Renaissance Technologies, a $65 billion hedge fund that uses sophisticated software to make rapid securities trades, is being investigated by federal regulators, according a report in the New York Post.

The Commodity Futures Trading Commission asked to dig into the trading algorithms at the quant fund, Renaissance Chief Operating Officer James Rowan said in a speech Tuesday. He spoke at a meeting of hedge fund managers in New York, according to unnamed sources cited by the newspaper.

The highly secretive Renaissance wants to avoid a public leak of its code, Rowan said. A spokesman for Renaissance Technologies declined to comment.

Regulators are concerned about illegal trading practices, such as creating fake orders to move the prices of illiquid stocks, which is known as spoofing.

The CFTC last year outlined the regulations that would allow it to scrutinize hedge-fund algorithms. Other billion-dollar funds including Citadel and Two Sigma criticized the proposal because of their concerns about leaked technology. The CFTC acknowledged those worries.

“This requirement has garnered an enormous amount of attention from market participants concerned with the prospect of handing over highly valuable, proprietary business source code to an agency of the U.S. government that has an imperfect record as a guardian of confidential information,” CFTC Commissioner Christopher Giancarlo said in September.

Rowan said Renaissance is complying with the CFTC’s request for the code, and is looking for a way to share the code in a secure setting that is invulnerable to hacks and leaks.

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