CFTC Unable to Perform “Basic” Analysis of Swap Data

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O'Malia has been an outspoken critic of the CFTC's approach to swaps reform.

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 (SDRs) to identify and measure risk exposures in the market. Lack of automation, inconsiste

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