Industry groups request extension of comment period on supplemental proposal on automated trading

7 December 2016

The FIAFIA Principal Traders Group (FIA PTG), International Swaps and Derivatives Association, Inc. (ISDA), Managed Funds Association (MFA), Securities Industry and Financial Markets Association (SIFMA), SIFMA’s Asset Management Group (SIFMA AMG). U.S. Chamber of Commerce Center for Capital Markets Competitiveness (CCMC) and the Commodity Markets Council (CMC) sent a joint letter to the Commodity Futures Trading Commission (CFTC) in response to the reopened comment period on its Supplemental Notice of Proposed Rulemaking on Regulation Automated Trading (Reg AT).

The groups requested that the Commission extend the comment period by 180 days, "in order to accommodate the complexity of this particular suite of new automated trading regulations as well as the imminent period of transition at the Commission."

"The near-overlap of the January 24 comment deadline with the January 20 Presidential Inauguration means that the current Commission will not be able to finalize the Supplemental Proposal before leadership changes likely result in a newly constituted Commission. Retention of the current comment period deadline thus presents a real risk that the Group and other market participants will expend considerable time and resources submitting comments on the Supplemental Proposal that are rendered incomplete, unresponsive or altogether moot by a future Commission’s actions with respect to the proposed automated trading rules.

The full letter is available here. 

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