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FIX Trading Community revises EMEA execution analysis guidelines

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FIX Trading Community has revised its EMEA specific guidelines on Execution Venue Analysis adding further clarity around Last Capacity and Liquidity flag definitions, as well as mandating all executing venues, including broker crossing and alternative trading systems, to supply valid Market Identifier Codes (MICs) on their executions.

Originally produced by the FIX Trading Community Global Buy-side Committee to address inconsistencies in brokers’ reports on execution venue on fills, the guidelines have constantly been reviewed to give the Buy-side increased consistency and enhanced transparency.
 
To meet the ongoing requirements for greater granularity, the EMEA Business Practices Subcommittee has produced a revised set of guidelines to highlight EMEA specific trade scenarios. These specifically relate to different definitions for a broker’s capacity in order execution in the region and the different execution types associated with these.
 
Irina Sonich-Bright, Director, AES Business Development, Credit Suisse, says: “The importance of the work being done by the FIX Trading Community is immense. The Buy-side have voiced their needs and concerns and the importance of agreeing on the uniform standards that can be adopted by the broker community. By collaborating with the Buy-side, consensus has been achieved in a very practical way.”

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