Types of SBSDs

This visualization shows that out of the 53 conditionally registered SBSDs as of Dec. 31, 2024, 40 filed Form SBSE-A, seven filed Form SBSE-BD, and six filed Form SBSE. An entity that registers with the Commission as an SBSD must file either a complete Form SBSE, Form SBSE-A, or Form SBSE-BD, as appropriate.¹  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.²  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).³  Form SBSE is the registration form for SBSDs that do not fit either of the above categories.⁴ 

¹ The entity also must file Form SBSE-C as part of its application per Rule 15Fb2-1. See 17 CFR 240.15Fb2-1.  

² These entities also file Form BD to register as broker-dealers or OTC derivatives dealers.

³ These entities also file a Form 7-R with the CFTC’s designee, the National Futures Association (“NFA”). In addition, the Form 7-R is filed as an exhibit to the Form SBSE-A.

⁴ See Registration Process for Security-Based Swap Dealers and Major Security-Based Swap Participants, Exchange Act Release No. 75611 (Aug. 5, 2015), 80 FR 48964, 48967 (Aug. 14, 2015). 

For description, calculation method, and data source: SBSD Statistics Guide
To download statistics for the data visualization above: SBSD Statistics

SBSD Statistics & Data Visualizations Page