Overview
Steptoe’s Richard Shilts was quoted in a Law360 article titled “CFTC's Algorithm Inspection Plan Sparks Trade Secret Fears.” The article, published November 24, discusses the US Commodity Futures Trading Commission’s (CFTC) plan to regulate automated trading. Although the CFTC has pledged to keep a light touch in the area, its interest in inspecting the computer code behind firms’ trading strategies will leave many in the industry worried about the government’s ability to keep a grip on the highly sensitive data.
Mr. Shilts, a former director of the CFTC’s Division of Market Oversight, says: “The CFTC has been getting confidential and commercially sensitive information forever. Whether there is something unique about the source code… I think it’s something the staff has to look at.”
The full article can be read at Law360 (subscription required).