Commissioner Scott O'Malia of the Commodity Futures Trading Commission (CFTC) said the regulator's efforts to gain insight into the swaps market via data reporting have been ineffective, but added that work is underway to improve the situation.
"As important as data is, the Commission does not have a clear picture into the commodity swaps markets or financial markets, for that matter," O'Malia said in remarks at a Bank of Canada workshop.
"Let me be clear. The data is extraordinarily difficult to use and the Commission is not utilising this data effectively, or as it was intended. Without usable data, the Commission cannot conduct surveillance, set appropriate position limits, or analyse systemic risk in these markets."