MFA Letter to IOSCO on Policies on Direct Electronic Access

MFA submitted a letter to the International Organization of Securities Commissions in response to its consultation report on “Policies on Direct Electronic Access” (DEA). In our letter, we request that any guidance issued by IOSCO on DEA include recommendations regarding market and intermediary confidentiality safeguards and controls to protect customer trade data and to assure investors that the recipients of such information would use it exclusively for regulatory purposes. We also recommend that markets and intermediaries should have flexibility in determining the appropriate method of regulation for each type of DEA depending upon their own regulatory and technical capabilities and legal requirements.