Financial Times: CFTC set to tweak rules for automated trading

Gregory Meyer and Joe Rennison report the Commodity Futures Trading Commission’s proposal, known as Regulation AT, seeks subpoena-less access to source code as part of its oversight of markets. Bill Harts, chief executive of Modern Markets Initiative, a trading industry group, said: “It would not remediate the problems. We are still frankly in the dark. The CFTC still hasn’t said why the current process of obtaining a subpoena doesn’t work. If they don’t say why that isn’t working then how can we propose meaningful revisions to what they want to do?”