June 14, 2016
The Fix Trading Community yesterday announced that it will be developing a FIX Protocol for use in the transmitting of MiFID II Transaction Reports to Approved reporting Mechanisms (ARMs). There is no current legal standard for exactly how data is to be transmitted to ARMs (only required standards for ARMs submitting to the regulator) other than that the Standard ISO 20022 data format is to be used. The FIX Trading Community’s Global Technical Committee has begun modifications to ensure that the FIX Protocol is properly mapped onto the ISO 20022 data standard. It will be launching a new version of its Market Model Typology (MMT) version 3.0 which will be MiFID II compliant (based on current level 2 text).