Industry messaging body FIX Trading Community has added support for transmitting MiFID II transaction reports to Approved Reporting Mechanisms to its protocol, announced the group.

The organization’s Global Technical Committee additionally will make any necessary modifications to the FIX protocol as well as providing mappings to the ISO 20022 messaging standard.

The messaging body also plans to release version 3.0 of its Market Model Typology, which provides a standard for classifying trades and provides market participants with a uniformed view of trading activities.

The messaging body developed the new MMT release to support the latest version of the draft MiFID II level 2 text on equities and non-equities post-trade transparency.

“It is an industry solution aiming at fulfilling trade-flagging requirements prescribed in EMSA RTS 1 and RTS 2,” a FIX spokesperson told Markets Media. “Within RTS 1 and RTS 2, there are requirements on firms to flag trades to indicate a certain type of transaction. For example, if a broker executes an agency cross transaction, there is a specific code that is required to be flagged. Within MMT, the specific type of transaction is included in the hierarchy and additional codes are being added to make this MiFID II compliant.

The European Securities and Markets Authority has not defined which data standards that organization must use to transmit their mandated reports to the ARMs. However, 70% of those polled during a recent FIX EMEA trading conference said that they would prefer to use the FIX messaging standard.

“The MMT standard has broad acceptance among trading venues and data vendors,” the spokesperson added. “Approximately 15 trading venues that have already implemented the MMT logic.”

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