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StatTrader
Posts: 168
Joined: January 19th, 2007, 3:57 pm

Using code from your old firm

April 28th, 2008, 5:47 pm

http://www.marketwatch.com/news/story/r ... C71B%7DThe cases I've seen were in the US. The Rennaissance case (linked) is fairly well know. Sounds more a case of methodology replication rather than outright model theft. Still, both guys ended up getting fired and Rennaissance won the case. The other recent one was Elliott Associates v Cedar Hill (two hedge funds). Basically, some software developers consulted at Elliott then went to Cedar Hill and developed some similar CDO pricing software in record time. I think the case is still ongoing.
 
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EOrion
Posts: 57
Joined: April 11th, 2008, 4:06 pm

Using code from your old firm

April 28th, 2008, 6:16 pm

QuoteOriginally posted by: Y0daQuoteOriginally posted by: EOrionYou were paid to create the IP and you have no claim on it unless agreed by the person paying you. Any replication would be legally and ethically wrong.But where is the line between replicating and using the knowledgeyou have accumulated over time? I'm finding it rather shockingthat knowledge and brainpower of quants can get depletedmore and more as the quant works at more and more firms??Ridiculous. We need some kind of a union of quants totake care of quant rights. Are you telling me a quantshould do as much as he can to work only at a one bankall his life?If a quant leaves a firm to a new one, and recreates somethingat that new firm, what types of recreations are classified asillegal and what types aren't? This should be well defined in law.To your point if the information is public info, then you have every right to use it. I also believe that courts rule in favor of a person vs a non compete where the non compete would make it impossible for the individual to make a living in his/her chosen profession. But the bottom line is this: If you create something novel/new while under someone else's employ it's theirs unless agreed otherwise.
 
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EOrion
Posts: 57
Joined: April 11th, 2008, 4:06 pm

Using code from your old firm

April 28th, 2008, 6:20 pm

PLUS do this once and no one in his right mind would hire you.1 they inherit your liabilities if they use the code.2 you can't be trusted not to do the same to themANDNo one will invest in you if your IP is not free and clear.Everyone will ask you to make that legal representation which now puts you in the additional position of fraud.
 
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DominicConnor
Posts: 11684
Joined: July 14th, 2002, 3:00 am

Using code from your old firm

May 6th, 2008, 12:36 pm

I'm not a lawyer, and there's several layers of issue here.First up, it is not likely to be theft of anything. The presumption in common law systems (Britain, USA, Oz, NZ, Canada, etc) is that anything you do in the course of your work is the property of your employer.There's also some triviality conditions, most of my for(: loops look pretty much the same, are they owned by my first ever employer ? Of course not.But just because they "own" the IP, does not mean you have no rights, if you treat software under copyright, there are separate rights for the "author".There is also the issue of enforcement, unless they have good cause to suspect that you've lifted their s/w your old firm is going to find it hard and expensive to pursue this, and of course may never know.It is, of course non-trivial work to get your s/w to work with other bits of the banks systems even when you are 100% legit, in practical terms, most s/w is actually of negative value, in that it can require more effort to fix and integrate it than to build the code from scratch.There is value in "ideas", and fragments of code to do specific small clever things.Most quantish code is not exactly of high s/w engineering standards, and often can be quite grim if you don't have access to the guy who wrote itBut it could leave you in a deep hole if you get caught.
 
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brontosaurus
Posts: 2035
Joined: May 10th, 2004, 8:33 pm

Using code from your old firm

May 6th, 2008, 1:40 pm

I'm pretty sure it is explicity against the CFA guidelines to take the code with you.
 
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gw33
Posts: 86
Joined: October 20th, 2004, 11:17 pm

Using code from your old firm

May 14th, 2008, 7:51 am

I moved someone last year and saw a fairly unpleasant scenario at first hand - PM me if you want and I'll talk you through what you can and can't do.
 
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katastrofa
Posts: 9335
Joined: August 16th, 2007, 5:36 am
Location: Alpha Centauri

Using code from your old firm

May 17th, 2008, 6:26 pm

QuoteOriginally posted by: gcBut if you are going to work for a company who is highly litigious, with enough money to stand a major court case, and where the expected loss from the lawsuit is less than the expected gain to bring competitors to their knees, then it may be worth to ignore all moral codes and check if there is some informal understanding from the new company that they will be "helping" out.Would you believe such promise? That they are really going to help you out? Why would they hold to the promise if they were shady enough to agree to the whole deal in the first place?
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