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The Commission proposed amendments to part 39 of the Commission’s regulations, to require derivatives clearing organizations (DCOs) to hold funds belonging to their clearing members separate from the DCO’s funds and in an account clearly labeled as holding funds belonging to clearing members. The Commission also proposed to require DCOs to obtain a letter from any custodian of clearing member funds that acknowledges that the funds belong to clearing members and cannot be used by the DCO for other purposes.  In addition, the Commission proposed to permit DCOs to hold customer and clearing member funds at foreign central banks subject to certain requirements. Finally, the Commission proposed to require DCOs to conduct a daily calculation and reconciliation of the amount of funds owed to customers and clearing members and the amount actually held for customers and clearing members.