In this response, the WFE questions the Commodity Futures Trading Commission’s (CFTC) Proposed Rulemaking Regarding the Protection of Clearing Member Funds, which would require DCOs to segregate customer funds from their own house funds, and plug a gap in the direct clearing model where customers do not use an FCM and are thus uncovered by regulatory protections for FCM customers. The WFE believes that the Proposed Rulemaking is unnecessary for most DCOs and fails to fully consider other applicable legal protections and risk management functions performed by FCMs that are not mirrored in a disintermediated clearing model targeted at retail market participants.