Arm's-Length Transactions

--One element of the underlying philosophy of these principles is the arm's-length nature of transactions in the "wholesale" market. Each party, then, looks after its own interests, as expressed in the following passage. --Absent a written agreement or an applicable statute, rule or regulation that states affirmative obligations to the contrary, a Participant should assume that each counterparty deals at arm's length for its own account. A Participant should not treat or construe communications (whether written or oral and including ideas or suggestions regarding potential transactions) from another Participant as recommendations or investment advice and should not rely on them as such.