Swap Trading Improvement Act

[AI summary unavailable — showing source text] Swap Trading Improvement Act This bill revises provisions regarding swap execution facilities (i.e., trading platforms for speculators exchanging the benefit or liability of two financial instruments). The bill eliminates the requirement that swap execution facilities must adopt position limitations or position accountability for speculators. The bill allows a swap execution facility to delegate certain core functions to a third party. Currently, these functions may only be delegated to other registered entities. Additionally, the bill revises the required adequate financial resources of a swap execution facility. Currently, a facility must be able to cover the operating costs of a one year period. The bill requires the facility to cover the greater amount of the operating costs of a 90 day period, or to enable an orderly wind down of its operations.…