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.

2022 Advocacy Goals:

  1. Continue educating policymakers, prioritizing regulators, then relevant legislators and staff.
  2. Continue pursuit of additional worthwhile representation opportunities on regulatory advisory committees, panels, and roundtables.
  3. Continue to work with exchanges (ICE and CME Group) on the implementation of margin models.
  4. Continue to work with other like-minded trade associations where appropriate on issues of mutual interest.
  5. Continue 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. Possible legislative initiatives could include:
    1. CFTC Reauthorization (House and Senate).
    2. Legislation on cryptocurrencies/digital assets.
    3. Legislation related to equity market structure/high profile related events from 2021.
    4. Legislation reacting to Treasury market volatility in 2020 or directing the Administration to change regulation over the sector.
    5. Financial transaction tax (with particular focus on the “Build Back Better” bill).
    6. Other relevant legislation to derivatives/securities regulation.
  6. Continue pursuing specific regulatory initiatives including:
    1. Continue monitoring for rule proposals and oversight developments related to automated trading (CFTC, SEC, Federal Reserve Board, and Exchanges).
    2. Continue to engage with regulators on rule proposals for introducing artificial latency mechanisms (CFTC, SEC and Exchanges).
    3. 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).
    4. Continue to engage on FIA PTG’s suggested changes to equity market structure, including Regulation NMS (SEC).
    5. Monitor for rule proposals related to new registration requirements for principal trading firms (Treasury, CFTC and SEC).
    6. Monitor CCP recovery and resolution developments – including variation margin gains haircutting, waterfall, default auctions, and other issues (CFTC).
    7. Continue to monitor for any developments on transaction tax (Administration) and carried interest (Treasury).
    8. Monitor regulatory developments in digital asset markets and consider engagement where appropriate (CFTC, SEC and Administration).

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