CFTC Commissioner O'Malia Speech:

In a speech given on July 19, 2012, CFTC Commissioner Scott O'Malia shared his recommendations regarding a technology strategy for the CFTC. His comments covered:

• The current state of play and why it is important for the CFTC to develop a comprehensive technology strategy moving forward. (SL Comment: While it is undoubtedly true that the regulators will have to devote far more of their resources to technology, in my view the regulators are making a significant mistake by pumping out rules relating to record keeping and reporting before giving sufficient consideration to whether there are regulatory resources currently available to collect, store and analyze the information, much less make any use of it. By the time this rush to rulemaking is done, the financial industry will undoubtedly have spent tremendous amounts of information providing information that the regulators have no ability to use.)
• The critical role academia, the private sector and other federal agencies play in expanding the CFTC's technological capacity.
• The upcoming agenda of the Technology Advisory Committee.

View speech in full here (links externally to CFTC website).