Some Random Questions on a Glorious Spring Day

Since it's a glorious spring day here in New York City, I'm finding it hard to string together intelligent prose. So instead of writing a column worthy of a Pulitzer, let me bring up some questions that have come about through conversations I've had this week.
First, why is it that the Commodity Futures Trading Commission (CFTC) proposed a mandate that firms have to go through a minimum of five dealers for a request for quote (RFQ), while the Securities and Exchange Commission (SEC) has no such obligation to its proposed rules? A colleague of mine who writes for sibling publication Risk magazine brought this up and it got me thinking: Why five? Is that just a random number? And what are the technological implications? If you have to shoot orders out to at least five dealers, would this create more challenges in order to remain competitive?
Second, will hedge fund "hotels" return in earnest once Dodd–Frank goes through? I've been hearing that these, which are just leased spaces, are going to become more popular here in New York. Apparently, these spaces left Manhattan for Connecticut back in the early 2000s. But the ’burbs have become expensive, and in order to cut costs, small hedge funds are looking to lease spaces back in the Big Apple. Is this something that is indeed happening, or am I being fed a line?
Finally, just how prepared are hedge funds to register themselves with the SEC? It's springtime and that July deadline is rapidly approaching. Every hedge fund I've spoken with says that it hasn't been a problem, but off the record, it doesn't sound so simple. I wonder if there will be more of a panic as April/May comes around.
All right, this day is too glorious to continue writing, but I need answers, people. Give me a call at 212-457-7762 or shoot me an email at anthony.malakian@incisivemedia.com. Enlighten me.
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