Bank dealers should, wherever possible, give brokers prior indication of counterparties with whom they would be unwilling to do business.

Brokers may divulge the names of principals prematurely to induce a counterparty to transact.

Dealers should never give brokers guidance on the extent of their price differentiation across broad categories of counterparties.

When a principal’s name proves unacceptable to another principal, the broker is bound to divulge who refused it.