CFTC's Giancarlo Says Regulators Should Keep Hands Off Source Code

CFTC Commissioner Christopher Giancarlo, speaking at the Futures Industry Association (FIA) conference in Chicago, expressed steadfast opposition to certain aspects of Regulation AT (Reg AT), most particularly is opposed to the notion that automated traders should be required to deposit their source code in a regulatory “repository.” Giancarlo drew a contrast to CFTC Chair Timothy Massad, who indicated yesterday a willingness to listen to trader’s concerns about privacy but stated a desire to move forward regarding automated trader registration and requiring traders to reveal their source code to regulators.

Requiring automated traders to reveal source code to regulators violates fundamental American principles

Giancarlo said the CFTC is ahead of other regulators in responding to the digitization of markets and algorithmic trading,...