### Question
What is the definition of substantial position?


### Answer
The definition of **substantial position** is as follows in *17 CFR § 1.3*:

> 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**

