In a letter filed today with the Securities and Exchange Commission (SEC), the FIA Principal Traders Group (FIA PTG) opposed Nasdaq’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 canceled. FIA PTG believes that asymmetric information does not result in better markets and for this reason recommended the Commission disapprove this Proposal.
