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FIA PTG Mission

Mission of the FIA Principal Traders Group:

  • Provide a forum for proprietary trading firms to identify and discuss issues confronting the FIA PTG community
  • Define common positions on public policy issues and advance the group’s collective interests through FIA
  • Improve public understanding of the constructive role played by proprietary trading firms in the exchange-traded equities and derivatives markets
  • Promote cost-effective, transparent access to U.S. and non-U.S. markets.

2021 Advocacy Goals:

  • Meet and educate new policymakers, prioritizing regulators, then relevant legislators and staff.  Introduce our group, what our members do and the issues we care about (tailored to the particular focus/jurisdiction of the policymaker).
  • Continue pursuit of additional worthwhile representation opportunities on regulatory advisory committees, panels and roundtables.
  • Continue efforts on Capitol Hill to inform Members and Member offices of our regulatory positions with respect to possible legislative initiatives, as well as actions by the regulatory agencies they oversee. As for possible legislative initiatives, efforts from the previous Congress not completed or new legislative ideas from the current Congress could include:
    • CFTC Reauthorization (House and Senate).
    • Legislation on cryptocurrencies/digital assets.
    • Legislation related to equity market structure.
    • Legislation reacting to Treasury market volatility in 2020 or directing the Administration to change regulation over the sector.
    • Related legislation on more aggressive regulation for money market funds.
    • Financial transaction tax.
    • Possible use of the Congressional Review Act, which is a mechanism for Congressional reversal of the prior administration’s executive/regulatory actions finalized during the last 60 days of the prior Congressional session.
    • Other relevant legislation to derivatives/securities regulation.
  • Specific regulatory initiatives including:
    • Monitor for rule proposals and oversight developments related to automated trading (CFTC, SEC, Federal Reserve Board, and Exchanges).
    • Continue to engage with regulators on rule proposals introducing artificial latency mechanisms (CFTC, SEC and Exchanges).
    • Continue development of positions and monitor for rule proposals related to changes in Treasury market structure, including the clearing and settlement processes. (Treasury, Federal Reserve, CFTC and SEC).
    • Continue to engage with the SEC on FIA PTG’s suggested changes to equity market structure, including Regulation NMS.
    • Monitor for rule proposals related to new registration requirements for principal trading firms (Treasury, CFTC and SEC).
    • Continue to engage with Prudential Regulators on proposed changes to the Supplemental Leverage Ratio requirements.
    • Monitor CCP recovery and resolution developments – including variation margin gains haircutting, waterfall, default auctions and other issues (CFTC).
    • Monitor for any developments on transaction tax (Administration) and carried interest (Treasury).
    • Monitor regulatory developments in digital asset markets and consider engagement where appropriate (CFTC, SEC and Administration).
  • FIA PTG