In a letter filed today with the Securities and Exchange Commission (SEC), the FIA Principal Traders Group (FIA PTG) opposed a proposal to add IntelligentCross ATS as a new entrant to FINRA’s Alternative Display Facility. Citing a general lack of detailed information, FIA PTG urged the SEC not to approve the proposal. FIA PTG specifically raised concerns with FINRA’s determination that the intentional delay is de minimis, the lack of a prescribed process for the ongoing operation of non-exchange venues with protected quotes with intentional access delays, and the very short implementation period should the proposal be approved.
