### Question
How does SECURITIES EXCHANGES define major security-based swap participant?


### Answer
Under *15 U.S.C. § 78c*, **major security-based swap participant** is defined as:

> any person—


(i) who is not a security-based swap dealer

#### Citation:
  - *15 U.S.C. § 78c*
  - Heading: **CHAPTER 2B-SECURITIES EXCHANGES**

