The Technical Committee of the International Organization of Securities Commissions (IOSCO) published a consultation report seeking public comments on proposed principles related to direct electronic access to exchanges and other markets (Principles). IOSCO identified three key elements to be considered for guidance: (i) preconditions for direct access, with Principles setting minimum customer standards, establishing legally binding agreements between customers and intermediaries, and listing parameters for sub-delegation of direct access privileges; (ii) information flow, with Principles requiring disclosure of customer identity by intermediaries to authorities, as well as access to pre- and post-trade information by member firms; and (iii) adequate systems and controls, with Principles requiring pre-trade controls and other risk managements tools from markets with automated order routing or sponsored access, and also requiring intermediaries to have credit limit and customer position limit controls and adequate operational and technical systems. The deadline for comments is May 20.