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Email In response to changes in business practices, regulations and laws eventually change, too. During the past few years derivatives markets are witnessing this change as it applies to trading facilities as well as to entities that provide services that may be ancillary to intermediated swap execution. Indeed, the lines are becoming blurred between a traditional derivatives exchange and a facility or an entity that only a few years ago no one would recognize as an organized exchange. https://www.cadwalader.com/resources/clients-friends-memos/expanding-regulatory-reach-over-intermediaries-that-may-constitute-regulated-exchanges