The Commodity Futures Trading Commission is facing a variety of challenges as it strives to finalize rules governing swap-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. "It is not clear that the regulators saying 'five shall be the number' solves a problem that anyone actually has," said R. Martin Chavez, a managing director at Goldman Sachs.

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