NEW YORK, Sept. 27, 2011 /PRNewswire/ -- The Security Traders Association (STA) and the Financial Information Forum (FIF) have announced a partnership to assist securities industry participants with the implementation of the newly approved SEC Rule 13H-1, Large Trader Reporting (LTR). As part of the agreement, FIF will provide summary information to market participants through the STA's broad distribution channel.
"We are happy to partner with FIF on this important market-wide implementation," said Jim Toes, President and CEO of the STA. "FIF is a highly respected organization with expertise in market wide implementations. LTR, while simple in concept, will require a well organized implementation strategy and coordinated effort by industry participants and regulators.
"We believe STA's diverse membership, both in geography and function, provide an effective distribution channel to educate the industry on market structure issues. STA, through its affiliate structure, has a footprint in 23 major cities and states across the US and Canada. Our members are individuals from both buy and sell side firms. Our distribution capabilities and the strong content FIF provides, will be a positive force in the LTR implementation. A successful implementation helps investor confidence."
Manisha Kimmel, Executive Director for FIF added, "We look forward to keeping STA members abreast of the latest developments with Rule 13H-1 and expect to share summary updates from the FIF Large Trader Working Group. The FIF group, made up of broker-dealers, exchanges, and vendors, was formed to identify and address open implementation issues. We expect to work with the SEC and other regulators to gain clarity on the implementation aspects of the rule. Working with STA on the Large Trader Rule is a unique opportunity to broaden the audience of our work."
About the Security Traders Association (STA)
Founded in 1934, STA is a leading trade organization for individuals in the securities industry. The STA is committed to promoting the interests of its members in the legislative, regulatory and technological processes, while fostering goodwill and high standards of integrity in accord with the its founding principle, Dictum Meum Pactum -- "My word is my bond." http://www.securitytraders.org/
About the Financial Information Forum (FIF)
Founded in 1996, FIF addresses the issues that impact financial technology operations and development in light of rapid changes occurring in the marketplace. Now with over eighty contributing members, the organization seeks to analyze and improve the securities market in order to maximize efficiency and performance. Through committees and active working groups, FIF provides a collaborative environment for broker dealer, vendor and exchange members to benefit from technology, regulatory and market innovations. Learn more at http://www.fif.com.
SOURCE Security Traders Association