London, New York, Hong Kong, 29 June 2020:
FIX Trading Community, the non-profit, industry-driven standards body at the heart of global financial trading, announced today an updated release of the Execution Venue Reporting Recommended Practice Guidelines. Originally produced by the FIX Trading Community Global Buy Side Committee to address inconsistencies in brokers’ execution venue reporting on fills and the nature of the transaction for each fill. The guidelines have constantly been reviewed and updated to reflect regulatory requirements.
The latest revision produced addresses changes to Tag29 guidelines to reflect MiFID requirements and the impact that MiFID was having on determination of whether executions were principal or agency in Tag 29 as well as their CSA Eligibility. A collaborative exercise which included buyside and sell side participants from around the globe resulted in a global approach for some values and the identification of regional flavors for others. Additionally, changes to Tag 851 include new values and the codifying of values already being utilized in the industry.
Click here to listen as Brian Lees addresses transparency and global standards regarding information the buy side receives from the sell side.
Brian Lees, FIX Global Buy Side Committee co-chair, AVP, Manager, Equity Trading Product Owner, Capital Group, commented, “This update to the execution venue reporting guidelines is the product of many discussions and surveys in which we gathered views from both buy and sell side firms. Additional clarity has been added to the tag 29 guidance which we hope will serve to clarify reporting of broker capacity on each fill.”
The document has been released in draft format to allow for public review and feedback. Please click here to view the document.
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