§ 23.608. Restrictions on counterparty clearing relationships.
155 words·~1 min read·
/us/cfr/t17/s§ 23.608·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
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), § 23.610(b), or § 39.12(b)(7) of this chapter. \[77 FR 21308, Apr. 9, 2012\]