It takes years of development work to finally develop a suite of uncorrelated strategies that will deliver alpha out of market year in and year out. If the strategies are scalable (e.g. on futures markets and large cap stocks), and can theoretically make 3-5mm+ a year, then a lot of folks would be interested in getting unauthorized access to your work if they feel risk of being caught is very small. If the PnL potential is say 10-20 million or more, then even your clearing firm would like to analyze your trades to see if they can reverse-engineer the logic. Maybe they will fail, but 10 million a year - common guys, its a lot of money. If they think they can somehow figure out your logic and modify it and trade it using their own capital, they will do it, especially if risk of being caught is very low. There is no way you will know this, if your clearing firm is analyzing your trades. This topic has been discussed on ET in following threads and it has been confirmed that this stealing of strategies does happen frequently enough in the prop trading world. 1) Broker Could Steal Your Strategy??? http://www.elitetrader.com/vb/showthread.php?threadid=173634 2) Firms stealing strategies.... http://www.elitetrader.com/vb/showthread.php?threadid=10871 My aim to start this thread is to foster a much deeper discussion on this important topic. To identify who all can steal your strategies and what counter-measures can you use to safeguard your strategies.