In a letter filed with the Securities and Exchange Commission (SEC) today, the FIA Principal Traders Group (FIA PTG) responded to the Fixed Income Clearing Corporation’s (FICC) proposals to revise its customer clearing access models and to modify its margin segregation rules.
CONTINUE READINGIn a letter filed with the Securities and Exchange Commission (SEC) today, the FIA Principal Traders Group (FIA PTG) urged the SEC to disapprove the self-regulatory organizations’ (“SRO”) proposed rule changes to Establish Fees for Industry Members Related to Certain Historical Costs of the National Market System Plan Governing the Consolidated Audit Trail (the “CAT Fee Filings”) incurred by the SROs prior to January 1, 2022.
CONTINUE READINGIn a letter filed with the Securities and Exchange Commission (SEC) today, the FIA Principal Traders Group (FIA PTG) urged the SEC to reject the Proposal which would reduce the current 15-Minute TRACE reporting timeframe to one minute across certain bond markets.
CONTINUE READINGIn a letter filed with the Securities and Exchange Commission (SEC) today, the FIA Principal Traders Group (FIA PTG) opposed the SEC's Volume-Based Exchange Transaction Pricing Proposal and urged the SEC not to move forward with finalizing it. FIA PTG said that exchange volume-based pricing tiers are just one small piece of the much larger transaction pricing picture, and that tweaking one piece of the pricing puzzle is unlikely to generate the results the Commission is looking for.
CONTINUE READINGIn a letter filed with the Securities and Exchange Commission, the FIA Principal Traders Group (FIA PTG) offered additional comments on the SEC's Definition of a Dealer proposal. FIA PTG said that while it appreciates the importance of the proposal's stated goals to prevent market disruptions and support market transparency, integrity, resiliency, and investor protection, it fails to see how this proposal addresses any of those issues in a meaningful way.
CONTINUE READINGFIA Principal Traders Group (FIA PTG) has published an essay calling for Congressional oversight over Consolidated Audit Trail (CAT) funding. FIA PTG cites dramatically spiraling costs – both historical and ongoing, persistent budget overruns, and a model that lacks incentives to manage costs, as the rationale for this appeal.
CONTINUE READINGIn a letter filed with the Securities and Exchange Commission, the FIA Principal Traders Group (FIA PTG) supported FINRA’s US Treasury trade dissemination proposal. FIA PTG also raised concerns with two Treasury market structure proposals currently pending at the SEC – the clearing and dealer proposals.
CONTINUE READINGIn a letter filed with the US Securities and Exchange Commission, the FIA Principal Traders Group (FIA PTG) opposed Nasdaq PHLX’s proposal to establish new “Contra Midpoint Only” and “Contra Midpoint Only with Post-Only” order types.
CONTINUE READINGIn a letter filed with the US Securities and Exchange Commission (SEC), the FIA Principal Traders Group (FIA PTG) again opposed a proposal to add IntelligentCross ATS as a new entrant to FINRA’s Alternative Display Facility.
CONTINUE READINGThe FIA European Traders Association (FIA EPTA) and the FIA Principal Traders Group (FIA PTG) have responded to the Board of the International Organization of Securities Commissions (IOSCO) Crypto and Digital Asset Markets Consultation.
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