Most of us struggle to keep our bills and bank statements in any semblance of order, but for US regulators, trying to sift through millions of swap transaction reports is a task of Herculean proportions. A task, one senior official says, that the US Commodity Futures Trading Commission (CFTC) is simply unable to accomplish, as a result of the quality of the data it receives and its woefully inadequate technology.
Speaking at messaging provider Swift's Standards Forum event in Canary Wharf, London, Commissioner Scott O'Malia gave a blunt assessment of the regulator's capabilities when it comes to even understanding the information it receives from market participants. "Over a year has passed since swap data reporting began in the US," he said. "Yet, the CFTC still cannot crunch the data in swap data repositories...
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