FIX Trading Community has published Market Model Typology (MMT) 5.0 ahead of the launch of the EU’s consolidated tape (CT) later this year. The updated data standard for classifying trades meets the requirements of the CT and ensures that information about every published transaction is consistent, transparent, and easy to understand.
FIX Trading Community is the industry association responsible for FIX Protocol, the globally used trading language. MMT was developed in 2012 by the Federation of European Securities Exchanges to address data quality issues arising from the disparate data standards in use within the EU at the time. MMT was handed over to FIX in 2013.
New and improved
FIX claims in a press release that it has been working closely with European regulators since 2013 to keep MMT up to date with changing regulations and user requirements. In addition to covering the revised post-trade transparency requirements under the Markets in Financial Instruments Directive (MiFID), MMT 5.0 also “defines a number of voluntary flags that further improve transparency for those seeking to understand European capital markets”.
“I think it’s fair to say that quantifying European addressable liquidity has been somewhat challenging for investors for decades – both those within Europe and for international investors assessing these markets for investment,” says FIX executive director Jim Kaye. He hopes the additional trade flags will address these challenges.
