Regulations last checked for updates: May 15, 2024

Title 17 - Commodity and Securities Exchanges last revised: May 01, 2024
§ 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), § 23.610(b), or § 39.12(b)(7) of this chapter.

[77 FR 21308, Apr. 9, 2012]
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
cite as: 17 CFR 23.608