Where a participant—
(a) in his or her capacity as such enters into any transaction (including a market contract) with a clearing agency; and
(b) but for this subsection, would be a party to that transaction as agent, then as between the clearing agency and any other person (including the participant and the person who is his or her principal in respect of that transaction), the participant is for all purposes (including any action, claim or demand, either civil or criminal)—
(i) deemed not to be a party to that transaction as agent, and
(ii) deemed to be a party to that transaction as principal, despite any other enactment or rule of law.