Market Model Typology

The MMT (Market Model Typology) standard originated from a FESE exchange initiative in 2012, aiming at improving the consistency and comparability of data from different data sources. MMT is protocol agnostic. In order for the MMT standard to become more widely recognised and adopted, it has been placed under the 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 MiFIR/MiFID II (RTS 1 and RTS2).

MMT v3.04 is the valid standard since MiFIR/MiFID II application in 2018. To support changes in both EU and UK regulation made since then, we have introduced new versions of MMT. MMT v4.0 incorporates the latest changes in trade flagging requirements originating from recent ESMA consultations on RTS 1 and 2 (effective 1st January 2024), plus a number of industry recommended practices. MMT v4.1 includes support for changes to RTS 1 in the UK as per the FCA’s policy statement PS23/4 (effective 29th April 2024).

In case you may have any questions regarding MMT, please email: fix@fixtrading.org

 

 

MMT Steering Committee

Committee Page

MMT Technical Committee

Committee Page

MMT Adopters

Click Here

Documents

Click the below links to access more detailed information.

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MMT v4.1 Flyer 259.03 KB 585 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). ...

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MMT v4.0 Flyer 228.39 KB 876 downloads April 17, 2023

This is the MMT Flyer that was distributed at the FIX EMEA conference. ...

 

MMT Model Version 4.1

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MMT Initiative Mapping Matrix v4.1 208.08 KB 1239 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

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    MMT Initiative Mapping Matrix v4.0 8.16 KB 1386 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

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      MMT Initiative Mapping Matrix v3.04 144.73 KB 7972 downloads July 21, 2017

      UPDATED: 11/2017 ...
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      MMT FAQ Document v3.04 550.91 KB 2363 downloads April 19, 2018

      Update date: 01/2020 ...

         

        Resources

        (Please note you must be logged in to the site to view these documents.  Registration is free, click here to register.)

        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.

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        EP216 MMTv3 Support 19.47 KB 157 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)...
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        EP163 Market Model Topology (MMT) Extensions 2.49 MB 95 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...
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        EP186 – MMT Flagging of OTC Trades 2.47 MB 89 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...
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        EP277 - MMT v4.0 4.40 MB 66 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...
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        EP283 - UK Post Trade Transparency 3.65 MB 37 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...
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        EP286 - Addendum to MMT v4.0 and v4.1 4.29 MB 35 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...