§ 23.610. Clearing member acceptance for clearing.
215 words·~1 min read·
/us/cfr/t17/s§ 23.610·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(a)Each swap dealer or major swap participant that is a clearing member of a derivatives clearing organization shall coordinate with each derivatives clearing organization on which it clears to establish systems that enable the clearing member, or the derivatives clearing organization acting on its behalf, to accept or reject each trade submitted to the derivatives clearing organization for clearing by or for the clearing member as quickly as would be technologically practicable if fully automated systems were used; and
(b)Each swap dealer or major swap participant that is a clearing member of a derivatives clearing organization shall accept or reject each trade submitted by or for it as quickly as would be technologically practicable if fully automated systems were used; a clearing member may meet this requirement by:
(1)Establishing systems to pre-screen orders for compliance with criteria specified by the clearing member;
(2)Establishing systems that authorize a derivatives clearing organization to accept or reject on its behalf trades that meet, or fail to meet, criteria specified by the clearing member; or
(3)Establishing systems that enable the clearing member to communicate to the derivatives clearing organization acceptance or rejection of each trade as quickly as would be technologically practicable if fully automated systems were used. \[77 FR 21308, Apr. 9, 2012\]
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§ 23.610
Clearing member acceptance for clearing.
Fed. Reg.×3
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