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.

2023 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, CME Group, etc.) on matters of importance to the group.
  4. Continue to work with other like-minded trade associations and companies 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. Legislation on cryptocurrencies/digital assets.
    2. Legislation related to SEC regulatory proposals, including equity market structure, dealer registration, FINRA membership, and treasury mandatory clearing.
    3. Financial transaction tax.
    4. Legislation aimed at “excessive speculation” in derivatives markets.
    5. Other relevant legislation to derivatives/securities regulation.
  6. Continue pursuing specific regulatory initiatives including:
    1. Monitor for rule proposals and oversight developments related to automated trading (CFTC, SEC, Federal Reserve Board, US Treasury, and Exchanges).
    2. Engagement with regulators on rule proposals for introducing artificial latency mechanisms (CFTC, SEC, and Exchanges).
    3. Engagement regarding the SEC’s Treasury market structure proposal (Treasury, Federal Reserve, CFTC, SEC, FICC).
    4. Engagement on the SEC’s equity market structure proposals (SEC).
    5. Engagement regarding other SEC proposed rules including FINRA membership and dealer registration (SEC).
    6. Monitor CCP recovery and resolution developments – including variation margin gains haircutting, waterfall, default auctions, and other issues (CFTC, IOSCO).
    7. Monitor for any developments on transaction tax (Administration) and carried interest (Treasury).
    8. Monitor regulatory developments in digital asset markets, particularly in response to Terra Luna and FTX fallouts, and consider engagement where appropriate (CFTC, SEC, and Administration).

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