CFTC says agency's data on swaps market useless

The regulator has requested too much data that it cannot analyse, according to one Republican

The Commodity Futures Trading Commission has requested too much data that it doesn't have the ability to analyse, making it impossible for staff to find the giant JP Morgan trade dubbed the "London Whale," Republican Commissioner Scott O'Malia said at a trade conference in Phoenix yesterday.

O'Malia said that the agency bungled new rules for collecting data from the swaps market and doesn't have the technology to interpret what it is receiving, in prepared remarks.

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