On September 21st, CFTC Commissioner Scott O'Malia discussed his concerns with the CFTC's rulemaking process, including a lack of transparency into the schedule and compliance requirements as well as the tenuous connections some of the rules have to the statute upon which they are based. For example, the CFTC's rules on swap data repositories ("SDRs") require these firms to transform public market data into a searchable web interface that should be updated every thirty seconds. However, numerous complaints have been made claiming that standards have changed and that they are contrary to the rules. Recently, the Chicago Mercantile Exchange (the "CME") sent the CFTC a letter outlining its frustrations. CME points out that when it requested to see "recent directives" in writing, it was told that the CFTC did not have anything in writing and CME should not expect to receive a written confirmation of these new directives. O'Malia also criticizes the CFTC's guidance on the cross-border application of its swaps rules and notes that the complexity and opacity of the swap rules are driving industry participants to re-designate swaps as futures in order to avoid the burdensome regulation. O'Malia Remarks.