---
kind: "section"
citation: "17 C.F.R. § 23.608"
title: "17"
number: "23.608"
heading: "Restrictions on counterparty clearing relationships."
url: "https://uscodex.org/cfr/17/23.608"
---

# §23.608. Restrictions on counterparty clearing relationships.


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:

- (a) Discloses to the futures commission merchant or any swap dealer or major swap participant the identity of a customer's original executing counterparty;
- (b) Limits the number of counterparties with whom a customer may enter into a trade;
- (c) 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;
- (d) Impairs a customer's access to execution of a trade on terms that have a reasonable relationship to the best terms available; or
- (e) Prevents compliance with the timeframes set forth in [§ 1.74(b)](/cfr/17/1.74.md?p=b), [§ 23.610(b)](/cfr/17/23.610.md?p=b), or [§ 39.12(b)(7)](/cfr/17/39.12.md?p=b-7) of this chapter.

## Notes

### 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]