RegAT – round 2

Regulation AT forges ahead, this time with a Round 2 panel convened on June 10th at which the CFTC focused the discussion on five major sticking points:

1. Amendments to the proposed definition of direct electronic access (DEA)
2. Quantitative measures to establish the population of persons
3. Alternatives to require each person defined as an “AT Person” to implement and utilize pre-trade risk controls
4. AT Persons’ compliance with requirements under RegAT when using third-party algorithms or systems
5. Source code retention and access

Round 2 is a welcome step in the right direction, and by revisiting these topics with the people who know them best, we can take a proactive step towards demystifying RegAT. The choice of topics also reveals a sense of urgency in getting RegAT moving, and soon. That sentiment was echoed by CFTC Chairman Massad at a conference in New York earlier this month where he expressed a willingness to split RegAT into more digestible parts.

The next question is what to expect in Round 3. The untold story of RegAT is that the effectiveness of US-based regulation can so often depend on the person serving as US President at the time of its implementation. RegAT faces a race of its own, then, to get the rules finalized before the current political uncertainty materializes into a reality in November.

Leave A Comment

Copyright © 2019 Fidessa Group Holdings Limited. All rights reserved.

The information contained within this website is provided for informational purposes only. Fidessa will use reasonable care to ensure that information is accurate at the time it is made available, and for the duration that it remains on the site. The information may be changed by Fidessa at any time without notice. We also reserve the right to close the website at any time. No representation or warranty, expressed or implied, is given on behalf of Fidessa or any of its respective directors, employees, agents, or advisers as to the accuracy or completeness of the information or opinions contained herein or its suitability for any purpose and, save in the case of fraud, all liability for direct, indirect, special, consequential or other loss or damages of whatever kind that may arise from use of the website is hereby excluded to the fullest extent permitted by law. Any decisions you make based on the information in this website are your sole responsibility and information on the website should not be relied upon in connection with any investment decision.

The copyright of this website belongs to Fidessa. All other intellectual property rights are reserved.

Reproduction or redistribution of this information is prohibited except with written permission from Fidessa.