FIA and the FIA Principal Traders Group (FIA PTG) joined with the Modern Markets Initiative (MMI), the International Swaps and Derivatives Association (ISDA), and the U.S. Chamber of Commerce in expressing support for Congressman Sean Duffy's legislation to protect access to source code.
The bill requires a subpoena in order for the SEC to compel a person to produce or furnish algorithmic trading source code or other similar intellectual property, sets a positive precedent for innovation policy. The Act satisfies Constitutional standards for due process and will help reduce the risk of intellectual property misappropriation and cyberbreach. The Act also further reinforces the previously stated position of CFTC Chairman Giancarlo regarding the importance of safeguarding the intellectual property in algorithmic trading source code from intrusions, whether from the government or private actors.
