A Person does not carry on an activity of the kind specified in
[GEN Rule 2.22.1] if he as the operator of the facility:
(a) is a counterparty to every transaction effected on the facility;
(b) acts as a central counterparty accepting the risk of default of any of its Clients or otherwise becomes the guarantor of the performance of every transaction effected using the facility;
(c) exercises discretion as to how the buying or selling interests interact on the facility; or
(d) is an Authorised Market Institution.