Latest News

In a letter filed with the Securities and Exchange Commission (SEC) today, PTG commends the SEC for suspending and instituting proceedings on Cboe’s proposed Rule 8.23, which is intended to clarify what constitutes prohibited order and quote activity; but expresses concern that the proposal, as drafted, fails to achieve that goal.

In a letter filed with the Securities and Exchange Commission (SEC) today, PTG expressed support for the OCC’s proposed changes to its Clearing Fund allocation methodology.

PTG encourages Cboe to withdraw the Proposal for immediate effectiveness and instead file the rule change with the Commission subject to public notice and comment. To the extent Cboe declines to withdraw the proposed rule change, PTG encourages the Securities and Exchange Commission (SEC) to abrogate it.

Exchanges are considering upgrading from 10G to 25G client connectivity, citing capacity concerns, aging infrastructure, and hardware providers diverting resources away from lower bandwidth offerings. Migrating from 10G to 25G represents a material change to market infrastructure, and introduces cost, complexity, and risk across the ecosystem. As such, the migration warrants transparency, coordinated planning, rule filings subject to notice-and-comment, and broad industry alignment before proceeding. Most importantly, any migration should proceed only after production-grade 25G equipment is widely available and proven.

PTG said they strongly support the CFTC's consideration of tokenized collateral, particularly payment stablecoins that meet the robust standards outlined in the GENIUS Act signed into law this year. PTG believes appropriately regulated tokenized collateral represents a transformative opportunity to enhance market efficiency, reduce settlement risks, and strengthen the global competitiveness of U.S. derivatives markets.

In a letter filed with the SEC, PTG urged the Commission to reject the 2025 Funding Proposal, saying that the proposal flies in the face of the 11th Circuit’s decision and perpetuates the same structural and governance flaws that have contributed to a decade of mismanagement.