Scott O'Malia, a member of the Commodity Futures Trading Commission, took the unusual step of issuing his own consultation asking about guidance the agency should provide on its swaps clearing mandate. "As I stated at the July 19th meeting, market participants, as well as international regulators, have requested more transparency and clarity regarding substantive criteria for mandatory clearing determinations," his letter says. "I view this request for public comment as a crucial first step towards the development of such criteria."

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