Restrictions on counterparty clearing relationships.

§ 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]