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MiFID Resources

The FIX MiFID working Groups have produced several bodies of work to address various aspects of the regulation.

MiFID Newsletter

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

EP206 Clock Synchronisation Datatype Enhancement

EP222 MiFID II/MiFIR Extensions Part I

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:

  • Transparency – pre- and post-trade transparency requirements including scenario modeling and data considerations for consolidated tape, leveraging related work from the FIX Trade Data Standardisation Working Group
  • Best execution – documentation of best practices for best execution reporting, leveraging related work from the FIX TCA Working Group.
  • Microstructure – implications of the requirements for algorithm testing, pre-trade controls, monitoring, tick sizes, OTR and market making regimes, leveraging related work from the FIX Risk Management Working Group.
  • Order data and record keeping – analysis of the data requirements for transaction reporting and order record keeping, working on best practices, adoption of standards and implementation implications.
  • Clock synchronization – implications and implementation considerations, leveraging related work from the FIX Interparty Latency Working Group
  • Reference data – ensuring the community fully understands the requirements and implications for reference data and is engaged in relevant industry discussions on common standards
  • Trade Reporting – address the post trade reporting process across the transaction life cycle and try to create and adopt common standards, for post trade reporting and transaction reporting.
  • Commission Unbundling – provide guidelines as to how the use of FIX and standards can provide a solution with particular attention to the funding of an RPA via trading.

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.

 

Please click here to see the pages for these subgroups. If you are interested in participating in any of the subgroups please contact the Program Office.

 

 

Press Releases

In the Media

Let’s be ’aving you - bobsguide article

FIX Trading Community 8 November 2016 8:10am           

Documentation

MiFID Trading Capacity & FIX Tag 29

FIX Trading Community          

Uploaded: February 08, 2017

MiFID Workshop_FIX Fields

FIX Trading Community          

Uploaded: December 06, 2016

MiFID Workshop PPT

FIX Trading Community          

Uploaded: October 06, 2016

Workshop Write-up

FIX Trading Community          

Uploaded: October 06, 2016

 

Contributed Articles

Let’s be ’aving you - bobsguide article

FIX Trading Community 8 November 2016 8:10am