One would not expect Coca-Cola to divulge their secret recipe for the world-renowned soft drink…nor is it required by government. The same is true for other proprietary trade secrets and intellectual property. That, however, could all change by the end of the year if some at a little-known federal agency get their way. The U.S. Commodity Futures Trading Commission (CFTC)—where I previously served as a commissioner for seven years—is seeking to obtain such secret formulas known as "source code" from traders and trading venue operators (exchanges). Comments on the proposal for new automated trading rules, known as ... (full story)