ISDA has taken exception to a Commodity Futures and Trading Commission rule on bids required before a swaps transaction can be executed on a swaps-execution facility. ISDA maintains that requiring a minimum number of bids makes no sense and reflects a lack of knowledge about how the market works. "Shouldn't this be up to market participants to decide?" according to an ISDA briefing note. "Particularly since getting a quote is easy enough, given the different ways derivatives users can get or check prices (via phone, terminals, and dealer, broker and other trading systems)?"

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