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April 13, 2017

Securities Law Daily: Dodd-Frank Redo Would Limit SEC Access to Source Code

The SEC couldn’t gain nearly unrestricted access to trading systems’ computer software under a new Republican proposal to overhaul the Dodd-Frank Act. House Financial Services Chairman Jeb Hensarling would require the SEC to obtain a subpoena before getting access to source code, according to a committee memo laying out changes to his Financial Choice Act. “Our government shouldn’t be able to take any intellectual property without due process,” said William Harts, chief executive officer of Modern Markets Initiative, an industry association representing electronic and high-frequency trading firms.

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“High-frequency traders provide a vital service to all market participants…HFT helps to create efficient markets by facilitating price formation, lowering the cost of trading and improving the linkage between markets."

BlackRock Viewpoint, June 2011

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