Anyone or any organisation that markets swaps to end users. SDs are required to register with the (CFTC) and are subject to certain reporting and reconciliation requirements , among other things. The CFTC defines a ''swap dealer'' as any person or entity who:<ul type='i'"><li>Holds itself out as a dealer in swaps.</li><li>Makes a market in swaps</li><li>Regularly enters into swaps with counterparties as an ordinary course of business for its own account.</li><li>Engages in activity causing itself to be commonly known in the trade as a dealer or market maker in swaps.</li></ul>"