124 STAT. 1770 PUBLIC LAW 111–203—JULY 21, 2010 ‘‘(1) IN GENERAL.—No person may operate a facility for the trading or processing of security-based swaps, unless the facility is registered as a security-based swap execution facility or as a national securities exchange under this section. ‘‘(2) DUAL REGISTRATION.—Any person that is registered as a security-based swap execution facility under this section shall register with the Commission regardless of whether the person also is registered with the Commodity Futures Trading Commission as a swap execution facility. ‘‘(b) TRADING AND TRADE PROCESSING.—A security-based swap execution facility that is registered under subsection (a) may— ‘‘(1) make available for trading any security-based swap; and ‘‘(2) facilitate trade processing of any security-based swap. ‘‘(c) IDENTIFICATION OF FACILITY USED TO TRADE SECURITY- BASED SWAPS BY NATIONAL SECURITIES EXCHANGES.—A national securities exchange shall, to the extent that the exchange also operates a security-based swap execution facility and uses the same electronic trade execution system for listing and executing trades of security-based swaps on or through the exchange and the facility, identify whether electronic trading of such security-based swaps is taking place on or through the national securities exchange or the security-based swap execution facility. ‘‘(d) CORE PRINCIPLES FOR SECURITY-BASED SWAP EXECUTION FACILITIES.— ‘‘(1) COMPLIANCE WITH CORE PRINCIPLES.— ‘‘(A) IN GENERAL.—To be registered, and maintain reg- istration, as a security-based swap execution facility, the security-based swap execution facility shall comply with— ‘‘(i) the core principles described in this subsection; and ‘‘(ii) any requirement that the Commission may impose by rule or regulation. ‘‘(B) REASONABLE DISCRETION OF SECURITY-BASED SWAP EXECUTION FACILITY.—Unless otherwise determined by the Commission, by rule or regulation, a security-based swap execution facility described in subparagraph (A) shall have reasonable discretion in establishing the manner in which it complies with the core principles described in this sub- section. ‘‘(2) COMPLIANCE WITH RULES.—A security-based swap execution facility shall— ‘‘(A) establish and enforce compliance with any rule established by such security-based swap execution facility, including— ‘‘(i) the terms and conditions of the security-based swaps traded or processed on or through the facility; and ‘‘(ii) any limitation on access to the 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; and
