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1. Best And Quality Broker Services Are Available A Commodities Futures Trading Commission (CFTC) commissioner has criticized his agency’s inability to properly regulate automated trading. Speaking at the Symphony Innovative 2017 Conference, CFTC commissioner Brian Quintenz noted that the agency has failed to adequately adapt to the growing trend of automated trading. Lack of intent “One such issue is the modern trading environment. Think about regulating an autonomous, algorithmic market from an enforcement perspective for a moment. The idea of “Intent,” or mens rea in Latin legal terminology, is a key component of an investment fraud or market manipulation charge. But intent is an especially challenging concept when dealing with automatic,IG Markets News algorithmic trading. How do we think about intent when looking at computer code?” Quintenz stated. Automated trading strategy Later in the speech, he criticized the CFTC’s lack of a coherent strategy for regulating automated trading: “The discussion of algorithmic trading leads me to address what is, in my opinion, one of the most serious missed opportunities of the agency’s prior pending rulemakings—Regulation Automated Trading, or “Reg AT.” The agency’s process on this rule development was so confused, the regulation is titled Regulation Automated Trading but the entities it would require to register were classified as Algorithmic Trading Persons,” Quintenz stated. “Those are not interchangeable terms. Not all algorithmic trading strategies have completely automated functionality. This is more than semantics—it demonstrates a top-level disregard for the enormity of the trading method spectrum and, therefore, a disregard for the proper assessment of market risk posed throughout that broad spectrum. Evidence of that disregard permeates the original proposal.” As outgoing CFTC commissioner Sharon Bowen noted in a speech in March, approximately three in four trades are now made using an automated trading system. Later on in the speech, Quintenz laid out his vision for regulating these trades. “While the agency’s lame-duck re-proposal of Reg AT in December of last year attempted to address the breadth of the AT person definition by including a trading frequency threshold, it was still a registration scheme. I don’t believe the right answer is to regulate and dictate all algorithmic trading activity. The right answer is to understand and address automated trading risk,” said Quintenz. “The agency needs to reset its posture on this issue, and we need to have a serious discussion about the finite circumstances under which automated, algorithmic activity can create large-scale market disruptions. Only then should we examine what, if any, additional regulatory solutions are necessary to address those concrete and Flextrade fx specific instances. I look forward to exploring this issue within the TAC.” Dead repository He concluded by pouring cold water on one regulation from the previous administration: “Lastly, let me use this opportunity to say that the prior administration’s massively over-reaching and highly

2. concerning ‘source code repository’ proposal is D-E-A-D.” A source code repository is a file archive and web hosting facility where a large amount of source code, for software or for web pages, is kept, either publicly or privately. The previous administration planned to create “reasonable risk controls, using a principles-based approach that would codify many industry best practices,” according to a statement by then Chairman Tim Massad, but that proposal will no longer go into effect.