The FIX MiFID working Groups have produced several bodies of work to address various aspects of the regulation.
MiFID/MiFIR II Trade Reporting Implementation Guidelines - These guidelines provide guidance on implementing the requirements for post trade transparency (referred to in this document as 'trade reporting', being a generally accepted term). Much of this material is based on “Standards for the Consolidation of Trade Reports and Market Data in Europe” from the FIX EMEA Trade Data Standardisation Working Group, December 2013, with updates made to bring the text in line with the relevant MiFID II level 2 text (also included).
MiFID Trading Capacity & FIX Tag 29 - Provides details on the usage of Tag 29 (Last Capacity) to meeting requirements as defined by ESMA
MiFID II/MiFIR Extensions Part II - Currently in a public comment period this extension document addresses the Part 2 business requirements from the MiFID II Workshop (September 23, 2016) discussions including input from the Transparency Subgroup and the Order Data and Recordkeeping Subgroup.
FIX MiFID Initiatives
Please click here to view the final technical standards published by ESMA on the 28th of September 2015.
MiFID II (the update to MiFID and introduction of MiFIR) comes into effect on the 3rd January 2018. The changes are broad-reaching, covering multiple asset classes and a significant part of the trade lifecycle. FIX Trading Community has, over the last few years, engaged in a number of the topics covered by MiFID II and is well placed to assist the industry - practitioners, regulators and solution providers - in a number of key topics.
To this end, FIX Trading Community™ has a number of MiFID-related initiatives in progress, reflecting the critical significance of effective connectivity as a key concern to members and other FIX® users. FIX maintains an ongoing dialogue with the regulatory community and are engaged with them to develop practical solutions to the requirements of MiFID II.
In an effort to address particular areas of focus within MiFID II, FIX Trading Community has launched several working groups to address these topics:
All groups are focused on exploring the topics in detail, highlighting and escalating any issues, documenting best practices and, where required, driving changes to FIX standards such as the FIX Protocol and MMT.
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