Roy Lavik, inspector general of the US Commodity Futures Trading Commission, has issued warnings about the CFTC’s ability to upgrade its technology and oversee the growing list of financial marketplaces that are being entrusted to its care.
In the CFTC’s annual Performance and Accountability Report, released late last week, Lavik said he was concerned about two vital aspects of the regulatory agency – electronic surveillance and staffing.
The 168 page report for 2008 said the CFTC was continuing to lose employees to retirement while having to increase its oversight of previously unregulated over-the-counter markets. This year, the report said, was the first in which the agency had been able to “replenish its staff”.
The CFTC has 448 full time staff, up...