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 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.
CONTINUE READINGFIA 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.
CONTINUE READINGFIA PTG responds again to SEC Dealer Definition Proposal
In 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 PTG makes the case for Congressional oversight over CAT funding
FIA 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.
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