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e-CFR data is current as of December 3, 2020

Title 17Chapter IPart 38Subpart L → §38.607


Title 17: Commodity and Securities Exchanges
PART 38—DESIGNATED CONTRACT MARKETS
Subpart L—Financial Integrity of Transactions


§38.607   Direct access.

A designated contract market that permits direct electronic access by customers (i.e., allowing customers of futures commission merchants to enter orders directly into a designated contract market's trade matching system for execution) must have in place effective systems and controls reasonably designed to facilitate the FCM's management of financial risk, such as automated pre-trade controls that enable member futures commission merchants to implement appropriate financial risk limits. A designated contract market must implement and enforce rules requiring the member futures commission merchants to use the provided systems and controls.

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