DTCC Public (White)

REPORTING ENTITY 

END-USER CLEARING EXCEPTION/EXEMPTION 

SWAP-BY-SWAP INSTRUCTIONS

Section 2(h)(7)(A) of the CEA and CFTC Regulations 50.50 and 50.51, as well applicable CFTC Letters, provide 

for a number of exceptions and exemptions from required clearing for swaps entered into by certain non-financial 

end users, financial cooperatives, treasury affiliates, bank holding companies and savings and loan holding 

companies, and community development financial institutions (collectively, the “End-User Exception”). 

The Reporting Entity, as defined in CFTC Regulation 49.2 (“Reporting Entity”), may satisfy its reporting 

obligations on a swap-by-swap basis if the counterparty that is claiming the End-User Exception (“Electing 

Counterparty”) counterparty has not submitted an Annual End-User Clearing Exception/Exemption Form. If the 

Reporting Entity elects to satisfy its reporting obligations on a swap-by-swap basis, the Reporting Entity is 

responsible for delivering the required data to DTCC Data Repository (U.S.) LLC (“DDR”) via the attached 

Reporting Entity End-User Clearing Exception Form (“Swap-by-Swap Form”). 

The data provided in the Swap-by-Swap Form will be matched, in a weekly report, to each swap for which the 

exception is elected that involves the Reporting Entity and the Electing Counterparty specified in the Swap-bySwap Form. The Reporting Entity may provide the required data in lieu of the Electing Counterparty submitting an 

annual form as specified in CFTC Regulations 50.50(b)(2), 50.51(c), and applicable CFTC Letters. The Swap-bySwap Form attached hereto will need to be submitted for each Electing Counterparty with whom the Reporting 

Entity engages in a swap activity (regardless of whether a different Reporting Entity has submitted a form for that 

Electing Counterparty). 

By executing the Swap-by-Swap Form, the Reporting Entity certifies that it has a reasonable basis to believe that 

the Electing Counterparty satisfies the requirements of CFTC Regulation 50.50, 50.51, or applicable CFTC 

Letters. 

The following elections and representations must be reported by the Reporting Entity on each swap they submit 

where the End-User Exception has been elected: 

1. Notice of election of the End-User Exception; 

2. The identity of the counterparty(s) making the election; and 

3. The type of clearing exception or exemption being claimed. 

The Swap-by-Swap Form must be updated as soon as practicable in the event that the Reporting Entity 

reasonably believes that any of the information contained on the Swap-by-Swap Form has changed. If no 

changes have occurred, the Reporting Entity must submit a new Swap-by-Swap Form on at least an annual 

basis. 

STEP 1: Reporting Entity Form – Reporting Entity Process

Prior to claiming the End-User Exception for a swap, each Reporting Entity should complete and return a Swapby-Swap Form. The process for filing a Swap-by-Swap Form is as follows: 
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1. The Reporting Entity contact completes the Swap-by-Swap Form (located at the end of this document) 

electronically. 

2. The Reporting Entity contact returns completed document to the operations e-mail inbox at 

GTREndUserExemption@dtcc.com . 

Until all required information is provided, the Swap-by-Swap Form will not be considered complete. 

The information requested on the Swap-by-Swap Form is as follows: 

A) ELECTING COUNTERPARTY INFORMATION

1. Full Legal Name of the Electing Counterparty; 

2. DTCC account number of the Electing Counterparty – this is optional. If the Electing Counterparty 

has a DTCC account number, it maybe provided; and 

3. Legal Entity Identifier (“LEI”) – The Reporting Entity must provide the LEI for the Electing 

Counterparty as required by Part 45 of the CFTC’s regulations. If the Electing Counterparty is an 

individual Person, and ineligible to register for a LEI, then “Individual” may be entered in this field. 

B) REPORTING ENTITY INFORMATION

1. Full Legal Name of the Reporting Entity; 

2. DTCC account number, which is required for the Reporting Entity; 

3. LEI – Provide the Reporting Entity LEI; 

4. Contact Name - the name of the person responsible for filing the Swap-by-Swap Form. This 

information is needed so DDR can contact the person if there is an issue with the form (e.g. required 

information is not provided, DDR has a questions about the information provided, etc.); 

5. Contact Phone; and 

6. Contact E-mail. 

C) REQUIRED REGULATORY INFORMATION

1. Electing Counterparty Financial Entity Status – Pursuant to CFTC Regulation 50.50(b), the Reporting 

Entity must disclose whether the Electing Counterparty it is a Financial Entity and, if so, what type of 

Financial Entity. In particular, the form includes the following types of Financial Entities: an insured 

small bank, savings association, farm credit system institution or credit union; a captive finance 

company; an exempt cooperative; an eligible treasury affiliate; a bank holding company or savings 

and loan holding company; and a community development financial institution. 

2. Hedge or Mitigate Commercial Risk of the Electing Counterparty - This section is required to be 

checked when the selected Financial Entity Status of the Electing Counterparty is anything other than 

Exempt Cooperatives or Eligible Treasury Affiliate. 

3. Eligible Treasury Affiliate Relief - Consistent with CFTC requirements, this section is required to be 

checked if the Reporting Entity has a reasonable basis to believe that the Electing Counterparty meets 

the conditions contained in CFTC Letter No. 14-144. 

4. Exempt Cooperative - Consistent with the requirements of CFTC Regulation 50.51, this section is required 

to be checked if the Reporting Entity has a reasonable basis to believe that the Electing Counterparty will 
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only elect the cooperative exemption for: 

 swaps entered into with a member of the exempt cooperative in connection with originating a 

loan or loans for that member, which satisfies the requirements of CFTC Regulation 

1.3(ggg)(5)(i)-(iii); or 

 swaps that hedge or mitigate commercial risk related to loans to or swaps with 

members (as such swaps are described above). 

5. Financial Obligations – Pursuant to CFTC Regulation 50.50(b), this section is required to be checked to 

indicate how the Electing Counterparty generally meets its financial obligations associated with entering 

into non-cleared swaps. At least one of the choices must be checked, but more than one choice may be 

checked. Additionally, the Reporting Entity has the option of providing information regarding the “other” 

methods of meeting financial obligations on behalf of the Electing Counterparty.

6. Issuer of Securities - Consistent with CFTC requirements, this section is required to be checked to 

indicate whether the Electing Counterparty is an issuer of securities, yes or no. If the Electing Counterparty 

is an issuer of securities, then this section should also indicate whether the Electing Counterparty’s 

appropriate committee of the board of directors (or equivalent body) has reviewed and approved the 

decision to enter into swaps that are not cleared.

D) SIGNATURE BLOCK

The following information about the person completing the Swap-by-Swap Form is required: 

1. Signature – Electronic. 

2. Name of the signatory. 

3. Title of the signatory. 

4. Date executed and submitted. 

E) ANNUAL FORM – DDR PROCESS

Once the Reporting Entity has returned the Swap-by-Swap Form, DDR will perform the following processes: 

1. DDR will check to see if the Electing Counterparty has filed an Annual End User Clearing 

Exception/Exemption Form. If they have, DDR will contact the Reporting Entity and let them know 

the Annual End User Clearing Exception/Exemption Form will govern and the Swap-by-Swap Form 

will be not be utilized or retained by DDR. 

2. Each submitted Swap-by-Swap Form will be reviewed for completeness. If any required field or 

question is left blank, DDR will communicate to the contact person that the form is incomplete and will 

need to be completed fully before processing. 

3. DDR will maintain a tracking spreadsheet showing the Reporting Entity name, the Electing 

Counterparty name, the LEI for each and the date on which the completed Swap-by-Swap Form was 

filed. 

4. DDR will create a report showing: 1) Reporting Entities and Electing Counterparties to swaps that have 

elected the End-User Exception, and 2) each Electing Counterparty for which a valid Annual End-User 

Clearing Exception/Exemption Form or a Swap-by- Swap Form has been submitted. The report will be 

made available to the CFTC on a weekly basis. 

STEP 2: Swap by Swap Elections
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CFTC Regulation 43.4(b) requires that the Reporting Entity indicate on real time messages that the End-User 

Exception has been elected. There is no requirement to identify the party claiming exception or the type of exemption 

being claimed, on real time messages. A True/False flag is provided for counterparties on the real time message for 

counterparties to indicate that the clearing exception is elected and the flag can exist on either party block. 

<!-- This indicates Clearing Exception has been invoked -->

<endUserException>true</endUserException> 

Applicable message types Real-Time 

* The recommendation is that this flag should only be set to “True” on Real Time messages. 

CFTC Regulation 45.3 requires the Reporting Entity to the swap to report the election of the End-User Exception, 

the type of clearing exception and identification of the Electing Counterparty, which refers to the counterparty(s) 

making the election. The Reporting Entity to the swap can indicate the Electing Counterparty by including a related 

party reference with the role of “ClearingExceptionParty”, or “Cooperative” as well as one of the standard identifiers 

for the party claiming the exception or exemption. 

DDR will accept the message from its clients and derive the “Clearing Exception Type” field based on the on the 

role provided for the related party as follows. 

a. The “Clearing Exception Type” field will be populated with a value of “End-User” when: 

//partyTradeInformation/relatedParty[role="ClearingExceptionParty"] 

OR 

//tradeHeader/partyTradeInformation/endUserException/text() - has a value of ‘true’ 

Please note that the Part 43 real time message with the enduserexception flag set to true only indicates that the 

exemption is being elected, without identifying the counterparty making the election. In order to satisfy the Part 45 

requirement that the reporting entity must identify the counterparty that is electing the end user exemption, the 

reporting entity must also send in a PET message identifying the counterparty electing the end user exception. 

b. The “Clearing Exception Type” field will be populated with a value of “Cooperative” when: 

//partyTradeInformation/relatedParty[role=”Cooperative”] 

A) FpML 

The related party reference below should be populated on the related party block of the Reporting Entity, and 

reference the Electing Counterparty as the related party. 

The role should be specified as “ClearingExceptionParty” if the clearing exception type is “End-User”; or 

“Cooperative” if the clearing exception type is “Cooperative”. 

Example 1: 

Counterparty A claiming an End-User exception: 
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For example, if the non-Reporting Entity is the Electing Counterparty, then the party reference should be 

included on the Reporting Entity’s related party block with reference to the non-Reporting Entity. 

<!-- This indicates Clearing Exception has been invoked for Counterparty A-->

<relatedParty> 

<partyReference href="CounterpartyA"/> 

<role>ClearingExceptionParty</role> 

<!—This role indicates the value of “End-user” should be auto-populated by DDR into the clearing 

exception type field-->

</relatedParty> 

<!-- Prefix and Value for Counterparty A -->

<party id="CounterpartyA"> 

<partyId partyIdScheme="http://www.dtcc.com/coding-scheme/party-id">00001111</partyId> 

Example 2: 

CounterParty A claiming a Cooperative exemption: 

<!-- This indicates Clearing Exception has been invoked for Counterparty A-->

<relatedParty> 

<partyReference href="CounterpartyA"/> 

<role>Cooperative</role> 

<!—This role indicates the value of “Cooperative” should be auto-populated by DDR into the clearing 

exception type field-->

</relatedParty> 

<!-- Prefix and Value for Counterparty A -->

<party id="CounterpartyA"> 

<partyId partyIdScheme="http://www.dtcc.com/coding-scheme/party-id">00001111</partyId> 
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Applicable message types RT* 

PET 

RT-PET* 

Confirm 

PET-Confirm 

RT-PET-Confirm* 

Snapshot 

*If the RT message or any of the RT combination messages are sent in with the indication of the party claiming

exception as opposed to the true/false flag described above, DDR will still disseminate a true/false indicator publicly. 

B) CSV 

Clearing Exception or Exemption Party Prefix (Conditional) Prefix of the party claiming end-user 

exception 

Clearing Exception or Exemption Party Value “true” or “false” or Party ID Value of the party 

claiming end-user exception. The Clearing 

Exception Party Prefix will be applicable only 

when Party ID value is provided. 

Clearing Exception or Exemption Type “End-User” or 

“Cooperative” 

While the Clearing Exception Type field is auto-populated by DDR for FpML submissions based on the role 

provided in the FpML message, participants should submit the clearing exception or exemption type field 

with one of the appropriate values selected when submitting using CSV. 

In case of both CSV and FPML – if the submission is done on behalf of one party – the Clearing Exception 

party information will be applied only on that side of the position. 

If the submission is done on behalf of both parties – the Clearing Exception party information will be 

applied on both sides of the position. 

   
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REPORTING ENTITY

END-USER CLEARING EXCEPTION/EXEMPTION SWAP-BY-SWAP 

REPORTING FORM

ELECTING COUNTERPARTY INFORMATION

Full Legal Name: ___________________________________________________________________________ 

DTCC Account Number (if applicable):__________________ LEI: _____________ __________ 

REPORTING ENTITY INFORMATION

Full Legal Name: ________________________________________________________________________ 

DTCC Account Number (required):__________________ LEI:_________________________ 

Name: _________________________________________________________________________________ 

Contact Phone: ___________________________ E-mail:_______________________ 

ELECTING COUNTERPARTY FINANCIAL ENTITY STATUS

The Reporting Entity has a reasonable basis to believe that the Electing Counterparty is: 

(One must be checked)

☐ Not a Financial Entity, as defined in Section 2(h)(7)(C)(i) of the Commodity Exchange Act 

☐ An Insured Small Bank, Savings Association, Farm Credit System Institution or Credit Union exempted under 

CFTC Regulation 50.50(d) 

☐ A Captive Finance Company excepted under Section 2(h)(7)(C)(iii) of the Commodity Exchange Act 

☐ An Eligible Treasury Affiliate excepted under Section 2(h)(7)(D) of the Commodity Exchange Act 

☐ A Cooperative exempted under CFTC Regulation 50.51(a) 

☐ An Eligible Treasury Affiliate meeting the conditions of CFTC Letter No. 14-144 

☐ A Bank Holding Company or Savings and Loan Holding Company meeting the conditions of CFTC Letter No. 

16-01 

☐ A Community Development Financial Institution meeting the conditions of CFTC Letter No. 16-02 

HEDGE OR MITIGATE COMMERCIAL RISK OF THE ELECTING 

COUNTERPARTY

(Does not apply to Cooperative Exemption or Eligible Treasury Affiliate Relief) 
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☐ The Reporting Entity has a reasonable basis to believe that the Electing Counterparty will only elect the 

end-user exception for swaps that hedge or mitigate commercial risk as described in Section 2(h)(7)(A)(ii) 

of the Commodity Exchange Act and CFTC Regulation 50.50(c). 

ELIGIBLE TREASURY AFFILIATE RELIEF

☐ The Reporting Entity has a reasonable basis to believe that the Electing Counterparty meets the 

conditions contained in CFTC Letter 14-144. 

EXEMPT COOPERATIVE

☐ The Reporting Entity has a reasonable basis to believe that the Electing Counterparty will only elect 

the cooperative exemption for: 

 swaps entered into with a member of the exempt cooperative in connection with originating a loan or 

loans for that member, which satisfies the requirements of CFTC Regulation 1.3(ggg)(5)(i)-(iii); or 

 swaps that hedge or mitigate commercial risk related to loans to or swaps with members (as such swaps 

are described above). 

FINANCIAL OBLIGATIONS

The Reporting Entity has a reasonable basis to believe that the Electing Counterparty generally meets its financial 

obligations associated with entering into non-cleared swaps through the following means: (Check all that apply. 

At least one must be checked.) 

☐ A written credit support agreement 

☐ Pledged or segregated assets (including posting or receiving margin pursuant to a credit support 

agreement or otherwise) 

☐ A written guarantee from another party 

☐ The electing counterparty’s available financial resources 

☐ Means other than those described above (optional description of other means may be provided 

below) 

ELECTING COUNTERPARTY IS AN ISSUER OF SECURITIES

Is the Electing Counterparty an issuer of securities registered under section 12 of, or is required to file reports 

under section 15(d) of, the Securities Exchange Act of 1934? 

☐ YES 

☐ NO 

If YES, please provide the required information below: 

SEC Central Index Key number:_____________________ 

☐ The Reporting Entity has formed a reasonable basis to believe that the appropriate committee of the 

board of directors (or equivalent body) for the Electing Counterparty, has reviewed and approved the 

decision to enter into swaps that are exempt from the clearing requirement of section 2(h)(1), and 

section 2(h)(8) of the Commodity Exchange Act. 
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The Reporting Entity hereby certifies that it has formed a reasonable belief, based on representations from the 

Electing Counterparty or the through other means, that the information contained in this Swap-by-Swap Form is 

true and accurate. The Reporting Entity also certifies that if the information provided in this form changes or is 

determined to be incorrect, that the Reporting Entity will provide the DTCC Data Repository (U.S.) LLC with 

an updated Swap-by-Swap Form as soon as practicable. 

Signature:______________________________ Date:___________________________________ 

Name: _______________________________ Title:___________________________________