Waters Technology: Reg AT’s Source Code Proposal Remains Lighting Rod

Dan DeFrancesco reports panelists at the North American Buy-Side Technology Summit 2016 discussed the merits of a portion of Reg AT calling for subpoena-less access to source code. Bill Harts, CEO of Modern Markets Initiative said the CFTC can already access a firm’s source code through a subpoena, which, because it’s a legal procedure, implies a higher standard of what a regulator is going to do with the data and why it would want it. “So what we’re talking about here is not that regulators shouldn’t have access to it,” said Harts.  “What we’re saying is that there should be a higher standard for obtaining access to it.”