10.19.2017

Firms Join to Support Protection of Source Code Act

10.19.2017

There has always been strength in numbers – from the days of the Conestoga wagon and crossing the Western US – to building coalitions to fight World Wars. Now several Wall Street organizations have joined forces to help protect electronic trading source code.

ISDA, FIA, FIA PTG, Modern Markets Initiative, and the U.S. Chamber of Commerce, have filed a joint letter expressing their collective support for Congressman Sean Duffy’s proposed “Protection of Source Code Act” HR 3948. https://www.govtrack.us/congress/bills/115/hr3948/text

The organizations believe that innovation and the process of utilizing ideas and creativity to engineer source code are integral to the U.S. economy, job growth, and the U.S.’ competitiveness in global markets and that the Act – which 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 letter is as follows:

October 11, 2017

 

The Honorable Sean Duffy

2330 Rayburn House Office Building

Washington, DC 20515

 

RE: Support for “Protection of Source Code Act”

Dear Congressman Duffy:

 “We thank you for your leadership in promoting policies that further the intellectual property protection of source code from cyber-breach and misappropriation. In particular, we are writing to express our collective industry support for your bill, “Protection of Source Code Act.”

 We believe that innovation and the process of utilizing ideas and creativity to engineer source code – whether for a self-driving car, search engine, or trading algorithm – are integral to the U.S. economy, job growth, and our competitiveness in global markets.

 We believe that the Protection of Source Code Act, which requires a subpoena in order for the U.S. Securities and Exchange Commission 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 Commodity Futures Trading

Commission Chairman Giancarlo regarding the importance of safeguarding the intellectual property in

algorithmic trading source code from intrusions, whether from the government or private actors.

We appreciate your prudent and forward-looking approach. We believe it respects the rule of law and will help ensure that U.S. capital markets remain the envy of the world when it comes to innovation.

 Sincerely,

 International Swaps and Derivatives Association

Futures Industry Association

FIA Principal Traders Group

Modern Markets Initiative

U.S. Chamber of Commerce

 

 

 

Markets Media Group was pleased to host the 2025 European Women in Finance Awards last night at Claridge’s in London.
#WomeninFinance #WIF #EuropeanFinance #FinanceCommunity

See the full list of winners here: https://www.marketsmedia.com/2025-european-women-in-finance-awards-the-winners/

3

We are excited to announce the finalists for the 2025 U.S. Women in Finance Awards! Congratulations to all!

Check out the full list here:


#WomeninFinance #WIF #financeindustry

Nominations are NOW OPEN for the 2026 Women in Finance LatAm Awards! Do you know a standout leader, innovator, or rising star? Nominate her today!

Learn more & submit your nomination:

#WomeninFinance #Finance #WIF

HSBC AI Markets harnesses natural language processing to meet market participants’ trading and hedging needs, from pre-trade analysis, to execution, to post-trade. Markets Media caught up with Tom Croft to learn more about the platform.

#AIMarkets

Load More

Related articles

  1. T+1 settlement and short sale reporting are among items with implications for the buy side. 

  2. Ahead of finalized rules, broker-dealers can assess tech systems for configurability and flexibility. 

  3. Proposed rule changes would update the membership standards required of covered clearing agencies.

  4. Acting SEC Chairman is resigning as of the end of January.

  5. SEC Chair says updates to public-company and fund disclosures could increase transparency in capital markets.

We're Enhancing Your Experience with Smart Technology

We've updated our Terms & Conditions and Privacy Policy to introduce AI tools that will personalize your content, improve our market analysis, and deliver more relevant insights.These changes take effect on Aug 25, 2025.
Your data remains protected—we're simply using smart technology to serve you better. [Review Full Terms] | [Review Privacy Policy] Please review our updated Terms & Conditions and Privacy Policy carefully. By continuing to use our services after Aug 25, 2025, you agree to these

Close the CTA