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FIA Newsroom
FIA PTG and FIA EPTA Issue Recommendations for Software Development and Change Management (March 14, 2012) Washington, D.C. and Boca Raton, Fla.—March 14, 2012—The FIA Principal Traders Group and the FIA European Principal Traders Association today issued a set of recommendations to assist trading firms in establishing internal procedures, processes and controls for the development, testing and deployment of trading software. FIA PTG and FIA EPTA member firms believe that in order for a firm to meet its regulatory obligations and manage and monitor risks, its trading software and technical infrastructure need to work as intended. These best practices were developed by representatives from a dozen FIA PTG and FIA EPTA member firms and are the latest in a series of best practices recommendations developed by FIA members for trading firms, brokers and exchanges. "These recommendations draw on the extensive experience that our member firms have in the field of electronic trading," said Don Wilson, chairman of the FIA PTG. "Through these recommendations, we are providing a framework that all principal traders can use to mitigate risk across the entire software lifecycle. We also hope that this paper will provide regulators with a better understanding of the types of software development and change management processes and controls that are in place at our member firms." "Managing the development, testing and deployment of trading applications and technology infrastructure is a complex and dynamic process," said Remco Lenterman, chairman of the FIA EPTA. "Proper application of these best practices will reinforce the role of our member firms as responsible market participants. We are committed to business practices that are consistent with relevant regulatory obligations and risk management requirements." FIA Issues Order Handling Recommendations for Executing Brokers (March 14, 2012) Washington, D.C. and Boca Raton, Fla.—March 14, 2012—The Futures Industry Association today issued order handling risk management recommendations for executing brokers. The report documents both current practice and emerging technologies in order to respond to regulatory concerns about algorithmic trading. The recommendations were developed by experts from executing firms and represent the latest in a series of recommendations developed by FIA members for trading firms, brokers and exchanges. "The executing broker has an important role to play in monitoring and controlling market access," said FIA President John Damgard. "The recommendations are designed to clearly differentiate the role of the execution-only broker and set an industry standard for handling orders generated by automated execution tools." FIA Elects Directors and Officers Washington, D.C. and Boca Raton, Fla.—March 14, 2012—The Futures Industry Association today announced the election of board directors at its annual meeting in Boca Raton, Fla. Seventeen directors were elected in total at this meeting, including eight regular member directors for two-year terms; four regular member directors for one-year terms; and five associate member directors for a two-year terms. Following the election, the new board elected the association’s officers and public directors. FIA Announces Change in Leadership (Jan. 10, 2012) The Futures Industry Association announced Jan. 10, 2012 the appointment of Walter Lukken, an industry executive with many years of experience in government, as president and chief executive officer. He will succeed John Damgard, who has been the head of the association since 1982. “We are delighted to announce this appointment. Walt is a tremendously talented individual with an extraordinary range of experience and expertise, and we are very fortunate to have someone of his caliber to lead the FIA at this important moment in its history,” said Michael Dawley, chairman of the FIA and co-head of futures and derivatives clearing services at Goldman, Sachs & Co. |
