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CFTC Can’t Afford Routine Inspections

In testimony to Congress, Chairman Massad cites big problem with frequency of inspections of exchanges and clearinghouses.

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The top U.S. derivatives regulator said his agency lacks resources to conduct even routine inspections of the exchanges and other companies it polices.

“We simply can’t get into these entities on a regular basis,” Commodity Futures Trading Commission (CFTC) Chairman Timothy Massad told lawmakers in Washington on Tuesday, speaking two weeks after the arrest of a trader accused of manipulating a futures market over five years. “We don’t even get to many of the clearinghouses and exchanges once a year. That is a big problem,” Massad said, as he asked for more money.

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