Market Model Typology
The MMT (Market Model Typology) standard originated from a FESE (Federation of European Securities Exchanges) initiative in 2011, aiming at improving the consistency and comparability of data from different data sources. From the interface point of view MMT is protocol agnostic. In order for the MMT standard to become more widely recognised and adopted, it has been placed under the FIX Protocol Limited Trust. Since then, MMT has been developed together with a broader range of industry participants, including trading venues, data vendors and data users, and has expanded into new asset classes besides equities only.
The MMT standard provides for a common, practical and efficient solution for flagging post-trade data across various venues, and various asset classes. It delivers an efficient operational solution for fulfilling trade flagging requirements as raised in the EU MiFIR/MiFID II (RTS 1 and RTS2) as well as in the UK corresponding legislation.
Recent changes:
- Effective 1st Jan. 2024: EU legislation, RTS 1 and RTS 2 modifications
- Effective 1st Jan. 2024: FIX Recommended practices changes
- Effective Apr. 29th 2024: UK legislation, FCA’s policy statement PS23/4
The next MMT release, v5.0, will be effective as of Dec. 1st 2025 for UK Trade reporting coinciding with the application date of FCA PS24/14 and as of Mar. 2nd 2026, coinciding with the application date of the latest EU RTS 1 and RTS 2 modifications.
FIX EMEA Trading Conference – MMT Webcast
In case you may have any questions regarding MMT, please email: fix@fixtrading.org
Documents
Click the below links to access more detailed information.
MMT v4.1 Flyer 259.03 KB 1752 downloads October 6, 2023
MMT version 4.1 includes changes to EU RTS 1 and RTS 2: application date Jan 1st, 2024 (and part of MMT version 4.0). ...
MMT v4.0 Flyer 228.39 KB 1595 downloads April 17, 2023
This is the MMT Flyer that was distributed at the FIX EMEA conference. ...
MiFIR Review- Impact on FIX MMT (Draft) 1.89 MB 196 downloads April 29, 2025
The FIX MMT Committees are currently working on delivering the FIX MMT v5.0. This standard upgrade will cover the regulatory changes applicable to trade flags, as stated in the revised RTS 1, RTS 2 and...
MMT Model Version 5.0
MMT Model Version 4.2
MMT Model Version 4.1
MMT Initiative Mapping Matrix v4.1 208.08 KB 2129 downloads September 7, 2023
MMT version 4.1 includes: Changes to EU RTS 1 and RTS 2: application date Jan 1st, 2024 (and part of MMT version 4.0). Features proposed by the FIX Trading Community’s consolidated tape working groups...MMT Model Version 4.0
MMT Initiative Mapping Matrix v4.0 8.16 KB 2344 downloads March 28, 2023
Version 4.0 of MMT covers changes to EU RTS 1 and RTS 2 that are expected to go live at the start of 2024. It also includes features proposed by the FIX Trading Community’s consolidated tape working...MMT Model Version 3.04
MMT Initiative Mapping Matrix v3.04 144.73 KB 8780 downloads July 21, 2017
UPDATED: 11/2017 ...
Resources
Below please find links to MMT related extension packs. Extension Packs are created as a result of FIX community market-driven initiatives that have undergone a thorough public review process.
EP216 MMTv3 Support 19.47 KB 1338 downloads September 30, 2016
This Extension Pack supports MMT version 3.01 and the MiFID II post-trade flagging obligations. Update History [Resolved 2017-04-24] Corrected abbreviated name of TrdRegPublicationGrp and TrdRegPublicationType(2669)...
EP163 Market Model Topology (MMT) Extensions 2.49 MB 1256 downloads June 20, 2017
This Extension Pack provides enhancements to FIX to support the MMT requirements established by the FESE for data consolidation. [UPDATED 2013-12-09] Updated FIXML Schema and FIX Repository due to updates...
EP186 – MMT Flagging of OTC Trades 2.47 MB 463 downloads June 20, 2017
This Extension Pack introduces a new field to facilitate an explicit distinction between automated and manual trades in support of sell-side’s requirements found in the Market Model Typology (MMT) version...
EP277 - MMT v4.0 4.40 MB 914 downloads June 5, 2023
This extension pack addresses requirements for MMT v4.0, especially for post-trade flags as identified by the European Consolidated Tape working groups (Equities and Fixed Income) and MMT Technical and...
EP283 - UK Post Trade Transparency 3.65 MB 2476 downloads September 15, 2023
This Extension Pack includes requirements for equities post-trade transparency as laid out in the UK FCA’s policy statement PS 23/4 of May 2023, section 3 (https://www.fca.org.uk/publication/policy/ps23- 4.pdf). Updates 9/22/2023...
EP286 - Addendum to MMT v4.0 and v4.1 4.29 MB 1783 downloads January 8, 2024
This extension pack includes support for MMT level 1: More granular Market Mechanisms ('Hybrid System’ and ‘Any Other excluding Hybrid’) for market data messages and MMT level 2: Trading Mode ‘On...