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Annual Reports

2016 Annual Report

2016 was an active year for FIA PTG, with members weighing in on 13 regulatory comments over the course of the year.  FIA PTG members’ advocacy for principles-based risk controls in general, and our work on the issue of source code access in particular, earned the group a reputation as a thought leader on the CFTC's proposed regulation of automated trading. On the equities front, 2016 was the year of the speed bump.  FIA PTG presented comprehensive and detailed arguments against allowing intentional delays in protected quotes.  This advocacy work earned FIA PTG media coverage in outlets worldwide, from Chicago to New York and from London to Mumbai. 

2016 Mid-Year Report

In the first half of 2016, FIA PTG members sent 7 comment letters and conducted 17 meetings with regulators and legislators. 

2015 Annual Report

In 2015, policy makers initiated a variety of discussions on market structure, conducting studies, producing reports, and holding public roundtables. FIA PTG was an active participant in these discussions, whether through direct member participation or through comment letters and media outreach. FIA PTG’s work spanned a variety of markets and regulators, firmly establishing the group as a thought leader on market making and automated trading, regardless of asset class. FIA PTG’s advocacy and messaging emphasized the need for data-driven analysis and a principles-based approach to policy making to ensure transparent, accessible, and competitive markets.

2015 Mid-Year Report

A progress report on FIA PTG's 2015 Advocacy and Outreach Goals

2014 Annual Report

In 2014, FIA PTG was actively engaged with lawmakers, regulators, and members of the media on issues surrounding transparent, accessible, and competitive markets. FIA PTG continued our advocacy work with regulators on issues including central trading of futures, centrally traded and cleared swaps, and automated trading. Notably, FIA PTG expanded our work on automated trading into equity market issues. FIA PTG members have strengthened relationships with SEC regulators and established our group as a valuable contributor to policy discussions on equity market structure.

2013 Annual Report

FIA PTG coordinated its membership action this year on a wide range of projects and continued its outreach to legislators, regulators, and media. We also expanded our scope to include a number of issues related to equities. In addition, we hosted seven meetings of the group and established a Compliance Networking Group.

2012 Annual Report

FIA PTG continued to work actively with regulators, legislators and members of the press to increase understanding of the role of principal traders in the markets. We visited with members of the House and Senate Agriculture and House Financial Services committees. We met with CFTC Commissioners and participated in the CFTC Technology Advisory Committee and Subcommittee on High-Frequency Trading.  We also led comment letters to the CFTC on block thresholds for swaps, clearing requirement determination and requested and received limited no-action relief from swap dealer registration. 

2011 Annual Report

FIA PTG continued its growth by adding nine new Member Firms and creating and adopting FIA PTG Bylaws. We supported FIA in creation of new division – the FIA European Principal Traders Association (FIA EPTA). FIA PTG members were actively engaged with legislators, sponsoring a luncheon for Senator Stabenow and briefing both majority and minority staff on the House Agriculture Committee. We also worked with regulators on priority issues including equal access to centrally cleared OTC markets; CFTC rules to clarify disruptive trading practices; rulemaking for defining and establishing requirements for swap dealers; tax policies which impact PTGs; and communication/education on current market issues, such as DMA.

2010 Annual Report

FIA PTG was formed in January of 2010 to provide a forum for proprietary trading groups to identify and discuss issues confronting the PTG community; define common positions on public policy issues and advance the group’s collective interests through the FIA; improve public understanding of the constructive role played by proprietary trading groups in the exchange-traded derivatives markets; and promote cost-effective, transparent access to U.S. and non-U.S. markets.

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