Scott O’Malia, a member of the Commodity Futures Trading Commission, said in a recent speech that the commission lacks the technology necessary to effectively track communications between traders and futures exchanges operated by CME Group Inc. and IntercontinentalExchange Group Inc., where a bulk of the world’s oil and natural gas contracts are bought and sold.

“Without such tools, the commission cannot effectively oversee today’s automated markets,” O’Malia, said in the speech. He said he is discussing with the financial industry how the agency “should design the 21st-century mouse trap to spot disruptive and manipulative trading practices – at any speed.” – DealBreaker