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FIA PTG asks SEC to suspend CBOE rule change

FIA PTG asks SEC to suspend CBOE rule change

20 September 2013 5:00pm EDT

The FIA Principal Traders Group asked the Securities and Exchange Commission to suspend a rule change proposed by the Chicago Board Options 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 CBOE’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 this is not required by other exchanges and the Financial Industry Regulatory Authority.

The full text of the letter is available here. 

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FIA PTG CBOE Firm Element 092013.pdf (78.42 KB)

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