Market Risk Swap as credit derivative (i.e. Total Return Swap) applied for reducing market risk capital requirements

Can the financial contract described below (“Market Risk Swap”, MRS) be regarded a credit derivative (i.e. Total Return Swap, TRS) and be applied for reducing market risk capital requirements?

For a bank’s proprietary trading of Contracts For Difference (CFDs) with clients open positions taken on the banks trading book. The risk classes concerned are FX, commodity, equity. The resulting market risk is intended to be hedged by a contract with a third party (protection seller). This contract is based on ISDA rules and linked to a corresponding cash account. Potential losses within the banks CFD portfolio (net market value changes) are offset by cash of that account up to an agreed limit amount. Profits (= client’s losses minus client’s gains) are allocated with a major share to the bank and a small share to the protection seller.   There is no distinct allocation of the funds to the separate risk categories (FX, commodity, equity) causing the value changes of the banks CFD-portfolio.   Can the arrangement be applied in order to reduce specific equity risk according to Article 346(3) CRR (use of eligible credit derivative) and Article 204 CRR (recognition of credit derivates)?