CFTC Pushes Forward with Reg AT, Source Code Provision as Giancarlo Dissents
Commissioner J. Christopher Giancarlo issued a scathing rebuke of the proposal's source code provision.
You might not expect English common law, the US Bill of Rights, and Ben Franklin to be evoked in a discussion about algorithmic trading, but that's where CFTC commissioner J. Christopher Giancarlo's argument against Regulation AT ended up.
In a 2–1 vote—with Giancarlo voting no, and chairman Timothy Massad and commissioner Sharon Bowen voting in favor—the CFTC approved the "Supplemental Notice of Proposed Rulemaking—Regulation Automated Trading." The body will now publish the Supplemental
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