The Long Term FTR Auction is conducted for the next three consecutive planning periods and was developed as a product to align with retail access auctions, but 97.5% of the three year FTRs awarded in the last five Long Term FTR Auctions were acquired by a small number of financial participants. LT FTR Auction prices do not match prices from the Annual FTR Auction in which they are effective. The LT FTR Auction is not meeting established goals of increased liquidity, price discovery or accurate long term congestion offsets, and is not transparent. The Market Monitor recommends the LT FTR Auction be reviewed to determine whether the LT FTR Auction is meeting its intended purpose.