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May 7, 2014

High-Speed Trades Outpace CFTC’s Oversight, O’Malia Says

“The U.S. Commodity Futures Trading Commission isn’t keeping up with high-speed derivatives trading and needs to invest in tools to detect manipulative and disruptive practices, said Scott O’Malia, a Republican commissioner.

“The CFTC lacks the technology necessary to routinely oversee the millions of messages traders send every day to futures exchanges operated by CME Group Inc. and IntercontinentalExchange Group Inc., O’Malia said yesterday in a speech prepared for a Tabb Forum conference in Chicago.

“’Without such tools, the commission cannot effectively oversee today’s automated markets,’ O’Malia, 46, said in the speech. He said he is discussing with the financial industry how the agency ‘should design the 21st-century mouse trap to spot disruptive and manipulative trading practices -– at any speed.’”

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Read full Bloomberg article here

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