Independent Dealer Trader Association

Empowering Independent Dealers and Traders for Market Excellence

The Independent Dealer and Trader Association (“IDTA”) is a forum for independent dealers and traders to discuss and consider the impact of market operational issues on their industry sector and to advocate for constructive solutions that promote the liquidity and efficiency of capital markets.

Get in Touch

The objective of the IDTA is to form an interactive line of communication with regulators and other relevant policy makers, with particular emphasis on the Securities and Exchange Commission (“SEC”), the Treasury Department, the Federal Reserve Board, and the Federal Reserve Bank of New York (“FRBNY”).

The IDTA regularly comments on rule changes proposed by the Fixed Income Clearing Corporation (“FICC”) as it relates to the Sponsored Member Program and the Capped Contingency Liquidity Facility (“CCLF”). The IDTA also has met with staff on the Hill and from the SEC, the Treasury Department, the Office of Financial Research (“OFR”), and the Federal Reserve Board to discuss the impact of FICC’s programs on the repo market generally.

The IDTA is composed of eight organizations registered as broker-dealers or futures commission merchants (or affiliates of such organizations) that are not affiliated with a bank holding company.

Contact Micah S. Green
Steptoe & Johnson LLP, Washington, DC
(202) 429-6290
mgreen@steptoe.com

Repo Treasury Clearing & Settlement White Papers

June 29, 2023

The IDTA published a White Paper proposing a number of Treasury market reforms. The IDTA believes that these proposed reforms are necessary to couple with the SEC’s proposed Treasury central clearing mandate, in order to reduce concentration of risk and increase competition and diversity in the market.

News

June 22, 2023

The IDTA submitted a press release to announce the organization's strategic rebrand and website launch.

Repo Treasury Clearing & Settlement Comment Letters

December 27, 2022

The IDTA submitted a comment letter in response to the SEC’s proposed rule on mandatory central clearing of U.S. Treasury securities.

Clearing & Settlement Comment Letters

October 7, 2022

The IDTA submitted a comment letter in response to the SEC’s proposed rule on clearing agency governance and conflicts of interest.

Repo Agency/Mortgages Comment Letters

March 9, 2021

The IDTA submitted a comment letter in response to the Federal Housing Finance Agency’s (FHFA) proposed rule on Enterprise Liquidity Requirements (RIN 2590-AB09).

Margin Comment Letters

February 23, 2021

The IDTA and the Mortgage Bankers Association (MBA) submitted joint comment letters in response to the Fixed Income Clearing Corporation’s Notice of Filing of Proposed Rule Change to Modify the Calculation of the MBSD VaR Floor to Incorporate a Minimum Margin Amount (SR-FICC-2020-017; SR-FICC-2020-804).

Collaboration

The IDTA values collaborative efforts among its members, fostering a forum where independent dealers and traders can come together to discuss and analyze the impact of market operational issues on their industry sector. By pooling their expertise and insights, IDTA members work collectively to identify constructive solutions that promote liquidity and efficiency in capital markets.

Advocacy

The IDTA is committed to advocating for the interests of independent dealers and traders. As a voice for its members, the IDTA actively engages with regulators and policymakers to convey their perspectives and concerns related to market operational issues. The IDTA strives to influence policies and reforms that positively impact the industry, promoting a fair and transparent market environment.

Innovation

The IDTA recognizes the importance of innovation in addressing market challenges. As a forward-thinking forum, the IDTA encourages members to bring innovative ideas and approaches to the table. By fostering an environment that promotes creativity and innovation, the IDTA aims to drive positive change and contribute to the advancement of the industry.

Address

1155 Avenue of the Americas
14th Floor
New York, NY 10036

Phone

(212) 803-5050

Fax

(212) 803-5056