On July 24th, the CFTC published for comment proposed new rules requiring certain credit default swaps ("CDS") and interest rate swaps to be cleared by registered derivatives clearing organizations ("DCOs"). The proposed rule is the first clearing determination by the CFTC under the Dodd-Frank Act. Under the proposed rules, market participants would be required to submit a swap that is identified in the rule for clearing by a DCO as soon as technologically practicable and no later than the end of the day of execution. The proposed rule does not apply to those who are eligible to elect an exception from clearing, such as non-financial entities hedging commercial risk. The proposed rules also codify statutory provisions that make clear that any swaps entered into prior to the enactment of the Dodd-Frank Act or prior to the application of the clearing requirement are not required to be cleared. The Commission further proposes regulations to prevent evasion of the clearing requirement and related provisions. Finally, a DCO would be required to post on its website a list of all swaps that it will accept for clearing and clearly indicate which of those swaps the Commission has determined are required to be cleared. Comments should be submitted within 30 days after publication in the Federal Register, which is expected during the week of July 30. CFTC Press Release. See also Questions and Answers.