Which of the Below Statements Is FALSE

Which of the below statements is FALSE?

A) A serious obstacle to accepting the credit arbitrage explanation of the swap market is that opportunities for credit arbitrage should be rare in reasonably efficient international credit markets.
B) An argument suggested for the growth of the interest rate swap market is the increased volatility of interest rates that has led borrowers and lenders to hedge or manage their exposure.
C) To reduce the risk of default, today's swap transactions require that the lower credit-rated entity obtain a guarantee from a highly rated commercial bank.
D) To make money in the swaps market, intermediaries have to do a sufficient volume of business, which is possible only if they have (1) an extensive client base willing to use swaps, and (2) a large inventory of swaps.