FIX Protocol Upgraded to Meet MiFID II and MiFIR Requirements
- The changes cover trade reporting requirements, venue waiver indicators, algorithm and trader IDs and short-sell marking.
The non-profit standards body FIX Trading Community today published a document detailing new extensions to the FIX Protocol that were needed to meet the requirements of MiFID II MiFID II MiFID II stands for the Markets in Financial Instruments Directive, and is the second iteration of a sweeping directive. As such it is known as MiFID II. The original Markets in Financial Instruments Directive (MiFID) became effective in November 2007. It was intended as the foundation of the EU’s Financial Services Action Plan, a comprehensive project to create a single European market in financial services. MiFID is intended to create a level playing field for firms to compete in the EU’s fina MiFID II stands for the Markets in Financial Instruments Directive, and is the second iteration of a sweeping directive. As such it is known as MiFID II. The original Markets in Financial Instruments Directive (MiFID) became effective in November 2007. It was intended as the foundation of the EU’s Financial Services Action Plan, a comprehensive project to create a single European market in financial services. MiFID is intended to create a level playing field for firms to compete in the EU’s fina Read this Term and MiFIR.
The changes cover MiFID related items such as trade reporting requirements, venue waiver indicators, algorithm and trader IDs and short-sell marking. The FIX Global Technical Committee has approved these changes and these are now available to use.
Irina Sonich-Bright, Business Development AES Europe, Credit Suisse, Co-Chair of the FIX Trading Community MiFID II Transparency Working Group, noted: “It is a milestone that everyone in the industry has been waiting for. Some of the work is the result of the cross industry group’s collaboration too. There is still significant work to be done but there is enough information there to trigger feedback and move forward with the IT development.”
Hanno Klein, EMEA Chair, Global Technical Committee, FIX Trading Community, Senior Vice President, Deutsche Boerse, commented: “MiFID II and MiFIR require a lot of effort from the financial community for regulatory reporting. During the detailed analysis conducted by the various FIX working groups together with the FIX Global Technical Committee, it turned out that the majority of business requirements from ESMA ESMA European Securities and Markets Authority (ESMA) is an independent Authority of the European Union that is responsible for the safety, security, and stability of the European Unions’ financial system and is charged with protecting the public. The European supervisory authority for the securities sector, ESMA was established on 1 January 2011. The European Securities and Markets Authority is an independent EU authority based in Paris. It aims to contribute to the effectiveness and stability of t European Securities and Markets Authority (ESMA) is an independent Authority of the European Union that is responsible for the safety, security, and stability of the European Unions’ financial system and is charged with protecting the public. The European supervisory authority for the securities sector, ESMA was established on 1 January 2011. The European Securities and Markets Authority is an independent EU authority based in Paris. It aims to contribute to the effectiveness and stability of t Read this Term were already covered by the FIX Protocol, building on the foundational work completed for Dodd-Frank Act reporting requirements. We were able to re-use many of the existing concepts and workflows and have so far not needed to add a single new message to the FIX Protocol. This significantly lowers the impact on existing users of the FIX Protocol when passing information to each other to allow regulatory reporting to ESMA.”
The non-profit standards body FIX Trading Community today published a document detailing new extensions to the FIX Protocol that were needed to meet the requirements of MiFID II MiFID II MiFID II stands for the Markets in Financial Instruments Directive, and is the second iteration of a sweeping directive. As such it is known as MiFID II. The original Markets in Financial Instruments Directive (MiFID) became effective in November 2007. It was intended as the foundation of the EU’s Financial Services Action Plan, a comprehensive project to create a single European market in financial services. MiFID is intended to create a level playing field for firms to compete in the EU’s fina MiFID II stands for the Markets in Financial Instruments Directive, and is the second iteration of a sweeping directive. As such it is known as MiFID II. The original Markets in Financial Instruments Directive (MiFID) became effective in November 2007. It was intended as the foundation of the EU’s Financial Services Action Plan, a comprehensive project to create a single European market in financial services. MiFID is intended to create a level playing field for firms to compete in the EU’s fina Read this Term and MiFIR.
The changes cover MiFID related items such as trade reporting requirements, venue waiver indicators, algorithm and trader IDs and short-sell marking. The FIX Global Technical Committee has approved these changes and these are now available to use.
Irina Sonich-Bright, Business Development AES Europe, Credit Suisse, Co-Chair of the FIX Trading Community MiFID II Transparency Working Group, noted: “It is a milestone that everyone in the industry has been waiting for. Some of the work is the result of the cross industry group’s collaboration too. There is still significant work to be done but there is enough information there to trigger feedback and move forward with the IT development.”
Hanno Klein, EMEA Chair, Global Technical Committee, FIX Trading Community, Senior Vice President, Deutsche Boerse, commented: “MiFID II and MiFIR require a lot of effort from the financial community for regulatory reporting. During the detailed analysis conducted by the various FIX working groups together with the FIX Global Technical Committee, it turned out that the majority of business requirements from ESMA ESMA European Securities and Markets Authority (ESMA) is an independent Authority of the European Union that is responsible for the safety, security, and stability of the European Unions’ financial system and is charged with protecting the public. The European supervisory authority for the securities sector, ESMA was established on 1 January 2011. The European Securities and Markets Authority is an independent EU authority based in Paris. It aims to contribute to the effectiveness and stability of t European Securities and Markets Authority (ESMA) is an independent Authority of the European Union that is responsible for the safety, security, and stability of the European Unions’ financial system and is charged with protecting the public. The European supervisory authority for the securities sector, ESMA was established on 1 January 2011. The European Securities and Markets Authority is an independent EU authority based in Paris. It aims to contribute to the effectiveness and stability of t Read this Term were already covered by the FIX Protocol, building on the foundational work completed for Dodd-Frank Act reporting requirements. We were able to re-use many of the existing concepts and workflows and have so far not needed to add a single new message to the FIX Protocol. This significantly lowers the impact on existing users of the FIX Protocol when passing information to each other to allow regulatory reporting to ESMA.”