FIX develops protocol for submitting transaction reports

FIXProtocol developed by the trading community to standardise trade reporting requirements under MiFID II.

FIX trading community’s global technical committee has developed a tool for transaction and trade reporting, and is set to launch its latest version of the Market Model Typology (MMT).

The reporting tool, known as FIXProtocol, will provide users with mappings onto the ISO 20022 data standard required by ESMA for trade reporting.

FIX explained ESMA clearly defined the set of data standards to be used under MiFID II, but there is “no defined mechanism for transmission of the data to the Approved Reporting Mechanisms (ARMs) themselves.”

With this in mind, FIX has launched FIXProtocol to create an industry wide standard.

Georg Groß, head of regulatory services at Deutsche Boerse explained standardisation is a “key aspect of efficient and transparent markets.”

Deutsche Boerse has developed Regulatory Reporting Hub which “helps market participants fulfil all reporting requirements under one roof.”

Similarly, Trax has developed a pre-MiFID II ARM rules engine, which allows firms to “test their preparedness for MiFID II today.”

Len Delicaet, head of regulatory report strategy at Trax said: “The ability for firms to connect to the Trax ARM via the common FIX language will be of great value as the industry prepares for regulatory change.”

FIX has also announced the launch of its latest version of the Market Model Typology (MMT), the data standard for classification of trade types.

MMT 3.0 will support the current draft MiFID II level 2 text on post-trade transparency for equity and non-equity instruments.