The US Commodity Futures Trading Commission’s program of clearinghouse stress tests has shown little improvement since technical shortcomings, mismanagement “dysfunction” and public deception were flagged last year, an internal review has found.
“Substantive changes have been slow to materialize,” the CFTC’s inspector general said in his semi-annual report to Congress. “We also remain concerned that market participants may be given a misleading impression about the substantive quality and independence of CFTC’s stress-testing reports and capabilities.”
The inspectors said they were “disappointed” that mid-level CFTC officials found responsible for “mismanagement and dysfunction” last year remain part of the stress-testing program.
CFTC's clearinghouse stress tests reportedly beset by persistent troubles
10 June 2019 7:44pm