In a letter filed with the Securities and Exchange Commission (SEC) today, the FIA Principal Traders Group (FIA PTG) urged the SEC not to approve Cboe BYX’s proposal to introduce Periodic Auctions for the Trading of U.S. Equity Securities. FIA PTG said that they support experimentation and innovation and recognize the value in considering new approaches; however, the benefits of this approach would not outweigh the cost of added complexity and negative effects on price discovery.
