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 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.

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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 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.”

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