### Question
Can you define what major swap participant means?


### Answer
**Major swap participant** is defined as the following in *7 U.S.C. § 1a*:

> any person who is not a swap dealer, and—


(i) maintains a substantial position in swaps for any of the major swap categories as determined by the Commission, excluding—


(I) positions held for hedging or mitigating commercial risk

#### Citation:
  - *7 U.S.C. § 1a*
  - Heading: **CHAPTER 1-COMMODITY EXCHANGES**

