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FIA European Principal Traders Association

FIA European Principal Traders Association (FIA EPTA) represents Europe’s leading Principal Trading Firms. Our 24 members are independent market makers and providers of liquidity and risk transfer for exchanges and end-investors across Europe. We work constructively with policymakers, regulators and other market stakeholders to ensure efficient, resilient, high-quality financial markets.

Learn more about FIA EPTA

Recent Updates

  • FIA EPTA response to the FCA Consultation on Improving transparency for bond and derivatives markets (FCA CP 23/32)

    FIA EPTA welcomes the FCA’s proposals on improving bonds and derivatives transparency. Our members are very supportive of both the ambition and simplicity shown regarding both pre-trade and post-trade transparency. A less complex regime will be easier for firms and trading venues to comply with and administer and above all will make UK capital markets more attractive. The inclusion of sovereign bonds in this ambitious framework is a particularly innovative step and will support the growth and competitiveness of UK capital markets with tangible benefits to the real economy.

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  • FIA EPTA Public Comment on IOSCO’s Consultation Report on Market Outages

    FIA EPTA members welcome the opportunity to respond to IOSCO’s consultation on market outages and are supportive of the work being done on this topic, particularly efforts to require trading venues to publish clear comprehensive outages plans on an ex-ante basis. Market resilience is at the core of efficient and competitive financial markets and it is imperative that trading venues clearly outline a well-planned approach to communication and management in the event of a market outage to provide certainty to market participants.

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  • FIA EPTA Response to ESMA’s Consultation Paper on Technical Advice on the CSDR Penalty Mechanism

    FIA EPTA members are supportive of effective measures to improve settlement discipline and efficiency in Europe, particularly in light of discussions concerning shortening settlement cycles. However, we urge ESMA to further consider their proposals put forward in the Consultation Paper on Technical Advice on the CSDR Penalty Mechanism, particularly regarding application of progressive penalty rates.

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  • FIA EPTA response to FCA CP23/27 on reforming the commodity derivatives regulatory framework

    FIA EPTA’s members support the FCA’s objectives of promoting market integrity and resilience and preventing disorderly trading and settlement in the commodity markets and our members generally welcome the proposals included in the consultation. We restrict our comments, therefore, to a limited number of issues, as set out in our response.

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EPTA Blog

  • FIA EPTA response to the FCA Consultation on Improving transparency for bond and derivatives markets (FCA CP 23/32)

    FIA EPTA welcomes the FCA’s proposals on improving bonds and derivatives transparency. Our members are very supportive of both the ambition and simplicity shown regarding both pre-trade and post-trade transparency. A less complex regime will be easier for firms and trading venues to comply with and administer and above all will make UK capital markets more attractive. The inclusion of sovereign bonds in this ambitious framework is a particularly innovative step and will support the growth and competitiveness of UK capital markets with tangible benefits to the real economy.

    CONTINUE READING
  • FIA EPTA Public Comment on IOSCO’s Consultation Report on Market Outages

    FIA EPTA members welcome the opportunity to respond to IOSCO’s consultation on market outages and are supportive of the work being done on this topic, particularly efforts to require trading venues to publish clear comprehensive outages plans on an ex-ante basis. Market resilience is at the core of efficient and competitive financial markets and it is imperative that trading venues clearly outline a well-planned approach to communication and management in the event of a market outage to provide certainty to market participants.

    CONTINUE READING
  • FIA EPTA Response to ESMA’s Consultation Paper on Technical Advice on the CSDR Penalty Mechanism

    FIA EPTA members are supportive of effective measures to improve settlement discipline and efficiency in Europe, particularly in light of discussions concerning shortening settlement cycles. However, we urge ESMA to further consider their proposals put forward in the Consultation Paper on Technical Advice on the CSDR Penalty Mechanism, particularly regarding application of progressive penalty rates.

    CONTINUE READING
  • FIA EPTA response to FCA CP23/27 on reforming the commodity derivatives regulatory framework

    FIA EPTA’s members support the FCA’s objectives of promoting market integrity and resilience and preventing disorderly trading and settlement in the commodity markets and our members generally welcome the proposals included in the consultation. We restrict our comments, therefore, to a limited number of issues, as set out in our response.

    CONTINUE READING
  • New paper highlights the role of liquidity providers in efficient markets

    Analysis of market data from a day when a partial outage prevented liquidity providers from accessing a major pan-European exchange has revealed that their absence materially decreased volumes and increased the cost of trading.

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  • FIA EPTA response to the FCA CP on D&I in the Financial Sector - Working Together to Drive Change

    FIA EPTA members support the FCA's aims to improve diversity and inclusion in the financial sector; as it is an important component of creating sustainable financial markets. In addition, FIA EPTA members believe that supporting healthy work cultures, unlocking talent and creating an inclusive atmosphere within firms can further support the international competitiveness of the UK’s financial services sector.

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