Equity Market Structure
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FIA PTG opposes Cboe EDGA proposal to introduce liquidity provider protection
In a letter filed with the Securities and Exchange Commission (SEC) today, the FIA Principal Traders Group (FIA PTG) urged the SEC not to approve EDGA’s proposal to introduce an asymmetric speed bump. FIA PTG said they remain opposed to artificial latency mechanisms of all kinds and are not aware of any data showing that speed bumps result in material improvements to market quality or benefit end investors.
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FIA PTG again encourages the SEC to reject IEX Discretionary Peg Order Proposal
In a letter submitted to the SEC today, FIA PTG again encouraged the Commission to reject IEX’s proposal to modify the resting price of its Discretionary Peg Order type.
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FIA PTG encourages the SEC to reject IEX Discretionary Peg Order Proposal
In a letter submitted to the SEC today, FIA PTG encouraged the Commission to consider the impact and overall fairness of this mechanism, which proposes to modify the resting price of its Discretionary Peg Order type, on any displayed protected quotes on IEX.
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FIA PTG proposes actionable reforms to U.S. equity market structure
In a paper released today, the FIA Principal Traders Group recommends practical reforms to SEC Regulation NMS.
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FIA PTG Supports Market Data Petition
FIA PTG submitted a letter to the SEC today in support of the Managed Funds Association (MFA) - Alternative Investment Management Association (AIMA) Petition for Rulemaking Regarding Market Data Fees and Request for Guidance on Market Data Licensing Practices; Investor Access to Market Data.
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FIA PTG raises concerns with data collection in proposed Transaction Fee Pilot
FIA PTG sent a comment letter to the SEC today detailing concerns with the Transaction Fee Pilot for National Market System stocks.
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FIA PTG supports SEC stay of CHX LEAD approval
FIA PTG submitted a letter to the SEC today in support of the Commission's decision to stay a staff approval of the CHX Liquidity Enhancing Access Delay (LEAD). The proposal was approved by the Division of Trading and Markets using its delegated authority. The Commissioners decided to review the delegated action and stay the approval.
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FIA PTG: IEX Crumbling Quote Remove Fee is discriminatory
FIA PTG submitted comments to the SEC today opposing a new proposed fee at IEX - the Crumbling Quote Remove Fee.
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FIA PTG: MELO contributes to spiraling complexity of equity market structure
FIA PTG submitted comments to the SEC today opposing Nasdaq's proposal to create a new “Midpoint Extended Life Order (MELO). FIA PTG's comments echoed Citadel's opposition to MELO, and build upon the principles expressed in prior comments opposing the Extended Life Order (ELO)
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FIA PTG files fourth comment letter on CHX latency proposals
FIA PTG filed comments with the SEC today opposing the CHX Liquidity Enhancing Access Delay (LEAD). The comments reiterate the concerns raised in FIA PTG's October 2016 and January 2017 comments on the CHX Liquidity Taking Access Delay (LTAD, now withdrawn) and March 2017 comments on LEAD.
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