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.

2020 Advocacy Goals:

  • 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 expected legislative initiatives, efforts from the previous Congress on the following issues will likely carry over, including:
    • CFTC Reauthorization (House and Senate).
    • Legislation related to the protection of algorithmic source code.
    • Legislation on cryptocurrencies/digital assets.
    • Possible legislation related to equity market structure.
    • Other relevant legislation to derivatives/securities regulation.
  • Specific regulatory initiatives including:
    • Monitor for rule proposals and oversight developments related to automated trading (CFTC, SEC and Exchanges), with particular focus on the activities of the CFTC, given the Chairman’s goal of proposing a new rule on this topic in 2020.
    • Continue to engage with regulators on rule proposals introducing artificial latency mechanisms (CFTC, SEC and Exchanges).
    • 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.
    • Continue to engage with the CFTC on rule proposals related to swap execution/market structure.
    • 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).