Code As Law

Discussion in 'NZ Computing' started by Lawrence D'Oliveiro, Apr 17, 2010.

  1. I wonder if this is a world first: the US Securities Exchange Commission is
    <http://jrvarma.wordpress.com/2010/04/16/the-sec-and-the-python/>

    ... proposing to require that most ABS issuers file a computer program
    that gives effect to the flow of funds, or “waterfall,†provisions of
    the transaction. We are proposing that the computer program be filed on
    EDGAR in the form of downloadable source code in Python.

    ...

    Under the proposed requirement, the filed source code, when downloaded
    and run by an investor, must provide the user with the ability to
    programmatically input the user’s own assumptions regarding the future
    performance and cash flows from the pool assets, including but not
    limited to assumptions about future interest rates, default rates,
    prepayment speeds, loss-given-default rates, and any other necessary
    assumptions ...

    In other words, they are going to have to express their contractual terms as
    a computer program that the customer can run to see exactly what’s going to
    happen.

    Of course, bugs in the code can backfire both ways...
     
    Lawrence D'Oliveiro, Apr 17, 2010
    #1
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  2. Lawrence D'Oliveiro

    Sweetpea Guest

    BTW, the Law itself is a code.


    --
    "Filtering the Internet is like trying to boil the ocean"
     
    Sweetpea, Apr 17, 2010
    #2
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  3. Lawrence D'Oliveiro

    Gordon Guest

    On 2010-04-16, Lawrence D'Oliveiro <_zealand> wrote:
    > I wonder if this is a world first: the US Securities Exchange Commission is
    ><http://jrvarma.wordpress.com/2010/04/16/the-sec-and-the-python/>
    >
    > ... proposing to require that most ABS issuers file a computer program
    > that gives effect to the flow of funds, or “waterfall,†provisions of
    > the transaction. We are proposing that the computer program be filed on
    > EDGAR in the form of downloadable source code in Python.
    >
    > ...
    >
    > Under the proposed requirement, the filed source code, when downloaded
    > and run by an investor,


    Code needs to ne compiled first yes? Unless it is run by someone yes?




    must provide the user with the ability to
    > programmatically input the user’s own assumptions regarding the future
    > performance and cash flows from the pool assets, including but not
    > limited to assumptions about future interest rates, default rates,
    > prepayment speeds, loss-given-default rates, and any other necessary
    > assumptions ...
    >
    > In other words, they are going to have to express their contractual terms as
    > a computer program that the customer can run to see exactly what’s going to
    > happen.
    >
    > Of course, bugs in the code can backfire both ways...


    Read they are offering digtial bullshit.
     
    Gordon, Apr 17, 2010
    #3
  4. Lawrence D'Oliveiro

    Gordon Guest

    On 2010-04-17, Sweetpea <> wrote:
    > BTW, the Law itself is a code.
    >
    >

    As is the language it is composed of.
     
    Gordon, Apr 17, 2010
    #4
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