Had a conversation with the CFTC regarding a High Frequency Algorithmic Trading System we developed. Hit a road block and want to get feed back from others in this line of business. This particular trading system generates sequences of trades for a subscriber to execute... a chain of high probability calculated OCO's. The algo is dynamic and adjusts its calculations and trades based on the subscribers actual fills, P&L and the trading instrument's price movements. The gist of the conversation was because the system makes trade calculations based on knowledge of the subscribers actual positions & P&L they would consider the system and provider as providing trading advice. Obviously, to comply we can cut out access to the subscribers trade info and assume all trades execute. However, in trading our system over 50% of our fills do not match the systems expected prices either by price improvement or slippage resulting in the algo adjusting subsequent trades. Reality is there would be no margin for errors or ability for subscribers to adjust positions (ie. Missed fills) allowing the algo to recalculate. So how does one market a dynamic trading system?