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March 19, 2013

CFTC drowning in new data, O’Malia says | Reuters

You can't make it up – be careful what you wish for.

"The Commission now receives data on thousands of swaps each day. So far, however, none of our computer programs load this data without crashing," CFTC Commissioner Scott O'Malia, a Republican, said in a speech. The CFTC had failed to specify the data format that swap dealers must use when sending their swaps to the data warehouses as it rushed through, O'Malia said, and there was also a lack of IT capabilities at the agency.

via Swaps watchdog drowning in new data, regulator says | Reuters.


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