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Equity Market Structure

FIA PTG advocates for open access to markets, transparency and data-driven policy and regularly engages on equity market structure issues in pursuit of these goals.

  • FIA PTG Comments on Application of 24X National Exchange LLC for Registration as an Exchange

    In a letter filed with the Securities and Exchange Commission (SEC) today, the FIA Principal Traders Group (FIA PTG) responded to the SEC’s institution of proceedings in connection with 24X National Exchange’s (24X) application for registration as a national securities exchange.

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  • FIA PTG responds to Nasdaq Cabinet Proximity Option Program Proposals

    In a letter filed with the Securities and Exchange Commission (SEC), the FIA Principal Traders Group (FIA PTG) urged the SEC to disapprove Nasdaq’s proposed rule changes to Expand the Cabinet Proximity Option Program and to Establish a Reservation Fee. FIA PTG raised three principal concerns with respect to the Proposed Rule Changes all in connection with Nasdaq’s existing data center facilities in Carteret, NJ (NY11) and Nasdaq’s new facility under construction just to the north of NY11 (NY11-4).

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  • FIA PTG responds to SRO CAT Fee Filings

    In 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.

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  • FIA PTG Responds to SEC Volume-Based Exchange Transaction Pricing Proposal

    In 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.

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