The FIX Trading Community has released Market Model Typology (MMT) 5.0 to help firms prepare for the pending European consolidated tape. MMT is the independent industry data standard for classifying trades across European capital markets, enabling consistent interpretation of published transactions and supporting clean, transparent market data. FIX Executive Director Jim Kaye said FIX’s independent, industry-run governance ensures MMT reflects the needs of all market participants.
Developed in 2012 by the Federation of European Securities Exchanges and handed to FIX in 2013, MMT is now used by all major European trading infrastructure venues and the majority of market participants. FIX’s MMT Steering Committee has worked with European regulators since 2013 to keep the standard aligned with evolving regulations and user requirements, underpinning market efficiency and transparency.
MMT 5.0 addresses the revised post-trade transparency requirements of MiFIR RTS 1 and RTS 2 and introduces additional voluntary flags. These optional fields are designed to further enhance transparency for users seeking deeper insight into European capital markets.
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