Vedder Price

Vedder Thinking | News Sam Tyfield Weighs In on Recent FINRA Changes for U.S. Proprietary Trading Firms

Media Mention

Reader View

Sam Tyfield, a London-based Partner in Vedder Price's Finance & Transactions and Investment Services groups, spoke to Futures & Options World (FOW) regarding recent regulatory changes affecting U.S. proprietary trading firms. In April, the Financial Industry Regulatory Authority (FINRA) approved proposed changes to the Communications with the Public rules, as well as changes to the Trading Activity Fee (TAF) for firms that are engaged solely in proprietary trading activity for their own accounts. Much debate has emerged on whether or not these changes would be useful for those operating in the UK and European proprietary markets.

Mr. Tyfield, provided insight on the recent changes, stating that the rules would ease tension for firms required to be regulated by FINRA. He further commented, "As to whether I would welcome similar rules in the EU/UK—the closest analogy to the aim of the new TAF rule I would see are the capital adequacy rules under CRD IV and those rules could benefit from drawing a distinction between prop firms and banks and treating them differently and appropriately."

To read more of Mr. Tyfield's commentary, click here (login credentials may be required).


Sam Tyfield