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: Streamlining trading and investment processes with data standards and identifiers

Financial institutions are integrating not only greater volumes of data for use across their organisation but also more varieties of data. As well, that data is being applied to more use cases than ever before, especially regulatory compliance and ESG integration. Due to this increased complexity of institutions’ data needs, however, information often arrives into...

BLOG

Total Portfolio Views Unlock Value from Public-Private Investments: Webinar Review

Total portfolio views within investment management platforms are becoming critical to capital markets participants as private and alternative market assets comprise an ever-larger part of institutions’ investment and risk-management strategies. Having a holistic view enables organisations to unlock the greatest value from their data, a recent A-Team Group Data Management Insight webinar discussed. Aiding in...

EVENT

RegTech Summit New York

Now in its 9th year, the RegTech Summit in New York will bring together the RegTech ecosystem to explore how the North American capital markets financial industry can leverage technology to drive innovation, cut costs and support regulatory change.

GUIDE

The DORA Implementation Playbook: A Practitioner’s Guide to Demonstrating Resilience Beyond the Deadline

The Digital Operational Resilience Act (DORA) has fundamentally reshaped the European Union’s financial regulatory landscape, with its full application beginning on January 17, 2025. This regulation goes beyond traditional risk management, explicitly acknowledging that digital incidents can threaten the stability of the entire financial system. As the deadline has passed, the focus is now shifting...