Page:United States Statutes at Large Volume 124.djvu/1740

 124 STAT. 1714 PUBLIC LAW 111–203—JULY 21, 2010 described in subparagraph (A) shall have reasonable discre- tion in establishing the manner in which the swap execu- tion facility complies with the core principles described in this subsection. ‘‘(2) COMPLIANCE WITH RULES.—A swap execution facility shall— ‘‘(A) establish and enforce compliance with any rule of the swap execution facility, including— ‘‘(i) the terms and conditions of the swaps traded or processed on or through the swap execution facility; and ‘‘(ii) any limitation on access to the swap execution facility; ‘‘(B) establish and enforce trading, trade processing, and participation rules that will deter abuses and have the capacity to detect, investigate, and enforce those rules, including means— ‘‘(i) to provide market participants with impartial access to the market; and ‘‘(ii) to capture information that may be used in establishing whether rule violations have occurred; ‘‘(C) establish rules governing the operation of the facility, including rules specifying trading procedures to be used in entering and executing orders traded or posted on the facility, including block trades; and ‘‘(D) provide by its rules that when a swap dealer or major swap participant enters into or facilitates a swap that is subject to the mandatory clearing requirement of section 2(h), the swap dealer or major swap participant shall be responsible for compliance with the mandatory trading requirement under section 2(h)(8). ‘‘(3) SWAPS NOT READILY SUSCEPTIBLE TO MANIPULATION.— The swap execution facility shall permit trading only in swaps that are not readily susceptible to manipulation. ‘‘(4) MONITORING OF TRADING AND TRADE PROCESSING.— The swap execution facility shall— ‘‘(A) establish and enforce rules or terms and conditions defining, or specifications detailing— ‘‘(i) trading procedures to be used in entering and executing orders traded on or through the facilities of the swap execution facility; and ‘‘(ii) procedures for trade processing of swaps on or through the facilities of the swap execution facility; and ‘‘(B) monitor trading in swaps to prevent manipulation, price distortion, and disruptions of the delivery or cash settlement process through surveillance, compliance, and disciplinary practices and procedures, including methods for conducting real-time monitoring of trading and com- prehensive and accurate trade reconstructions. ‘‘(5) ABILITY TO OBTAIN INFORMATION.—The swap execution facility shall— ‘‘(A) establish and enforce rules that will allow the facility to obtain any necessary information to perform any of the functions described in this section; ‘‘(B) provide the information to the Commission on request; and