This business standards document covers definitions of addressable liquidity for European equities. The lack of such standards has been a problem for the industry for many years, and improvements to post-trade transparency driven both by UK/EU regulators and FIX’s own recommendations make it possible to create these.

This document has been updated in December 2025 by the FIX equities consolidated tape working group to align with changes in regulatory requirements and updated input from working group members.

Guidance on trade flag usage for various trading scenarios for equities and equity-like instruments in the UK and EU.

Updated September 2025 to support EU and UK regulatory changes and associated FIX recommendations.

MIFID II Data Elements and their Authoritative, Master and Primary Sources Recommended Practice Guideline Document V1.3 published April 14th, 2021

[October 25, 2022] Added missing Appendix 3 (pages are in landscape format)

A collective of industry associations, ASIFMA, Quorum 15, Asia TraderForum, the FIX Trading Community engaged in a collaborative to established a consistent approach for issuing Indications of Interest.

This document details the recommended standards for the consolidation of trade reports and market data for European equity markets. These industry-driven recommendations mark an important milestone in the development of a European Consolidated Tape. The recommendations provide guidance, explaining how trade reports could be published in a standard manner to enable data to be more easily consolidated, significantly enhancing transparency and quality of data.

Published: November 2012

Further refines ongoing TCA requirements across asset classes. The common goal is to provide the industry with specific guidelines to promote TCA standardization.

Develops industry-wide terminology and methodology for Equities, from pre-trade to post-trade analytics.