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Regulations adopted by the Commodities Futures Trading Commission (CFTC) exempting certain swap agreements from regulation by the Commission. To qualify, a swap agreement (1) must be made between eligible swap participants, (2) cannot be part of a fungible or standardized class of agreements, and (3) credit must be a consideration under the swap agreement, though collateralization and credit enhancement are permitted. (4) The swap cannot be traded on a multilateral transaction-execution facility (exchange). See also Eligible Swap Participant.
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