Algo stock trader: How to protect intellectual property when joining a company?
3 comments
Been in a similar situation as a prop trader for a major company. I made it part of the contract that the model(s) I brought to the table and which were part of the decision to hire me remain my IP as well as any new/modified developments based on those models. The original code was placed into a sealed envelope and kept with a law firm in order to be able to demonstrate intellectual ownership later should it be deemed necessary.
Awesome idea, thanks.
Ask a lawyer, there are things you can do to protect your existing IP.
Negotiate for changes to that term of the contract.
Negotiate for changes to that term of the contract.
They just offered me a job with a base salary plus profit share, they want me to head an internal hedge fund (low 7 figures to start) and build a track record for a year, then they will raise the capital invested. I would also be in charge of hiring and heading a team. This position requires an overseas move.
I've spent ~10 years writing my trading codebase (70,000 LOC), along with extensive backtesting resulting in roughly 10 different profitable patterns (systems) that I trade. I want to protect myself and that IP.
I want to say that there haven't been any red flags in this process. I've met several of their people, multiple times, and they are excited and want a long-term relationship. They've looked for a person like myself for this project for a while, and recognize my expertise.
They are a bit naive in the coding/tech domain (their family money is in mining and real estate). They just sent me a (boilerplate) contract which gives them rights to any property "developed in the course of the engagement" along with property "relating to the Proprietary Property."
I am fine with giving them access to anything I develop while being paid by them, but it will be tough to separate from my existing codebase and systems, which I will use to trade their money, presumably on their server. (I lease my own VPS now, and their brokerage account is connected to mine via an advisor account.)
I'm excited for the chance to run this fund, but am a bit overwhelmed by potential legal and financial missteps.
TL;DR: Has anyone ever been in a situation where they needed to use old code for a new employer, without relinquishing IP rights?