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FIA European Principal Traders Association

FIA European Principal Traders Association (FIA EPTA) represents Europe’s leading Principal Trading Firms. Our 28 members are independent market makers and providers of liquidity and risk transfer for exchanges and end-investors across Europe. We work constructively with policymakers, regulators and other market stakeholders to ensure efficient, resilient, high-quality financial markets.

Learn more about EPTA

Recent Updates

  • AIMA, FIA EPTA, MFA and WFE issue a letter on short-sale bans in the European Union

    The Alternative Investment Management Association (“AIMA”), FIA European Principal Traders Association (“FIA EPTA”), Managed Funds Association (“MFA”) and the World Federation of Exchanges (“WFE”) issued a letter to express our concern that current restrictions on short selling are hurting markets, disadvantaging investors and undermining the longer-term goal of building a Capital Markets Union. 

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  • FIA EPTA comments on the FCA occasional paper “Quantifying the High-Frequency Trading ‘Arms Race’”

    FIA EPTA is appreciative of the opportunity to provide an industry review and analysis of the FCA Occasional Paper No. 50, “Quantifying the High-Frequency Trading ‘Arms Race’: A new methodology and estimates” by Matteo Aquilina, Eric Budish and Peter O’Neill (“the Occasional Paper”).

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  • FIA EPTA response to ESMA's Consultation on Draft technical standards on the provision of investment services and activities in the Union by third-country firms under MiFID II and MiFIR

    FIA EPTA members are pleased to provide feedback to ESMA on its draft technical standards on the provision of investment services and activities in the Union by third-country firms under MiFID II and MiFIR as amended by the Investment Firm Regulation (IFR).

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  • FIA EPTA issued two analyses of the impact of Short-selling bans

    FIA EPTA researched in April 2020 on the impact of bans on short-selling in European equities indexes in March 2020 during the COVID-19 coronavirus outbreak.

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  • FIA opposes short selling bans

    FIA and its affiliated organizations, FIA PTG and FIA EPTA, issued a following statement in response to calls for short selling bans by global policymakers.

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  • FIA EPTA Letter to the BaFin on short selling and market liquidity

    FIA EPTA contacted the Executive Board of BaFin to register our concern regarding the safeguarding of market liquidity and orderly price formation on German and European exchanges.

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EPTA Blog

  • CMU and the Investment Firm Review: strengthening European capital markets through proportionality

    Hands up if you want up-and-coming European companies to have sufficient access to the money they need to grow and to drive prosperity across the EU? It’s a no brainer – and one of the reasons why European politicians and regulators are keen to push forward the Capital Markets Union.

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  • Developing the CMU through an effective new Prudential Regime for Investment Firms

    One of the building blocks of the EU’s Capital Markets Union project is entering a crucial few months as the proposed new Prudential Regime for Investment Firms enters parliamentary scrutiny.

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  • Flash Crashes – time to stop knee-jerk blaming of HFT?

    On the 6th May 2010, Wall Street experienced what quickly became known as the ‘Flash Crash’. On the 15th January 2015, the Swiss Franc experienced a similar event against the Euro. And in October 2016, there was a flash crash in sterling, following Britain’s vote to leave the EU. The recent events in the sterling market seemed like a good idea to look back at the post event analysis of previous ‘flash crashes’ and review the findings.

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  • The growing body of HFT research: time to put old arguments to bed?

    Over the last few years the great and the good of the world’s regulatory authorities that govern financial markets have studied the impacts of the electronification of the markets, and the role played by high frequency trading. We welcome the recognition in these studies that markets and end users benefit from increased use of innovative technology, in line with the experience with innovation in other industries. We provide a summary of the recent reports.

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  • Five years’ of providing a voice to the EU principal trading industry

    This summer, FIA EPTA marked the 5th anniversary of its foundation. Although still a comparatively young organisation, this milestone has caused the people, like myself, who were there at the start to reflect upon how things have changed since we’ve been in business – as well as looking forward to what the next five years might bring.

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  • CRD IV bonus cap has perverse effect of increasing risk

    The EU's Capital Requirements Directive CRD IV has imposed a bonus cap on credit institutions and investment firms with the intention of discouraging the excessive risk-taking with client monies that contributed to the financial crisis. However, the inappropriate application of this bonus cap to principal trading firms now has the potential to result in the perverse effect of actually increasing risk, whilst hurting market quality.

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