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In a letter to the Federal Trade Commission (FTC), PTG confirms that many PTG members, like similarly situated financial industry companies, have entered into noncompete agreements with current and former employees – agreements under which the employees agree that they will not work for defined competitors for a limited time after they leave their employers. These firms rely heavily on noncompete agreements to protect their investment in their employees and to safeguard the confidential information that gives them a competitive edge.

FIA and its affiliates, the European Principal Traders Association (EPTA), and the Principal Traders Group (PTG), jointly announce a new structure for the respective organisations that recognises the continued evolution and growth of EPTA and PTG, and their members, in markets outside of the cleared derivatives industry. With this announcement, EPTA and PTG will begin to operate independently of the FIA, advocating on behalf of their members in various markets and asset classes globally.

In this paper, the PTG advocates for targeted reforms to Regulation NMS, addressing Reg NMS’ impact on costs, best execution, venue proliferation and the generation of complex order types.

The letter covers a range of topics including, security status issues and regulation of tokenized U.S. equity securities. It also covers potential collateral efficiencies and accounting considerations.