Case: 25-7516, 01/23/2026, DktEntry: 33.1, Page 94 of 110
(v) including any security-based swap agreement which meets the def- inition of “swap agreement” as defined in section 206A of the Gramm- Leach-Bliley Act (15 U.S.C. 78c note) of which a material term is based on the price, yield, value, or volatility of any security or any group or index of securities, or any interest therein; or (vi) that is any combination or permutation of, or option on, any agree- ment, contract, or transaction described in any of clauses (i) through (v). (B) Exclusions The term “swap” does not include— (i) any contract of sale of a commodity for future delivery (or option on such a contract), leverage contract authorized under section 23 of this title, security futures product, or agreement, contract, or transaction described in section 2(c)(2)(C)(i) of this title or section 2(c)(2)(D)(i) of this title; * * * * * 7 U.S.C. § 2 provides, in relevant part: Jurisdiction of Commission; liability of principal for act of agent; Commodity Futures Trading Commission; transaction in interstate commerce (a) Jurisdiction of Commission; Commodity Futures Trading Com- mission (1) Jurisdiction of Commission (A) In general 2. The Commission shall have exclusive jurisdiction, except to the extent otherwise provided in the Wall Street Transparency and Accountabil- ity Act of 2010 (including an amendment made by that Act) and sub- paragraphs (C), (D), and (I) of this paragraph and subsections (c) and (f ), with respect to accounts, agreements (including any transaction which is of the character of, or is commonly known to the trade as, an
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