From: Finance Magnates
CFTC requirements are of particular concern to HFT traders who employ sophisticated algorithms that are heavily guarded trade secrets.
his article was written by Steve Snyder, a partner in King & Spalding’s Intellectual Property group and a member of the firm’s Data, Privacy, and Security working group. He leverages his technical and legal expertise to advise clients on cybersecurity, privacy, trade secrets, and technology. Steve provides guidance across many sectors including financial, medical devices, retail, internet, and mobile telecommunications. He regularly publishes articles and participates on panels involving emerging issues.
On November 24, 2015 the Commodity Futures Trading Commission (“CFTC”) issued a notice of proposed rulemaking concerning the Regulation of Automated Trading (“Regulation AT”). Regulation AT reflects the effort of the CFTC to enhance its regulatory regime relating to automated trading in U.S. designated contract markets (“DCMs”). The CFTC is seeking to update its rules to account for the evolution from pit trading to electronic trading and in doing so, to promote best practices for algorithm trading systems, electronic trade matching engines and new connectivity methods. The full publication of the notice of proposed rulemaking (“Notice”) for Regulation AT can be found here.
The Notice is over 500 pages and contains over 150 enumerated requests for comments. These figures demonstrate the breadth and significance of the proposed rules. The proposed rules apply to a newly defined class called “AT Persons,” which include various types of entities that “engage in Algorithmic Trading on or subject to the rules of a DCM, or persons registered or required to be registered as floor traders as defined. . . .” See Notice Section IV(D)(6). The Notice sets forth an estimate of the number of entities subject to Regulation AT. They include an estimated 420 firms that are actively sending in algorithmic orders to DCMs. See Notice Section V(A). Another estimated 100 firms would be implicated due to allowing Direct Electronic Access (“DEA”) for Algorithmic Trading as defined. See Notice Section V(A); see also Regulation AT § 1.3 Definitions ¶(x)(3). Finally, approximately 57 clearing member futures commission merchants and 15 DCMs would be implicated as well. See Notice Section V(A).
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