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Special Report: U.S. Treasury issues recommendations to promote fintech innovation
On July 31, the U.S. Treasury Department released a report on financial technology and innovation. The report is the fourth and final in a series drafted in response to an executive order issued by President Trump in February 2017. The 200-page report describes the dramatic advances in financial technology in recent years and makes more than 80 recommendations to promote innovation in financial services.
CONTINUE READINGSpecial Report: CME, Eurex and LCH to hold coordinated test of default management procedures
The Bank of England announced on Nov. 17 that three leading derivatives clearinghouses will hold a coordinated exercise in the first half of next year to test their procedures for managing a clearing member default. The exercise, which is still in the planning stages, will involve CME Group, Eurex and LCH.Clearnet and will simulate the effects of a default of a clearing firm that affects all three clearinghouses. Regulators in the U.S., Germany and the U.K. will monitor the exercise, discuss the results, and use the findings to strengthen the clearing system's capacity to manage a default.
CONTINUE READINGFIA PTG details concerns with Nasdaq ELO proposal
FIA PTG submitted comments to the SEC regarding Nasdaq's proposal to introduce a new priority for displayed orders, the Extended Life Priority Order Attribute (ELO).
CONTINUE READINGFIA PTG expands on problems with proposed speed bump at CHX
FIA submitted a comment letter today in response to the Securities and Exchange Commission's (SEC) call for additional feedback on a proposal by the Chicago Stock Exchange, Inc. (CHX) to introduce a new type of speed bump, the Liquidity Taking Access Delay (LTAD). FIA PTG's original letter to the SEC argued that speed bumps are fundamentally incompatible with Reg NMS and, further, that the LTAD is not designed to protect investors and the public interest, would permit unfair discrimination, and would impose unnecessary, inappropriate burdens on competition.
CONTINUE READINGFIA Operations Americas 2017 Annual Meeting & Washington Update
Please join us as Walt Lukken, President and CEO of FIA, provides his annual Washington Update and discusses how the Trump administration might impact the markets, changes at the Commodity Futures Trading Commission, as well as other challenges and opportunities facing the industry in 2017.
CONTINUE READINGFIA files letter to ESMA on ancillary activity exemption under MiFID II
FIA’s MiFID II Commodities Working Group, working jointly with EFET members, identified their top-priority questions regarding the ancillary activity exemption under RTS 20 of MiFID II. The questions were sent to ESMA and national competent authorities in a non-paper. FIA is currently identifying additional questions on RTS 20 and 21 of MiFID II that require clarification.
CONTINUE READINGFIA PTG opposes another speed-bump and calls for holistic market review
FIA PTG submitted a comment letter to the Securities and Exchange Commission (SEC) in response to the Chicago Stock Exchange, Inc. (CHX) proposal to introduce a Liquidity Enhancing Access Delay (“LEAD”).
CONTINUE READINGFIA PTG opposes NYSE speed bump
FIA PTG submitted comments to the SEC opposing the delay mechanism proposed by NYSE MKT. The NYSE MKT speedbump introduces an intentional delay in protected quotes which creates undue complexity in markets and amplifies the risk of market disruptions during periods of high volatility.
CONTINUE READINGFIA PTG submits second round of comments on Nasdaq ELO
FIA PTG submitted a second round of comments to the SEC in response to the Nasdaq Extended Life Priority Order Attribute (ELO).
CONTINUE READINGFIA PTG recommends repealing order protection rule and enhancing best execution requirements
FIA PTG sent a letter to the SEC today recommending a comprehensive reform of equity market structure and a repeal of Reg NMS Rule 610.d (the Access Rule) and Rule 611 (the Order Protection Rule). For the past few years, FIA PTG has been advocating for comprehensive reform of equity market structure and calling for a review of the Access Rule and Order Protection Rule.
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