### Question
How does the law define security-based swap execution facility?


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

> a trading system or platform in which multiple participants have the ability to execute or trade security-based swaps by accepting bids and offers made by multiple participants in the facility or system, through any means of interstate commerce, including any trading facility, that—


(A) facilitates the execution of security-based swaps between persons

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

