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FIA PTG asks SEC to suspend ISE rule change

FIA PTG asks SEC to suspend ISE rule change

7 October 2013 5:00pm EDT

The FIA Principal Traders Group asked the Securities and Exchange Commission on Oct. 7 to suspend a rule change proposed by the International Securities Exchange that establishes a continuing education program for proprietary traders. The rule change requires trading permit holders to develop a continuing education requirement for their employees that meets the ISE’s Firm Element requirement, which is designed for firms that handle customer orders and addresses issues such as suitability and sales practices. The FIA PTG argued that this obligation does not make sense for proprietary trading firms that do not trade on behalf of customers. The FIA PTG also noted that the rule change was not submitted properly to the SEC and was not made available for public comment.

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FIA PTG ISE Firm Element 100713.pdf (81.03 KB)

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