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FIA European Principal Traders Association

FIA European Principal Traders Association (FIA EPTA) represents Europe’s leading Principal Trading Firms. Our 30 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

  • #WeAreMarketMakers Campaign Launched To Promote Better Understanding Of Market Making Firms In Europe

    A new campaign to promote better understanding of modern market making, what it does and its benefits for wider society, has been launched today. #WeAreMarketMakers is a campaign by FIA EPTA, the European industry body for independent market making companies, as part of its 10th Anniversary activities. The project is not only supported by FIA EPTA’s 30 member firms, but also by others in the markets community that work directly with and alongside the industry.

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  • FIA EPTA response to the HM Treasury Consultation Paper on the Wholesale Markets Review

    The FIA European Principal Traders Association (FIA EPTA) appreciates the opportunity to provide feedback to the HM Treasury Consultation Paper regarding the Wholesale Markets Review. 

    FIA EPTA agrees that the breadth of the current definition of a ‘multilateral system’ has created ambiguity about the regulatory perimeter which should be clarified. This has been particularly acute for brokers arranging transactions over the phone (so called “voice brokers”) and technology firms innovating new ways of bringing together buying and selling interests.

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  • FIA EPTA response to the FCA Consultation Paper on a new UK prudential regime for MiFID investment firms (CP21/26***)

    FIA EPTA appreciates the opportunity to provide feedback to the Financial Conduct Authority (FCA) on its third Consultation Paper regarding the implementation of the 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 (CP21/26). We welcome the FCA’s approach as set out in the Consultation Paper and agree that the FCA’s proposed rules are clear, proportionate and fit for purpose. In our response, we focus only on a limited number of 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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  • Response by FIA EPTA to the Financial Conduct Authority Consultation Paper on enhancing climate-related disclosures by standard listed companies and seeking views on ESG topics in capital markets, (CP21/18**)

    FIA EPTA welcomes the opportunity to respond to the Financial Conduct Authority (FCA) Consultation Paper on enhancing climate-related disclosures by standard listed companies and seeking views on ESG topics in capital markets. FIA EPTA members welcome the actions and responsibilities taken by the Government of the United Kingdom to work towards the common goals of reaching climate neutrality in 2050.

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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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