---
kind: "section"
citation: "7 U.S.C. § 6t"
title: "7"
title_heading: "Agriculture"
number: "6t"
heading: "Large swap trader reporting"
release: "119-102"
date: "2026-07-12"
url: "https://uscodex.org/usc/7/6t"
units:
  - "Chapter 1 — Commodity Exchanges"
---

# §6t. Large swap trader reporting

- (a) **Prohibition—**
  - (1) **In general—** Except as provided in [paragraph (2)](#a-2), it shall be unlawful for any [person](/usc/7/1a.md?p=38) to enter into any [swap](/usc/7/1a.md?p=47-A) that the [Commission](/usc/7/1a.md?p=8) determines to perform a significant price discovery function with respect to [registered entities](/usc/7/1a.md?p=40) if—
    - (A) the [person](/usc/7/1a.md?p=38) directly or indirectly enters into the [swap](/usc/7/1a.md?p=47-A) during any 1 day in an amount equal to or in excess of such amount as shall be established periodically by the [Commission](/usc/7/1a.md?p=8); and
    - (B) the [person](/usc/7/1a.md?p=38) directly or indirectly has or obtains a position in the [swap](/usc/7/1a.md?p=47-A) equal to or in excess of such amount as shall be established periodically by the [Commission](/usc/7/1a.md?p=8).
  - (2) **Exception—** [Paragraph (1)](#a-1) shall not apply if—
    - (A) the [person](/usc/7/1a.md?p=38) files or causes to be filed with the properly designated officer of the [Commission](/usc/7/1a.md?p=8) such reports regarding any transactions or positions described in subparagraphs [(A)](#a-1-A) and [(B)](#a-1-B) of paragraph (1) as the [Commission](/usc/7/1a.md?p=8) may require by rule or regulation; and
    - (B) in accordance with the rules and regulations of the [Commission](/usc/7/1a.md?p=8), the [person](/usc/7/1a.md?p=38) keeps books and records of all such [swaps](/usc/7/1a.md?p=47-A) and any transactions and positions in any related [commodity](/usc/7/1a.md?p=9) traded on or subject to the rules of any designated contract [market](/usc/7/198.md?p=1) or [swap execution facility](/usc/7/1a.md?p=50), and of cash or spot transactions in, inventories of, and purchase and sale commitments of, such a [commodity](/usc/7/1a.md?p=9).
- (b) **Requirements—**
  - (1) **In general—** Books and records described in [subsection (a)(2)(B)](#a-2-B) shall—
    - (A) show such complete details concerning all transactions and positions as the [Commission](/usc/7/1a.md?p=8) may prescribe by rule or regulation;
    - (B) be open at all times to inspection and examination by any representative of the [Commission](/usc/7/1a.md?p=8); and
    - (C) be open at all times to inspection and examination by the [Securities](/usc/7/1a.md?p=41) and [Exchange](/usc/7/1a.md?p=1-D) [Commission](/usc/7/1a.md?p=8), to the extent such books and records relate to transactions in [swaps](/usc/7/1a.md?p=47-A) (as that term is defined in [section 1a(47)(A)(v) of this title](/usc/7/1a.md?p=47-A-v)), and consistent with the confidentiality and disclosure requirements of [section 12 of this title](/usc/7/12.md).
  - (2) **Jurisdiction—** Nothing in [paragraph (1)](#b-1) shall affect the exclusive jurisdiction of the [Commission](/usc/7/1a.md?p=8) to prescribe recordkeeping and reporting requirements for large [swap](/usc/7/1a.md?p=47-A) traders under this section.
- (c) **Applicability—** For purposes of this section, the [swaps](/usc/7/1a.md?p=47-A), futures, and cash or spot transactions and positions of any [person](/usc/7/1a.md?p=38) shall include the [swaps](/usc/7/1a.md?p=47-A), futures, and cash or spot transactions and positions of any [persons](/usc/7/1a.md?p=38) directly or indirectly controlled by the [person](/usc/7/1a.md?p=38).
- (d) **Significant price discovery function—** In making a determination as to whether a [swap](/usc/7/1a.md?p=47-A) performs or affects a significant price discovery function with respect to [registered entities](/usc/7/1a.md?p=40), the [Commission](/usc/7/1a.md?p=8) shall consider the factors described in [section 6a(a)(3) of this title](/usc/7/6a.md?p=a-3).

## Source credit

(Sept. 21, 1922, ch. 369, § 4t, as added Pub. L. 111–203, title VII, § 730, July 21, 2010, 124 Stat. 1702.)

## Notes

### Statutory Notes and Related Subsidiaries

### Effective Date

Section effective on the later of 360 days after July 21, 2010, or, to the extent a provision of subtitle A (§§ 711–754) of title VII of Pub. L. 111–203 requires a rulemaking, not less than 60 days after publication of the final rule or regulation implementing such provision of subtitle A, see section 754 of Pub. L. 111–203, set out as an Effective Date of 2010 Amendment note under section 1a of this title.