U.S. derivatives regulator the Commodity Futures Trading Commission (CFTC) is launching a software development competition for enforcement technology.
The CFTC issued its first-ever challenge under the Science Prize Competition Act, which enables the regulator to sponsor contests designed to stimulate innovation.
The competition, known as Project Streetlamp, is seeking proposals for leveraging artificial intelligence and other technologies to help the regulator identify “unregistered foreign entities potentially engaging in illegal activity” — such as illegally soliciting investors to trade binary options, foreign currency or other products without registration.
“Project Streetlamp provides another unique opportunity for the CFTC and innovators to come together for the public good,” said Melissa Netram, director of the CFTC’s innovation unit, LabCFTC. “Now, more than ever, we must look to the role innovators play to help government agencies, like ours, fulfill our mission of protecting investors.”
The prize for winning the contest will be recognition and a commemorative award, no cash will be paid.