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.
Learn more about EPTARecent Updates
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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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fiaepta - March 02
We are pleased to see the action taken by @ICE_Markets . A very uncoordinated action by @SPGlobalPlatts was brought… t.co/NnZ22K6Ym6 -
fiaepta - February 24
Live now: Join our #AlgoTrading webinar to unpack the latest #MiFIDII proposals from @ESMA_Comms, and for an exp… t.co/U3FZMQJNn5 -
fiaepta - February 24
Transparency, transparency......Reasons (besides political) and costs to this move are unknown. We call for a publi… t.co/AYxXiBECHa -
fiaepta - February 23
Don’t forget to sign up for our #AlgoTrading webinar Feb 24, 15-16 GMT: Expert discussion on @ESMA_Comms’ late… t.co/ZCv2yY2bWj -
fiaepta - February 22
We would welcome this in EU, or even better, move to real time Clearing & Settlement. We need #CCP 's to be innovat… t.co/tNnfoA9AA8 -
fiaepta - February 21
RT @FIAconnect: FIA endorses industry led climate finance principles: t.co/H8XLpAZ9sd -
fiaepta - February 16
RT @COPACOGECA: .@TimCullinan_IFA tells @eaAgriFood that farmers priority is providing healthy, sustainable crops,farmers understand they… -
fiaepta - February 12
Announcing our webinar! #AlgoTrading has become central to modern markets, and in it’s regulated by #MiFIDII. Jo… t.co/S8P1XuuzmX -
fiaepta - February 05
A proportional approach is key to achieve effective regulation of ESG #riskmanagement as part of a successful… t.co/lcBCLhbEcv -
fiaepta - February 02
Confusing article on the function of clearers & brokers. Central Clearing Parties, CCP's are the ones to call 2 day… t.co/Ycn4qS6n2C -
fiaepta - January 20
We welcome the consolidated tape for corporate bonds. See our response to the consultation Q14 onwards.Lets not del… t.co/UoO1DP0YCL -
fiaepta - January 20
Better late than never! This what we call latency. #GarryJones was right back in 2016. t.co/zZ9FIyZwnY -
fiaepta - January 15
We strongly support @ESMAComms’ work on #marketdata. To increase transparency and accountability by #exchanges and… t.co/c2HY0SCc78 -
fiaepta - January 14
RT @FIAconnect: "A more perfect union" is @FIAconnect CEO @WaltFIA deeply personal take on the January 6 events at the US Capitol, where he… -
fiaepta - January 13
It is all about data! See our recent ESMA filing t.co/SwALwxFZqA t.co/6Jb8lLjWcP -
fiaepta - January 07
RT @FIAconnect: 2/2 @FIAconnect statement on the events in Washington, DC: FIA firmly believes that the rule of law is the cornerstone of a… -
fiaepta - January 07
RT @FIAconnect: 1/2 @FIAconnect statement on the events in Washington, DC: FIA strongly condemns the violence that took place today at the… -
fiaepta - January 04
Happier 2021! Hereby the UK's modification on the derivatives trading obligation. t.co/LIQB1kp606 -
fiaepta - December 23
On Exchange outages: "The problem is particularly acute in Europe where Euronext and Deutsche Börse own or supply t… t.co/8M5i2TYB5c -
fiaepta - December 18
This consultation is the final one added to our Christmas hamper. The ever increasing regulation filled up our hamp… t.co/avF9oObgdZ -
fiaepta - December 18
We’ve always known Santa’s a cool guy so it’s great to see he’s taking the right elf & safety precautions this C… t.co/9ODWfWpnaP -
fiaepta - December 15
The @EU_Commission celebrated the 1st anniversary of the #EUGreenDeal! To help reduce emissions and make the EU eco… t.co/DTRje6Hbs2 -
fiaepta - December 15
Wasn t #MIFID about competition? 'The biggest players have set their sights on owning more of the building blocks… t.co/m0RSC1XmE6 -
fiaepta - December 10
RT @FIAconnect: @FIAconnect praises @CFTC for adopting Electronic Trading and Bankruptcy rules - statement by @WaltFIA: t.co/prOfiG… -
fiaepta - December 09
RT @McGuinnessEU: Agreement reached on changes to MiFiD this afternoon, following @EU_Commission proposal in July. These targeted chang… -
fiaepta - December 09
Interesting asymmetry in the market place. Why are regulators not looking into this so called 'transparency' or rat… t.co/yiPx7Zi1No -
fiaepta - December 02
For those who have lived in a cave without wifi: t.co/iIt03N4vDp -
fiaepta - December 02
RT @ECMI_CEPS: Final line up of our event on the resilience of providers of infrastructure services for financial markets: @CarmineDinoi… -
fiaepta - November 30
Who says that data has no value?? t.co/5vW1EHAI8A -
fiaepta - November 30
Improvements can be made to transaction reporting requirements – simplifying the regime while ensuring that OTC der… t.co/IyIbGbNyIz -
fiaepta - November 25
DTO will continue applying without changes after the end of the transition period. t.co/qvhIMqdR22 -
fiaepta - November 25
Indeed, how crisis proof are we all? t.co/fI2XffLkpH -
fiaepta - November 20
RT @ECMI_CEPS: On the 3rd of December we are organizing a webinar on "how crisis proof is the financial market infrastructure?" with: @C… -
fiaepta - November 18
Increasing transparency = lower search costs & more competition, while shaking up legacy market structures that rel… t.co/XE8K100894 -
fiaepta - November 18
Transparency sits very deep in the DNA of our 29 members – @piebe_t explains how we see it as a key tool for provid… t.co/dt2COaXqpk -
fiaepta - November 18
“In times of high market #volatility, such as we have seen during the COVID crisis, market participants move to lit… t.co/NiGYD51LGY -
fiaepta - November 17
(2/2) The SDGs refer to the 17 categories of Sustainable Development Goals adopted by the @UN in 2015 to protect th… t.co/OwgNSeBB47 -
fiaepta - November 12
#DORA proposed regulation has arrived, Digital Operational Resilience for the finacial sector and amending Regulati… t.co/UolEjJN7CB -
fiaepta - November 10
RT @FIAconnect: Happening now: @DRWTrading Don Wilson interviews @HesterPeirce at #FIAExpo. -
fiaepta - November 05
RT @FIAconnect: Join FIA next week for virtual #FIAExpo! Hear from @WaltFIA @ChairmanHeath @karaswisher @kathleen_neuzil @HesterPeirce & ex… -
fiaepta - November 05
A wonderful line up for t row. Well done to the whole ECMI team. t.co/9RVXvMY8iu -
fiaepta - November 04
RT @ESMAComms: #Eurogroup yesterday evening: A strong financial sector is needed to finance the economy more efficiently & create jobs. Eur… -
fiaepta - November 04
RT @JohnLothian: Chairman Tarbert to Keynote FIA’s 36th Annual Futures and Options Expo t.co/qqWVo8G8ou -
fiaepta - November 02
Compelling interview with #JeromeKemp on the impact of the Covid crisis. "The overall for-profit nature of CCPs, g… t.co/UVRkn2UeBA -
fiaepta - October 29
Fascinating white paper by FIA on the impact of increased margins over the Covid crisis. A contribution to systemic… t.co/DrNkYnxqdQ -
fiaepta - October 29
The best conference of the year! t.co/LhYYA3oJ8v -
fiaepta - October 27
We welcome the FIA CCP tracker. A great resource of data made available by the FIA to view risk exposures of deriva… t.co/pbI4le5y5y -
fiaepta - October 26
ESMA Published its updated position on the #STO. @ESMAComms t.co/taGUrBI5o5 -
fiaepta - October 22
RT @ECMI_CEPS: In the first panel of our #ECMI10 Annual Conference we will be discussing how to mobilise funding for sustainable recovery w… -
fiaepta - October 16
RT @DeutscheBoerse: How it started: How it's going: t.co/IO3PWK0LeS -
fiaepta - October 09
RT @FIAconnect: #Climatechange is a global problem that requires a global response. Markets need to be at the center of any solution. This… -
fiaepta - October 06
RT @ECMI_CEPS: We are looking forward to a great debate this afternoon at 3pm on the MiFID II review this afternoon with Tilman Lueder @EU… -
fiaepta - October 06
A great topic, "Know your CCP" more important than ever as default management evolves". @FIAconnect t.co/8R43SQZdqy -
fiaepta - October 03
RT @EU_Commission: Happy German Unity Day! Tag der Deutschen Einheit! Today, we celebrate with @EUinDE the 30th anniversary of Germ… -
fiaepta - October 03
Nice new logo. Good time for reflection for all under these times of crisis. Important initiative. Go EurexGroup! t.co/uUxBpp9FMV -
fiaepta - September 29
Hereby 5 recent consultations on top of the #MIFIDquickfix. Under the covid crisis, one wonders why so many and why… t.co/g7ovs4dNtI -
fiaepta - September 28
Why the #mifid2quickfix to benefit private investors & this is proposed by @EU_Commission ? RT @TWMiFID: #MiFID… t.co/6XJchlvBpP -
fiaepta - September 24
RT @VDombrovskis: Why does developing our capital markets more than ever now, at a time of crisis? More financing opportunities to help… -
fiaepta - September 23
European Commission officially announces the 18-month equivalence extension granted to UK-based CCPs. t.co/No4zAJu72Q -
fiaepta - September 22
RT @EurexGroup: The current situation has shown how flexible we can be when it comes to our #DerivativesForum; two events this year, one co… -
fiaepta - September 17
RT @CEPS_thinktank: CEPS is working with @RPALtd and partners to help @EU_Taxud to analyse this #GreenTaxation survey. Join the debate a… -
fiaepta - September 15
RT @staffordphilip: EU set to extend access to London clearing houses to mid-2022 t.co/TldJ6UJZVz -
fiaepta - September 15
RT @FIAconnect: Join us along with representatives from @AllenOvery for a webinar on the impending EU CCP recovery and resolution regime an… -
fiaepta - September 10
FCA keeps up the good work on Market Data costs. "We are asking for your input as we explore the changing use & val… t.co/GKCUykwYZe -
fiaepta - September 09
Supporting Europe’s economic rebound from Covid requires pragmatic regulation that encourages investment firms to p… t.co/rXh1OdAGrm -
fiaepta - September 08
RT @EurexGroup: Register now t.co/ahXqq7XpSp -
fiaepta - September 08
U.S., European Exchanges Face Very Different Landscapes t.co/efW4Y59Gop -
fiaepta - September 07
After a great summer break, with enough sunlight and the heatwave our batteries are recharged and we’re ready to… t.co/lVFRGMCP2B -
fiaepta - September 07
Dutch regulator calls for overhaul of MiFID II fixed income transparency rules. @AutoriteitFM t.co/mKVQrFXDqd @theTRADEnews -
fiaepta - September 03
'In twenty years, exchanges have gone from clubby firms to huge conglomerates. They control everything from the sof… t.co/ZyjXpIEyvF -
fiaepta - September 02
ESMA publishes call for evidence in the context of the review of transparency requirements for equity and non-equit… t.co/ahaQMJmPjW -
fiaepta - September 01
RT @FIAconnect: Markets need to be part of climate change solution. New policy paper from @FIAconnect outlines how the derivatives markets… -
fiaepta - September 01
"Stock Exchanges Dealt Blow as SEC Curbs Power to Raise Some Fees" t.co/i8ZnpZ6DOg -
fiaepta - August 24
RT @FIAconnect: .@FIAconnect and @FIAPTG comment in support of the CFTC’s electronic trading proposal. t.co/RBdEKk4aCn -
fiaepta - July 24
Wishing a great summer to friends & colleagues, and that in the midst of trying times there are moments of relaxati… t.co/zdgYlmXYEq -
fiaepta - July 17
Add more CCP's and connect those CCP's better is one way, more 'skin in the game' is another one. t.co/dLL4Vh7AD1 -
fiaepta - July 17
RT @ECMI_CEPS: Apostolos Thomadakis is presenting the CEPS-ECMI study on Derivatives on Sustainable Finance. Follow it live t.co… -
fiaepta - July 01
FIA EPTA warmly welcomes the new German @EUCouncil Presidency, @EU2020DE We look forward to working with you to d… t.co/hMyTf8rbct -
fiaepta - June 30
Eurex new app. Very welcome indeed. Worth checking out. t.co/YhvnRtoliO -
fiaepta - June 30
Congrats to you all! t.co/caoq1p15pa -
fiaepta - June 30
Competition is key to MiFID to which we are committed. Fragmentation in markets, clearing, market data will invite… t.co/IhDNEmf7pX -
fiaepta - June 25
RT @FIAconnect: Thank you to #IDXV2020 sponsors who helped make FIA's first virtual event a success! @BarclaysIB @batonsystems @B3_Oficial… -
fiaepta - June 25
This meeting also allowed 1 year delay of MiFIR Open Access to Clearing requirements. Lets hope this is the last de… t.co/puiB3SLJF2 -
fiaepta - June 19
We support MiFID II/MiFIR objectives, but there are still serious market structure deficiencies in EU non-equity ma… t.co/05DcgaQ2gr -
fiaepta - June 17
Liquidity in the markets stayed. Well explained back by data. Anish P. posted on LinkedIn t.co/NrBH10JUbc -
fiaepta - June 16
RT @FIAconnect: #IDXV2020 Session Spotlight: Volatility and the Pandemic: Did Systems Work? @FIAconnect's Jackie Mesa talks with Daniel Mag… -
fiaepta - June 11
RT @FIAconnect: You can still register for IDX-V! @FIAconnect is bringing you 3 half-days of virtual programming from 23-25 June covering… -
fiaepta - June 11
Former CFTC Chairman Chris Giancarlo Cautions Against Changing the Rules in a Crisis t.co/GwTGTrlht8 -
fiaepta - June 09
Virtual IDX! Excellent idea, let' s sign up for it. t.co/PGCrjJdSZy -
fiaepta - June 04
Great idea to offer to switch CCP's, so let's support Open Access for Clearing in the EU too and not postpone it! M… t.co/iVJzswjzLt -
fiaepta - June 03
RT @FIAconnect: Now available! FIA just added Key Regulatory & Trading Requirements for Eurex to our library of online courses covering #ex… -
fiaepta - May 29
FIA EPTA acknowledges & understands the delays to the #CMU & #SustainableFinance projects announced in the… t.co/xTuYKO8VdG -
fiaepta - May 19
RT @FIAconnect: New Podcast: @CFTC @ChairmanHeath talks to @WaltFIA about the agency's response to the Covid-19 pandemic, cross border rela… -
fiaepta - May 18
Good to read that France, Belgium, Italy and Austria all suspend their short sale bans. Our research and communicat… t.co/460nogtvm4 -
fiaepta - May 15
Along with @AIMA_org, @MFAUpdates, & @TheWFE, we've written to EU authorities to recommend lifting short sale restr… t.co/A92By2grMa -
fiaepta - May 14
RT @FIAconnect: New FIA Training exchange courses are available! FIA partnered with Eurex and SGX to develop courses covering key rules and… -
fiaepta - May 08
What will the EU regulators come up with to lower market data fees? t.co/fckk0ML6Rc -
fiaepta - May 07
RT @FIAconnect: How do negative oil prices happen? Check out @FIAconnect FAQ and explainer on how exchange-traded futures and options coul… -
fiaepta - May 07
RT @FIAconnect: Join us on May 15 for a block trade rule and guidance refresher and gain insight into how the @CMEGroup team is regulating… -
fiaepta - April 30
Did the short-selling bans in Europe achieve their goal of reducing market #volatility? Our research found the answ… t.co/fvUJd7w1gr -
fiaepta - April 29
RT @FIAconnect: May 6 at 2PM BST: @FIAconnect invites members to tune in to a presentation with @Clifford_Chance on the EU CSDR settlement… -
fiaepta - April 29
World Federation of Exchanges academic research on effectivenes of short sale bans. Conclusion:'bans hamper liquidi… t.co/ZWaEpmz4bV -
fiaepta - April 23
RT @SamTyfield: Oh goodie. Bed time reading. t.co/MyfH8KZTUN -
fiaepta - April 22
RT @FIAconnect: Reminder - sign up for today's webinar at 10:30AM ET covering trends in Q1 2020 Futures & Options #Trading with @FIAconnec… -
fiaepta - April 21
Quality summary on oil futures pricing. "WTI-WTF?" t.co/AN8jUHcaY3 -
fiaepta - April 21
RT @FIAconnect: .@FIAconnect today canceled three upcoming conferences due to on-going health concerns and governmental restrictions caused… -
fiaepta - April 15
Indeed. All market paticipants orders add liquidity to the markets and they should all be allowed to short. If not… t.co/or9o0T6lgA -
fiaepta - April 15
Congrats to this anniversary to @Xetra 20 years of collaboration with the exchange and years of liquidity provisi… t.co/vEfoVuts8H -
fiaepta - April 14
ESMA EXTENDS MIFID II/MIFIR TRANSPARENCY REVIEW REPORT CONSULTATION TO 14 JUNE 2020 @ESMAComms t.co/Ube7hOtfkA -
fiaepta - April 07
As traders navigate market volatility, study from @Liquidnet finds that continuous lit volumes have jumped in March… t.co/u7JxzxO1E3 -
fiaepta - April 03
#MiFiD2 consultation by Commission extended till May 18. t.co/UOGE9c04sG -
fiaepta - January 01
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fiaepta - January 01
EPTA Blog
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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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