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FIA European Principal Traders Association

FIA European Principal Traders Association (FIA EPTA) represents Europe’s leading Principal Trading Firms. Our 29 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.

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Recent Updates

  • FIA EPTA response to the IOSCO consultation on Market Data in the Secondary Equity Markets (CR03/2020)

    The FIA European Principal Traders Association (FIA EPTA) welcomes the opportunity to respond to the International Organization of Securities Commissions (IOSCO) Consultation Report on market data in the secondary equity markets. In today’s markets, market data is of crucial importance for a wide range of investors and market participants – including FIA EPTA member firms.

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  • Response by FIA EPTA to the FCA Consultation Paper on a new UK prudential regime for MiFID investment firms

    This document constitutes FIA EPTA’s response to the FCA’s Consultation Paper on a new UK prudential regime for MiFID investment firms (CP20/24). We very much welcome the FCA’s approach as set out in the Consultation Paper and generally agree that the FCA’s proposed rules are clear, proportionate and fit for purpose. In our response, we focus on a number of key areas where we believe further improvements or clarifications could be made to enable a proportionate, effective and practicable prudential regime for investment firms.

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  • FIA EPTA response to the EBA Discussion Paper on management and supervision of ESG risks for credit institutions and investment firms

    FIA EPTA is committed to supporting policymakers in ensuring the success of the sustainable finance project at all levels of the capital market ecosystem. The consultation that the EBA has published mainly focuses on ESG risks stemming from clients and counterparties. FIA EPTA members deal with regulated parties as counterparties, perform additional screenings that may already include the necessary ESG elements, and do not have clients or manage funds, but trade on their own account and at their own risk.

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  • FIA, FIA EPTA and ISDA offer joint response to the European Commission targeted consultationon the CSDR reviw

    On 2 February 2021, ISDA, FIA and FIA EPTA submitted a joint response to the European Commission’s (EC) targeted consultation on the review of the settlement and central securities depositories regulation (CSDR).

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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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