17 CFR § 23.608 - Restrictions on counterparty clearing relationships.

---
identifier: "/us/cfr/t17/s23.608"
source: "ecfr"
legal_status: "authoritative_unofficial"
title: "17 CFR § 23.608 - Restrictions on counterparty clearing relationships."
title_number: 17
title_name: "Commodity and Securities Exchanges"
section_number: "23.608"
section_name: "Restrictions on counterparty clearing relationships."
chapter_name: "COMMODITY FUTURES TRADING COMMISSION"
part_number: "23"
part_name: "SWAP DEALERS AND MAJOR SWAP PARTICIPANTS"
positive_law: false
currency: "2026-04-05"
last_updated: "2026-04-05"
format_version: "1.1.0"
generator: "[email protected]"
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."
regulatory_source: "77 FR 2628, Jan. 19, 2012, unless otherwise noted."
cfr_part: "23"
---


# 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]