Energy Risk USA: O'Malia urges CFTC tech overhaul

Life preserver floating on binary data
CFTC is at sea when it comes to data, says O'Malia

The US Commodity Futures Trading Commission (CFTC) is overwhelmed by the massive amount of data market participants are reporting to swap data repositories (SDRs) under the Dodd-Frank Act, and should drastically improve its systems to cope, says commissioner Scott O'Malia.

"We need to make technology our absolute number one priority," O'Malia said at the Energy Risk USA conference in Houston on May 14. "Technology is the only way to transform this commission into a 21st century regulator.”

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