Our Advocacy Goals

Continue educating policymakers, including regulators, relevant legislators, and staff.

Continue pursuit of additional worthwhile representation opportunities on regulatory advisory committees, panels, and roundtables.

Continue to work with equity and futures exchanges on matters of importance to the group.

Continue to work with other like-minded trade associations and companies where appropriate on issues of mutual interest.

Continue to inform Members and Member offices of our positions on possible legislative initiatives, as well as actions by the regulatory agencies they oversee. Possible legislative initiatives could include:

• Digital asset market structure legislation.

• Legislation related to SEC regulatory proposals, including equity market structure, dealer registration, FINRA membership, Consolidated Audit Trail, and treasury mandatory clearing.

• Financial transaction tax.

• Legislation aimed at “excessive speculation” in derivatives markets.

• Legislation related to artificial intelligence.

• Legislation promoting cross‑margining, portfolio margin, and risk‑based margining across securities and derivatives markets, including for Treasuries and options.

• Congressional oversight of prudential/bank capital proposals like Basel III that may indirectly affect market liquidity, clearing access, and the cost of market making.

• Other relevant legislation to derivatives/securities regulation.

Continue pursuing specific regulatory initiatives including:

• Monitor for rule proposals and oversight developments related to automated trading (CFTC, SEC, Federal Reserve Board, US Treasury, and Exchanges).

• Engagement with regulators on the implementation of digital asset market structure legislation (CFTC, SEC, Federal Reserve Board, US Treasury, and Exchanges).

• Monitor for rule proposals and/or regulatory sandboxes for novel market structures such as 24/7 trading, perpetual futures, tokenized securities, and disintermediation CME (CFTC, SEC).

• Monitor developments in the use of crypto assets and tokenized real‑world assets as collateral for cleared and uncleared derivatives and engage on related risk management standards (CFTC).

• Monitor the implementation of the Treasury clearing mandate (SEC).

• Engagement with regulators on rule proposals for introducing artificial latency mechanisms (CFTC, SEC, and Exchanges).

• Engagement on the SEC’s equity market structure proposals (SEC).

• Engagement regarding other SEC actions, including dealer registration (SEC).

• Monitor CCP recovery and resolution developments – including variation margin gains haircutting, waterfall, default auctions, and other issues (CFTC, IOSCO).

• Monitor developments in policies for cybersecurity risks (SEC, CFTC).

• Monitor for any developments on transaction tax (Administration) and carried interest (Treasury).

• Monitor for regulatory developments regarding artificial intelligence (CFTC, SEC, and Administration).