Statistics & Data Visualizations
Security-Based Swap Dealers (SBSDs)
June 12, 2025
The Securities and Exchange Commission (“Commission” or “SEC”) regulates security-based swaps (“SBS”), pursuant to Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank Act”). As part of this regulatory regime, beginning on November 1, 2021, entities that meet the definition of security-based swap dealer (“SBSD”) were required to file an application to register with the Commission.1 Drawing on these registration filings, the statistics here describe the time trends in SBSD registrations; the types of SBSDs (based on the registration form they filed) ; and the geographical distribution of SBSDs.
1 An SBSD applicant that has submitted the required complete registration forms with the Commission is conditionally registered. See Rule 15Fb2-1(d) (17 CFR 240.15Fb2-1(d)). Subsequently, the Commission may grant or deny ongoing registration based on the conditionally registered SBSD’s application. See Rule 15Fb2-1(e) (17 CFR 240.15Fb2-1(e)). As of the most recent update of these statistics, all registered SBSDs are conditionally registered.
Data Visualizations
Click on the link below each image to access interactive features of the graph.
Time Trends in SBSD Registrations
Oct. 2021 - Dec. 2024
Types of SBSDs
as of Dec. 31, 2024
Geographical Distribution of SBSDs
as of Dec. 31, 2024
Statistics
Below are the most recent statistics, as of Dec. 31, 2024. SBSD statistics are updated quarterly. The next update will be as of Mar. 31, 2025. For all available SBSD statistics, view Statistics Download.
| Metric | As of Dec. 31, 2024 |
|---|---|
| Number of SBSDs that are conditionally registered with the Commission | 53 |
| Number of SBSDs that filed Form SBSE-A, Form SBSE-BD, or Form SBSE | |
| Number of SBSDs that filed Form SBSE-A | 40 |
| Number of SBSDs that filed Form SBSE-BD | 7 |
| Number of SBSDs that filed Form SBSE | 6 |
| Number of SBSDs located in a given country | |
| United States | 23 |
| United Kingdom | 10 |
| Canada | 6 |
| France | 4 |
| Germany | 4 |
| Spain | 2 |
| Australia | 1 |
| Ireland | 1 |
| Sweden | 1 |
| Switzerland | 1 |
Statistics Guide
The Guide below provides a description of each metric, calculation method, and data source. To download the SBSD Statistics Guide: SBSD Statistics Guide
Description
The number of SBSDs conditionally registered with the Commission as of the date listed above. An SBSD remains conditionally registered until the Commission grants or denies on-going registration.
Calculation Method
This is based on the list of SBSDs published on the Commission’s website.
Data Source
SBSD list, available at https://www.sec.gov/about/divisions-offices/division-trading-markets/list-registered-security-based-swap-dealers-major-security-based-swap-participants.
Description
The number of SBSDs that have filed a complete Form SBSE, Form SBSE-A, or Form SBSE-BD, as applicable, and have not withdrawn their registration. Form SBSE-BD is the registration form for SBSDs that are registered or registering with the Commission as broker-dealers, including SBSDs registered as OTC derivatives dealers. Form SBSE-A is the registration form for SBSDs that are registered or registering with the Commodity Futures Trading Commission (“CFTC”) as swap dealers or major swap participants (and not also registered or registering with the Commission as broker-dealers). Form SBSE is the registration form for SBSDs that do not fit either of the above categories. An entity must also file Form SBSE-C as part of its application.
Calculation Method
This is based on a search for Form SBSE-C and Forms SBSE, SBSE-A, and SBSE-BD filings through the Commission’s Electronic Data Gathering, Analysis and Retrieval (EDGAR) system, as well as the list of SBSDs published on the Commission’s website.
Data Source
Commission’s Electronic Data Gathering, Analysis and Retrieval (EDGAR) system, and SBSD list, available at https://www.sec.gov/about/divisions-offices/division-trading-markets/list-registered-security-based-swap-dealers-major-security-based-swap-participants.
Description
This is the number of SBSDs whose main address is in a given country. The main address information provided in the SBSD’s regulatory filing is not necessarily reflective of the SBSD’s status as a U.S. person.
Calculation Method
The number is calculated based on SBSDs whose main address is in a given country. Form SBSE Question 1E and Form SBSE-A Question 1D elicit information on an applicant’s main address. Form SBSE-BD does not elicit information on an applicant’s main address. A Form SBSE-BD filer’s main address can be found using Form X-17A-5 Part III.
Data Source
EDGAR system.
Statistics Download
The file below contains all available SBSD statistics as of Dec. 31, 2024.
| File | Format | Size |
|---|---|---|
| SBSD Statistics | xlsx | 13.48KB |
Related Materials
- Research and Reports:
- White Paper: Security-Based Swap Dealer Statistics
- Regulatory Background:
- Exchange Act section 3(a)(71) (15 U.S.C. 78c(a)(71)) for the definition of “security-based swap dealer.”
- Rule 3a71-1 (17 CFR 240.3a71-1) for the further definition of “security-based swap dealer.”
- Rule 15Fb2-1 (17 CFR 240.15Fb2-1) for the registration of SBSDs.
- List of Registered Security-Based Swap Dealers and Major Security-Based Swap Participants
These statistics are produced by the staff of the U.S. Securities and Exchange Commission and the Commission expresses no view regarding the statistics. The statistics are produced from filings on EDGAR. Staff cannot guarantee the accuracy of information provided in these filings. The statistics may change based on updated or revised data and methodology. The statistics are intended to assist the public in analyzing data contained in filings; however, they are not a substitute for such filings. Investors should review the relevant filings before making any investment decision.
Citation
URL: https://www.sec.gov/data-research/statistics-data-visualizations/security-based-swap-dealers-sbsds
Author: U.S. Securities and Exchange Commission Staff
Name: SEC Statistics & Data Visualizations: Security-Based Swap Dealers (SBSDs)
Publication Date: Aug. 12, 2025
Last Reviewed or Updated: Aug. 12, 2025