The bodies argued that including arranged, negotiated or executed transactions distorted US-connected activity and miscalibrated threshold analysis.

International Swaps and Derivatives Association (Isda) and Securities Industry and Financial Markets Association (Sifma) have urged the US Securities and Exchange Commission (SEC) to maintain the existing de minimis thresholds for security-based swap dealer (SBSD) registration, arguing that the US SEC’s own data shows the current framework already captures substantially all economically significant activity. Isda and Sifma called on the US SEC to eliminate regulatory uncertainty by estab