''.</li><li>Any ''financial entity'' that is ''highly leveraged relative to the amount of capital such entity holds and that is not subject to capital requirements established by an appropriate Federal banking agency'' and that maintains a ''substantial position'' in any of the major swap categories.</li></ul>"