Bloomberg reports that swap-trade data the agency has been receiving since the end of last year from repositories including the Depository Trust and Clearing Corp. is inadequate to identify large positions and have overwhelmed government computer systems, O’Malia said in a speech prepared for a Securities Industry and Financial Markets Association conference in Phoenix.
The data 'is not usable in its current form', said O’Malia, 45, one of the agency’s five commissioners. 'The problem is so bad that staff have indicated that they currently cannot find the London Whale in the current data files'.
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