*Letters

SIA Submits Comments to the SEC on a Proposed Amendment to the Portfolio Management Pilot Program

Published on:
February 13, 2006

The Ad Hoc Portfolio Margining Committee of the Securities Industry Association (SIA)*provides comments to the Securities and Exchange Commission (SEC)on a proposed amendment to the Portfolio Management Pilot Program (Pilot Program) by the New York Stock Exchange (NYSE), File No. SR–NYSE-2005-93. The proposal, if adopted, would expand the scope of the financial instruments eligible for portfolio margining to include securities futures and single stock options. SIA is generally supportive of the NYSE’s proposal, but find several aspects of the proposal problematic in the areas of eligible products, cross margining, and margin calculation.

*SIFMA is the product of a merger between the Securities Industry Association (SIA) and The Bond Market Association (TBMA) in 2006.

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