The Commodity Futures Trading Commission is facing challenges as it strives to finalize rules governing swaps-execution facilities. For example, commissioners are debating a proposal that would require requests for quotes to be sent out to five or more dealers. Market participants say this is unnecessary. "The clients are sophisticated, and they know -- depending on liquidity, tenor and product -- whether it makes sense in the size they want to do to get a quote from one dealer they can hold accountable or two, three, five or 100. It is not clear that the regulators saying 'five shall be the number' solves a problem that anyone actually has," R. Martin Chavez, a managing director at Goldman Sachs, said at ISDA's Annual General Meeting in Singapore.

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