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The Commodity Futures Trading Commission (Commission) would propose to amend regulation 50.4 to establish a new swap clearing requirement under section 2(h)(1)(A) of the Commodity Exchange Act (CEA), which was enacted under title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010.  The proposal would require certain swaps to be cleared either by a Commission-registered derivatives clearing organization (DCO) or a DCO that is exempt from registration under the CEA.  The Commission believes that this clearing requirement would be warranted pursuant to the five factors described in section 2(h)(2)(D) of the CEA and that the benefits of such a clearing requirement would include reducing counterparty credit risk and systemic risk.