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Excerpt from Medill Reports Chicago -- "There are a lot of unclear definitions in the Act, like who is required to register as a swap dealer, Subrahmanyam said. He said the main understanding was that it should be market makers, who both sell and buy swaps, but this definition, he contends, is too vague. Moreover, he said an 'end-user exception' in the Act is unclear, which is that people who use swaps to hedge rather than to speculate are exempted from the regulation."

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