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Flash Boys Might Keep Trade Code Secret as CFTC Mulls Tweaks

  • CFTC Chairman Massad says he’s committed to data preservation
  • Industry has fought measure requiring access to algorithms
Timothy Massad, chairman of the CFTC.

Timothy Massad, chairman of the CFTC.

Photographer: Andrew Harrer/Bloomberg
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The top U.S. derivatives regulator is considering modifying its push for access to computer code after high-speed traders said the effort would be unprecedented and could put the industry’s secret trading formulas at risk.

The requirement, which is part of a broad package of new rules unveiled last November, is one of the measures the Commodity Futures Trading Commission may tweak, Chairman Timothy Massad said during an interview Tuesday with Bloomberg News in Washington. He said the regulator is planning to propose those modifications before the end of the year.