The Commodity Futures Trading Commission (CFTC) issued its sixth series of proposed rules under the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank) at an open meeting held yesterday, Wednesday, December 1, 2010.

The proposed rules:

Further define the terms “swap dealer,” “major swap participant” and “eligible contract participant.”; Amend existing rules and establish new rules to govern the trading and execution of swaps on designated contract markets (DCMs); Establish reporting, recordkeeping, public information and information requirements for derivatives clearing organizations (DCOs); Establish reporting, recordkeeping and daily trading records requirements for swap dealers and major swap participants; Amend CFTC regulations to clarify procedures to be followed by DCOs, as well as to streamline the DCO application process and the process by which DCOs submit rules to permit portfolio margining of futures and securities in a futures account.