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FIX Trading Community adapts protocol to include European regulations

FIX Trading Community on Monday introduced extensions to its FIX Protocol, industry-created rules governing the communication of securities trading information, that meet upcoming requirements of European regulations MiFID II and MiFIR.

Additional data to be required under Markets in Financial Instruments Directive II and Markets in Financial Instruments Regulation have been added to the FIX Protocol, including new trade reporting requirements, venue waiver indicators, algorithm and trader identifications, and short-sell marking, said FIX, an industry organization that establishes global trading standards for market participants, in a news release.

Information on the extensions, including how to access them, is on the FIX Trading Community website.

MiFID II and MiFIR rules governing market structure, trading transparency and disclosure go into effect on Jan. 3, 2018.

The Financial Information eXchange Protocol are rules overseeing international real-time electronic communications related to securities transactions and markets. The protocol is free and available to all investment firms and trading venues.

Because of the complexity involved in meeting the European regulations, a FIX spokesman said “our members have been in discussions with the regulators for full clarification of certain items” and that further changes to the FIX Protocol will be available.

FIX posted MiFID technical documents on its website.