In a letter filed with the US Securities and Exchange Commission, the FIA Principal Traders Group (FIA PTG) opposed Nasdaq PHLX’s proposal to establish new “Contra Midpoint Only” and “Contra Midpoint Only with Post-Only” order types. FIA PTG is concerned by the information leakage provided to the Contra Midpoint Only (CMO) order sender when the CMO order is removed. FIA PTG believes that asymmetric information does not result in better markets and for this reason, recommends the Commission not approve this proposal.
Read the letter in full
