June 26, 2020 - In a letter filed today, the FIA Principal Traders Group (FIA PTG) responded to the Brazilian Securities and Exchange Commission (CVM) Public Hearing Notice SDM No. 9/19. The FIA PTG response addressed three aspects of the consultation:
- self-regulatory organization (“SRO”) authority over investors with direct market access (“DMA investors”);
- best execution obligations; and
- block trading rules.
FIA PTG said that their Members account for a substantial percentage of the trading volume in Brazil, and as liquidity providers on leading financial markets they have unique insights into how market structure impacts investors.
