On April 27, pursuant to Section 724(a) of the Dodd-Frank Act, the CFTC proposed rules concerning the protection of cleared swaps and associated collateral of futures commission merchants (FCM) customers. Among other items, the rules: (i) parallel the regulations governing the account in which FCMs currently hold futures customer collateral pre-bankruptcy and (ii) contain analysis of the costs and benefits of the four models of protection being considered, as described in the ANPR issued by the CFTC on November 19, 2010. CFTC Fact Sheet. CFTC ANPR. CFTC Proposed Rule.