Salient CRGT Inc. has been awarded a $5 million subcontract to provide data analytics in support of the U.S. Commodity Futures Trading Commission’s efforts to combat fraud in the commodity futures and swaps markets.
Salient CRGT will work under prime contractor Oasis Systems LLC, and will support the CFTC staff in reviewing, manipulating, visualizing and understanding data that could reveal market fraud, manipulation, or abusive practices.
“Data analytics is one of our fastest growing segments and plays a pivotal role in maximizing enforcement, surveillance, and compliance,” said Ken Raffel, senior vice president of data analytics at Salient CRGT. “Our big data services help the CFTC in fostering open, transparent, competitive, and financially sound markets.”
Salient CRGT President Tom Ferrando said his company has worked on more than 450 data analytics projects with more than 30 federal agencies, and that that experience will go a long way toward identifying and stopping potentially fraudulent practices
“Our data analytics services will make an immediate positive impact to assist the CFTC in ensuring the integrity of the futures and swaps market,” Ferrando said.