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

Upcoming Webinar: Hearing from the Experts: AI Governance Best Practices

9 September 2025 10:00am ET | 3:00pm London | 4:00pm CET Duration: 50 Minutes The rapid spread of artificial intelligence in the financial industry presents data teams with novel challenges. AI’s ability to harvest and utilize vast amounts of data has raised concerns about the privacy and security of sensitive proprietary data and the ethical...

BLOG

Providers of SFDR Reporting Solutions

Europe’s ESG regulatory space is dominated by the Sustainable Finance Disclosure Regulation, which requires listed companies in the bloc to declare the sustainability credentials of the funds they manufacture and the assets in which invest. Its intention is to give investors and advisers a clearer understanding of how sustainable investments are. Compliance requires the reporting...

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

AI in Capital Markets: Practical Insight for a Transforming Industry – Free Handbook

AI is no longer on the horizon – it’s embedded in the infrastructure of modern capital markets. But separating real impact from inflated promises requires a grounded, practical understanding. The AI in Capital Markets Handbook 2025 provides exactly that. Designed for data-driven professionals across the trade life-cycle, compliance, infrastructure, and strategy, this handbook goes beyond...