Misconduct rife in derivatives: ex-regulator

New York

A "MASSIVE amount of misconduct" in futures, options and swaps markets goes undetected because of insufficient data mining, Aitan Goelman, who until last month was enforcement chief for the top US derivatives regulator, said in an interview.

Mr Goelman said a lack of resources meant the US Commodity Futures Trading Commission (CFTC) did not have the sophisticated software and staff necessary to uncover many of the suspicious trading patterns within the 325 million records filed each day.