§23.608. Restrictions on counterparty clearing relationships.
17 C.F.R. § 23.608
No swap dealer or major swap participant entering into a swap to be submitted for clearing with a counterparty that is a customer of a futures commission merchant shall enter into an arrangement that:
Discloses to the futures commission merchant or any swap dealer or major swap participant the identity of a customer's original executing counterparty;
Limits the number of counterparties with whom a customer may enter into a trade;
Restricts the size of the position a customer may take with any individual counterparty, apart from an overall limit for all positions held by the customer with the swap dealer or major swap participant;
Impairs a customer's access to execution of a trade on terms that have a reasonable relationship to the best terms available; or
Prevents compliance with the timeframes set forth in § 1.74(b), § 23.610(b), or § 39.12(b)(7) of this chapter.
Notes, amendments, and revision history
Amendments
[77 FR 21308, Apr. 9, 2012]
Source
Source: 77 FR 20205, Apr. 3, 2012, unless otherwise noted.
Authority
Authority: 7 U.S.C. 1a, 2, 6, 6a, 6b, 6b-1, 6c, 6p, 6r, 6s, 6t, 9, 9a, 12, 12a, 13b, 13c, 16a, 18, 19, 21. Section 23.160 also issued under 7 U.S.C. 2(i); Sec. 721(b), Pub. L. 111-203, 124 Stat. 1641 (2010).
Source
Source: 77 FR 2628, Jan. 19, 2012, unless otherwise noted.
Amendments
[77 FR 21308, Apr. 9, 2012]