SIFMA and the International Swaps and Derivatives Association, Inc. (ISDA) provide comments to the Commodity Futures Trading Commission (CFTC) on proposed rulemaking on the protection of collateral of counterparties to uncleared swaps, RIN 3038-AD28; 75 Fed. Reg. 75432. The proposed rules would implement Section 724(c) of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act).  The associations believe any final version of the proposal (i) should permit bilateral contract negotiation in place of formalistic rules where appropriate and (ii) should strike a balance between the burden presented and the need to protect the interests of counterparties who are, by definition, deemed to be able to protect their own interests.