About a-team Marketing Services
The knowledge platform for the financial technology industry
The knowledge platform for the financial technology industry

A-Team Insight Blogs

FIX Trading Community Offers MiFID II Compliance Help

Subscribe to our newsletter

FIX Trading Community, the non-profit industry standards organisation that promotes adoption of the Financial Information eXchange (FIX) protocol, has announced updates to the FIX protocol addressing MiFID II and MiFIR requirements.

The organisation will also advise its members to review and adopt the updates as soon as possible so development work can begin, according to Irina Sonich-Bright, co-chair of the FIX Trading Community MiFID II Transparency Working Group. Sonich-Bright also is director of global markets electronic product and head of business development for AES Europe at Credit Suisse.

The updates include extension packs addressing clock synchronisation, post-trade flagging obligations, and several critical data requirements concerning transparency, order data and recordkeeping.

“The majority of straightforward scenarios have been addressed already,” says Sonich-Bright. “Gaps typically come from members who have begun implementation and realized that certain situations aren’t addressed. This is typical of MiFID II, because it’s so complex, every time you strip away one layer, you find other details you did not see or consider before.”

For post-trade flagging obligations, one of FIX Trading Community’s extension packs addresses trade reporting. MiFID II requires all counterparties in a trade to report it, which sets up an issue for how those parties will know where the trade has been reported, and in what capacity it was executed. FIX Trading Community’s updates address this issue, Sonich-Bright explains.

The industry organisation’s updates address transparency and record keeping issues by setting up a decision tree based on ESMA RTS guidelines that articulate MiFID II and MiFIR requirements. The decision tree can be used to implement trade reporting tools.

Subscribe to our newsletter

Related content

WEBINAR

Recorded Webinar: Navigating a Complex World: Best Data Practices in Sanctions Screening

As rising geopolitical uncertainty prompts an intensification in the complexity and volume of global economic and financial sanctions, banks and financial institutions are faced with a daunting set of new compliance challenges. The risk of inadvertently engaging with sanctioned securities has never been higher and the penalties for doing so are harsh. Traditional sanctions screening...

BLOG

Beyond the Balance Sheet: Operationalising Non-Financial Misconduct under SMCR

The integration of Non-Financial Misconduct (NFM) – encompassing behaviours such as harassment, discrimination, and bullying – into the Senior Managers and Certification Regime (SMCR) marks an important step in UK financial services regulation. A webinar, Managing Non-Financial Misconduct Under SMCR, hosted by A-Team Group, offered senior practitioners insights into operationalising these expectations, covering legal alignment,...

EVENT

Buy AND Build: The Future of Capital Markets Technology

Buy AND Build: The Future of Capital Markets Technology London examines the latest changes and innovations in trading technology and explores how technology is being deployed to create an edge in sell side and buy side capital markets financial institutions.

GUIDE

Practicalities of Working with the Global LEI

This special report accompanies a webinar we held on the popular topic of The Practicalities of Working with the Global LEI, discussing the current thinking around best practices for entity identification and data management. You can register here to get immediate access to the Special Report.