### Question
How does PART 1—GENERAL REGULATIONS UNDER THE COMMODITY EXCHANGE ACT define substantial position?


### Answer
Under *17 CFR § 1.3*, **substantial position** is defined as:

> swap positions that equal or exceed any of the following thresholds in the specified major category of swaps:

(i) For rate swaps:

(A) $3 billion in daily average aggregate uncollateralized outward exposure

#### Citation:
  - *17 CFR § 1.3*
  - Heading: **PART 1—GENERAL REGULATIONS UNDER THE COMMODITY EXCHANGE ACT**

