FIX goes live with revised MMT

New standard for Market Model Topology will make it fully Mifid II compliant, FIX says.

FIX Trading Community has announced the launch of Market Model Typology (MMT) V.3.0 and it has been extended to comply with Mifid II regulation.

The newest MMT allows for more efficient data processing and easier data consumption, and it is part of FIX Community’s initiative to establish a common solution for standards on post-trade equity data.

A panel session at FIX Trading EMEA today discussed the changes to the MMT and revealed 65 market operators in Europe are using MMT to process over 90 data feeds.

Marc Berthoud, co-chair MMT technical committee said 15 trading venues and a number of vendors have also implemented the MMT logic.

Berthoud also explained there is a slight overlap with the FIX transparency committee, but they are leveraging the expertise of both groups.

MMT V.3.0 is the new Mifid II conformant model of the trading flagging system. V.3.0 allows further post-trade transparency with quality price formations and data across all venues and asset classes.

Bloomberg’s Matt Bumstead, also co-chair of the MMT FIX Committee, explained on the panel that the inspiration for MMT came from ESMA’s code in 2010, but they wanted to provide more structure in trade reports.

Berthoud added that the new MMT model is a logical and comprehensive hierarchical structure.

He added, anyone wanting to implement MMT V.3.0, can do so with confidence as it complies with Mifid II regulation.