Page:United States Statutes at Large Volume 114 Part 5.djvu/430

 114 STAT. 2763A-390 PUBLIC LAW 106-554—APPENDIX E execution facility and establish a process for resolving such conflicts of interest. "(8) RECORDKEEPING.—The board of trade shall maintain records of all activities related to the business of the derivatives transaction execution facility in a form and manner acceptable to the Commission for a period of 5 years. " (9) ANTITRUST CONSIDERATIONS.— Unless necessary or appropriate to achieve the purposes of this Act, the board of trade shall endeavor to avoid— "(A) adopting any rules or taking any actions that result in any unreasonable restraint of trade; or "(B) imposing any material anticompetitive burden on trading on the derivatives transaction execution facility. "(e) USE OF BROKER-DEALERS, DEPOSITORY INSTITUTIONS, AND FARM CREDIT SYSTEM INSTITUTIONS AS INTERMEDIARIES.— "(1) IN GENERAL. — With respect to transactions other than transactions in security futures products, a registered derivatives transaction execution facility may by rule allow a brokerdealer, depository institution, or institution of the Farm Credit System that meets the requirements of paragraph (2) to— "(A) act as an intermediary in transactions executed on the facility on behalf of customers of the broker-dealer, depository institution, or institution of the Farm Credit System; and "(B) receive funds of customers to serve as margin or security for the transactions. "(2) REQUIREMENTS.— The requirements referred to in paragraph (1) are that— "(A) the broker-dealer be in good standing with the Securities and Exchange Commission, or the depository institution or institution of the Farm Credit System be in good standing with Federal bank regulatory agencies (including the Farm Credit Administration), as applicable; and "(B) if the broker-dealer, depository institution, or institution of the Farm Credit System carries or holds customer accounts or funds for transactions on the derivatives transaction execution facility for more than 1 business day, the broker-dealer, depository institution, or institution of the Farm Credit System is registered as a futures commission merchant and is a member of a registered futures association. "(3) IMPLEMENTATION,—The Commission shall cooperate and coordinate with the Securities and Exchange Commission, the Secretary of the Treasury, and Federal banking regulatory agencies (including the Farm Credit Administration) in adopting rules and taking any other appropriate action to facilitate the implementation of this subsection. "(f) SEGREGATION OF CUSTOMER FUNDS.— Not later than 180 days after the date of the enactment of the Commodity Futures Modernization Act of 2000, consistent with regulations adopted by the Commission, a registered derivatives transaction execution facility may authorize a futures commission merchant to offer any customer of the futures commission merchant that is an eligible contract participant the right to not segregate the customer funds

�