| WASHINGTON, March 19
WASHINGTON, March 19 The U.S. derivatives
regulator on Wednesday asked market participants to answer a
long list of questions it hopes will help it cope with a deluge
of data on the $630 trillion market it newly regulates.
The Commodity Futures Trading Commission has repeatedly said
it is drowning in the flood of data it has started to receive
from data warehouses and from clearing houses, and that it
cannot adquately monitor risk as a result.
"Different (data) repositories aren't using the same data
fields, that's an issue ... as a consequence we're just not
seeing a full clear picture of what's happening in the market
place," Acting Chairman Mark Wetjen told journalists at a
business conference, when asked about the release.
The CFTC was put in charge of the swaps trading market as
part of the 2010 Dodd-Frank overhaul of Wall Street, and has
since written a raft of new rules to make the system less
vulnerable to sudden shocks.
The list of some 70 questions addressed topics such as the
reporting of the economic terms of a swap, confirmation data,
different transactions types, and the harmonization of data
fields submitted by different providers.
Global regulators in January highlighted a lack of reliable
data as a major concern, five years after the sudden break down
in the financial system highlighted the limited insight
watchdogs have into bank risks.
The industry, largely unregulated before the crisis, is
dominated by large banks such as Citigroup Inc, JPMorgan
Chase & Co and Bank of America Corp.
(Reporting by Douwe Miedema; Editing by Chizu Nomiyama)