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FIA PTG responds to FINRA proposal to add IntelligentCross ATS to the Alternative Display Facility

17 January 2023

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.

Download the comments here.

  • FIA PTG
  • Equity Market Structure