ACI Dealing Certificate (#127)

What does the Model Code recommend regarding the practice of “name switching/substitution”?

Dealers may seek a compensation payment in favor of the bank or an adjustment to brokerage bills from the broker for switching names.
If requested by a broker to clear a transaction through name switching, a dealer must ensure that such activities have the prior approval of senior management.
The practice of name switching/substitution is neither acceptable nor desirable.
Name switching/substitution transactions should be executed as promptly as possible not considering credit limits and policy guidelines.