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Special Report: CFTC examines High Frequency Trading
The Commodity Futures Trading Commission hosted a wide-ranging discussion of high-frequency trading at a meeting of its Technology Advisory Committee on March 29, 2012. CFTC Commissioner Scott O’Malia, who chairs the advisory committee, announced the formation of a subcommittee consisting of 24 experts from the private sector who will help the agency develop a definition of HFT and update its regulatory policies. During the discussion, representatives of Intercontinental Exchange and CME Group described their risk controls and surveillance systems in considerable detail. In addition, representatives of Getco and RGM Advisors gave their perspectives on the evolution of trading technology and their recommendations for how the CFTC should respond to the increase in automated trading.
CONTINUE READINGIn Case You Missed It: Q&A with Don Wilson, Founder of DRW Trading Group
In this interview with Open Markets, Don Wilson talks about his experience trading Eurodollar options on the floor of the CME and observes that high-frequency trading is a natural evolution of the trading process. He also describes the opportunities created by the Dodd-Frank Act for firms like DRW to access the interest rate swaps market and provide liquidity to customers in that market. Don Wilson is the founder and chief executive of DRW Trading Group. He is also chairman of the FIA Principal Traders Association.
CONTINUE READINGFIA PTG and FIA EPTA issue statement in response to August 1st Market Disruptions
FIA Principal Traders Group and FIA European Principal Traders Association today issued the following joint statement in response to the disruptions that occurred in the U.S. equity markets on August 1.
CONTINUE READINGFIA PTG issues statement in connection with Senate Banking Subcommittee Hearing on Computerized Trading
The FIA Principal Traders Group issued the following statement in connection with a Sept. 20 hearing held by the Securities, Insurance, and Investment Subcommittee of the Senate Banking Committee entitled “Computerized Trading: What Should the Rules of the Road Be?” The following statement can be attributed to FIA PTG regarding the Senate Banking hearing:
CONTINUE READINGFIA PTG statement on Federal Reserve Bank of Chicago research paper
The following statement can be attributed to the Futures Industry Association Principal Traders Group (FIA PTG) regarding the Federal Reserve Bank of Chicago’s recently issued research paper concerning market safety and risk controls in high speed markets:
CONTINUE READINGFIA PTG and FIA EPTA File Joint Response to IOSCO Consultation Report on Technological Challenges to Effective Market Surveillance Issues and Regulatory Tools
The FIA Principal Traders Group and the FIA European Principal Traders Association filed a joint response to a consultation report issued by the International Organization of Securities Commissions regarding technological challenges to market surveillance. The associations agreed that surveillance tools need to change as markets become highly automated, emphasized that IOSCO should clearly distinguish between market abuse, which is illegal, and market disruptions, and provided several specific suggestions for improving market surveillance, such as enhancing and standardizing audit trails.
CONTINUE READINGFOA Response to FSA's Part I CP12/22: Changes to CASS required by EMIR
The FOA is pleased that some of the suggestions it made in relation to the changes required by EMIR have been reflected in the Consultation and draft Handbook text. In particular, it is obliged to the FSA for its explicit acknowledgement of the continued use of net omnibus accounts and title transfer collateral structures.
CONTINUE READINGRequest for Confirmation on Notional Amount Calculation Methodology for Swaptions
FIA PTG submits comments regarding the appropriate methodology for calculating “notional amount” with respect to certain options and swaptions (collectively “options”), as such term is used in the de minimis exception to the definition of “swap dealer” in the Final Rule, Further Definition of “Swap Dealer,” et al., 77 Fed. Reg. 30596 (May 23, 2012).
CONTINUE READINGFIA PTG Comments on Calculation Methodology for Swaptions
On. Dec. 20, the FIA Principal Traders Group submitted comments to the Commodity Futures Trading Commission’s division of swap dealer and intermediary oversight regarding the methodology for calculating notional amount for certain options and swaptions that are traded over-the-counter. The calculation is part of the CFTC’s swap dealer definition, which requires firms whose trading activity is above certain thresholds to register as swap dealers.
CONTINUE READINGFIA Volume Report: U.S. Futures and Options Volume Fell 13.2% in 2012
The number of futures and options traded on U.S. exchanges fell 13.2% in 2012 to 7.0 billion contracts from 8.1 billion in 2011, according to statistics compiled by the Futures Industry Association.
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