Regulatory Engagement
Financial regulation has a direct impact on many FIX member firms and how they conduct their business. The FIX Trading Community is independent and neutral, focused on transparency, operational efficiency and mitigating risk. FIX responds to regulations with a focus on promoting the use of global standards to deliver clear and unambiguous data, improve the quality of implementation and reduce costs to the industry.
This page is a repository of documented regulatory consultation responses and other relevant materials provided by the FIX Trading Community in addressing regulatory requirements across the globe.
Current Consultations
Targeted consultation on integration of EU capital markets
ESMA MiFIR Review (CP4) – Derivatives transparency
Regional Repository
Asia-Pacific
SFC-FIX Response to OTC Derivatives Regulatory Regime in Hong Kong 106.04 KB 3125 downloads August 27, 2012
FIX responded to a consultation from the SFC on the OTC Derivatives regulatory regime for Hong Kong. …
ASIC-FIX Adopted for Short Position Reporting 184.20 KB 1217 downloads August 12, 2010
FIX welcomes the Australian Securities & Investments Commission (ASIC™s) adoption of the FIX Protocol messaging standard for the reporting of short positions. Use of FIX enables market participants…EMEA
Regulatory Testing of Algorithms – Overview of Relevant Regulations 1.19 MB 243 downloads October 21, 2025
Regulatory Background References for EU/UK Testing of Algorithms for Contribution to Disorderly Trading Conditions and Stress Testing under MiFID II/MAR and Operational Resilience under PS 21/3 …
FIX Trading Community response to ESMA’s call for evidence on Transaction Reporting 0.00 KB 97 downloads September 22, 2025
FIX Trading Community responds to ESMA’s Call for evidence on a comprehensive approach for the simplification of financial transaction reporting …
FIX Trading Community responds to the FCA’s CP25/20 1.03 MB 55 downloads September 11, 2025
FIX Trading Community response to the FCA’s CP25/20: The SI regime for bonds and derivatives including Discussion Paper on equity markets. …
FIX response to ESMA’s MiFIR CP4 398.58 KB 27 downloads July 3, 2025
Response to the “MiFIR Review: Consultation Package 4 – transparency for derivatives, package orders and input/output data for the derivatives consolidated tape” …
EC Consultation 2025 Press release 204.45 KB 33 downloads June 19, 2025
FIX Trading Community responds to European Commission targeted consultation on development and integration of EU capital markets …
FIX responses to the EC consultation 191.32 KB 49 downloads June 17, 2025
FIX response to the European Commission’s targeted consultation on integration of EU capital markets …
Consultation Paper on the Amendments to the RTS on Settlement Discipline 83.46 KB 181 downloads April 16, 2025
FIX Trading Community to ESMA’s consultation on amendments to the RTS on settlement discipline, covering standards and automation in middle and back office processes to support T+1 implementation …
FCA DP 24-2 – Improving the UK transaction reporting regime 206.44 KB 126 downloads February 13, 2025
FIX Trading Community response to FCA DP 24-2 …
ESMA MiFIR Review (CP4) – Review of RTS 22 on transaction data reporting under Art. 26 and RTS 24 on order book data to be maintained under Art. 25 of MiFIR 710.79 KB 302 downloads January 16, 2025
FIX Trading Community response to ESMA MiFIR Review CP4 …
ESMA MiFIR Review (CP3) part 2 – Consultation On equity transparency (RTS 1 and CDR 2017/567), volume cap (RTS 3) circuit breakers (new RTS), SI (new ITS on SI notification), the equity CTP (new RTS on input / output data of the pre-trade and post-trade equity CTP) and the flags for non-equity transparency (RTS 2) 692.22 KB 345 downloads September 29, 2024
FIX Trading Community response to section 7 (equities consolidated tape working group and FIX FIRST subcommittee) …
ESMA MiFIR Review (CP3) part 1 – Consultation On equity transparency (RTS 1 and CDR 2017/567), volume cap (RTS 3) circuit breakers (new RTS), SI (new ITS on SI notification), the equity CTP (new RTS on input / output data of the pre-trade and post-trade equity CTP) and the flags for non-equity transparency (RTS 2) 692.22 KB 388 downloads September 29, 2024
FIX Trading Community response to sections 4, 8 and 9 (equities and fixed income consolidated tape working groups) …
ESMA MiFIR Review – Technical Standards related to Consolidated Tape Providers and DRSPs, and assessment criteria for the CTP selection procedure 716.65 KB 494 downloads August 27, 2024
FIX Trading Community response (equities and fixed income consolidated tape working groups, global technical committee) …
ESMA MiFIR Review – RTS 2, RTS on reasonable commercial basis and RTS 23 708.30 KB 350 downloads August 27, 2024
FIX Trading Community Response (fixed income consolidated tape and reference data working groups) …
European Commission Delegated Regulation on OTC Derivative Instrument Identification 794.72 KB 172 downloads July 11, 2024
EC OTC derivatives identifying reference data consultation FIX Trading Community Response …
CP23/32 – FCA consultation on bond and derivative market transparency – FIX Trading Community response 4.58 MB 1033 downloads April 3, 2024
This contains three files – the FCA’s consultation paper, the full response from the FIX Trading Community (‘response summary’) and a shortened version containing just the questions actually responsed…
FTC Response to CP23-15 Framework for a Consolidated Tape Final Submission 97.33 KB 219 downloads October 13, 2023
CP23/15 – The framework for a UK consolidated tape – FIX Trading Community response. …
DSS Letter Fix Trading Community Sept 2023 330.14 KB 196 downloads October 9, 2023
The FIX Trading Community is the industry-driven standards body whose standards underpin the global electronic trading community. We have been producing technical and business standards for nearly thirty…
Manual on Post-Trade Transparency – Response 78.30 KB 344 downloads April 4, 2023
FIX Trading Community response on Post-Trade Transparency Manual …
ESMA Market Outages – Consultation Paper Response 105.50 KB 365 downloads December 22, 2022
FIX Trading Community response to ESMA’s consultation regarding the management and communication of outages at trading venues, December 2022 …
FIX Trading Community Response to CP22/12 259.02 KB 2628 downloads September 22, 2022
FCA CP22/12 on Improving Equity Secondary Markets – FIX Trading Community response …
ESMA Opinion on Trading Venue Perimeter – Response 81.46 KB 2472 downloads April 28, 2022
FIX Trading Community response to ESMA’s opinion regarding the Trading Venue Perimeter, January 2022 …
ESMA DLT (distributed ledger technology) Pilot 88.01 KB 348 downloads March 31, 2022
FIX Trading Community response to ESMA’s call for evidence for the “DLT Pilot Regime and review of MiFIR regulatory technical standards on transparency and reporting”, January 2022 …
RTS 1 and 2 Consultation Response 235.06 KB 454 downloads September 23, 2021
ESMA CONSULTATION RESPONSE – FINAL RESPONSE …
ESMA – MiFID II_MiFIR CP on transaction reporting_refdata 285.54 KB 2988 downloads December 11, 2020
FIX Trading Community response to the ESMA consultation paper on MiFIR review report on the obligations to report transactions and reference data (November 2020) …
ESMA – Technical Standards on reporting_data quality_data access 170.84 KB 596 downloads July 3, 2020
03 July 2020 – This document is the FIX response to the ESMA consultation paper on the technical standards on reporting requirements, procedures to reconcile and validate the data and access by the relevant…
ESMA Consolidated Tape Consultation Paper – FIX Response 249.39 KB 499 downloads September 13, 2019
06 September, 2019 – The FIX Trading Community provided a response to the ESMA CP on Consolidated Tape. …
MiFID II/MiFIR Implementation Guidelines for Inter-Firm Data Communication for Transaction Reporting 1.02 MB 2269 downloads June 22, 2017
Version Published: 22 June 2017 …
ESMA MiFID II FIX Response Discussion Paper 669.67 KB 1677 downloads February 16, 2017
ESMA MiFID II FIX Response Discussion Paper …
ESMA MiFID II FIX Response Consultation Paper 436.30 KB 2904 downloads February 14, 2017
ESMA MiFID II FIX Response Consultation Paper …
FIX Trading Community Response to ESMA CP 23 March 2016 508.10 KB 754 downloads March 23, 2016
Response to ESMA CP 23 March 2016 …
ESMA_MiFID II FIX Consultation Response_2014_1570 366.09 KB 793 downloads February 27, 2015
This document is a response to the ESMA MiFID II/MiFIR Consultation Paper 2014_1570 (February 2015) …
FSB-FIX Response to Feasibility Study on Approaches to Aggregate OTC Derivatives Trade Repository Data 28.33 KB 3392 downloads February 28, 2014
FIX response to the FSB’s consultative paper focused on options for aggregating OTC derivatives trade repository data. …
CESR – FIX Response for Establishment of a European Consolidated Tape 0.00 KB 98 downloads November 2, 2010
Following consultation with the FIX EMEA Regulatory Subcommittee, FIX produced a proposal for an industry led solution for the establishment of a Consolidated Tape Delivery Authority (CTDA) to oversee…
ESMA MiFID II FIX Response Covering Letter 112.45 KB 880 downloads February 15, 2008
ESMA MiFID II FIX Response Covering Letter …
CESR – Changes to FIX for MiFID 288.32 KB 620 downloads October 22, 2006
A link to the gap analysis – Changes to FIX for MiFID. …
CESR – FIX Response for Transparency and Reporting under MiFID Call for Evidence 177.36 KB 692 downloads April 14, 2006
FPL has issued a response to the call for evidence by CESR, who invited interested parties to submit their views regarding (potential) future work on transparency data publication and consolidation as…Global
European Equities Addressable Liquidity Definitions 791.00 KB 505 downloads December 9, 2025
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…
FIX Recommended Practices – Securities Lending Trade Enhancements 1.12 MB 16 downloads December 8, 2025
The FIX Consolidated Working Group is working on recommended practices when using the FIX Protocol for securities lending (trade). This document has been submitted together with a FIX Gap Analysis to the…
FIX Protocol Gap Analysis – Securities Lending Trade Enhancements 133.12 KB 13 downloads December 8, 2025
The Global Technical Committee has reviewed and preliminarily approved the Gap Analysis which proposes extensions related to securities lending to provide support for US Equities and US Corporate DTCC…
Recommended Practices – MiFIR Transparency (Volume 1 – Reporting Formats) 1.43 MB 836 downloads November 30, 2025
This document contains guidance on using FIX standards (specifically the FIX Protocol and MMT) for transmitting and using post-trade transparency data in European securities. It is based on guidelines…
Recommended Practices – Bond EU Consolidated Tape using FIX Protocol 943.08 KB 204 downloads November 25, 2025
This document provides an official specification for the usage of the FIX Protocol for the European Consolidated Tape for bonds. This includes the FIX message schemas, mappings to the RTS, workflows and…
Recommended Practices – Equities EU Consolidated Tape using FIX Protocol 1.83 MB 42 downloads November 25, 2025
This document provides an official specification for the usage of the FIX Protocol for the European Consolidated Tape for equities. This includes the FIX message schemas, mappings to the RTS, workflows…
EP300 – EU Consolidated Tape for Bonds and Equities 5.01 MB 2331 downloads November 6, 2025
This extension pack includes enhancements needed to support the EU’s consolidated tape (CT) for bonds and equities defined by ESMA as part of the MiFIR Review Final Report – Technical Standards related…
FIX Global Trading Sponsorship 2026 0.00 KB downloads November 5, 2025
FIX_Global-Trading-Sponsorship_2026 …
Regulatory Testing of Algorithms – Overview of Relevant Regulations 1.19 MB 243 downloads October 21, 2025
Regulatory Background References for EU/UK Testing of Algorithms for Contribution to Disorderly Trading Conditions and Stress Testing under MiFID II/MAR and Operational Resilience under PS 21/3 …
Recommended Practices on Unique Identification of Algorithms and Certificates 998.16 KB 16 downloads October 21, 2025
Guidance on formatting of unique algorithm identifiers. This accompanies related recommended practices covering testing and certificate workflows. …
FIX Trading Community response to ESMA’s call for evidence on Transaction Reporting 0.00 KB 97 downloads September 22, 2025
FIX Trading Community responds to ESMA’s Call for evidence on a comprehensive approach for the simplification of financial transaction reporting …
Technical Session Slides: Frankfurt Regional Meeting 2025 5.03 MB downloads September 19, 2025
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FIX Trading Community responds to the FCA’s CP25/20 1.03 MB 55 downloads September 11, 2025
FIX Trading Community response to the FCA’s CP25/20: The SI regime for bonds and derivatives including Discussion Paper on equity markets. …
FIXing Europe – How the European Consolidated Tape can radically improve the image of European capital markets 707.36 KB 51 downloads September 10, 2025
White paper detailing how the European Consolidated Tape can radically improve the image of European capital markets through use of improved flagging, clarity of rules and adoption of common standards. …
FIX Recommended Practices – EU Consolidated Tape (Equities) 1.92 MB 540 downloads September 7, 2025
The FIX Consolidated Working Group is working on recommended practices when using the FIX Protocol for the EU Consolidated Tape. This document has been submitted together with a FIX Gap Analysis to the…
FIX Recommended Practices – EU Consolidated Tape (Bonds) 794.27 KB 17 downloads September 7, 2025
The FIX Consolidated Working Group is working on recommended practices when using the FIX Protocol for the EU Consolidated Tape. This document has been submitted together with a FIX Gap Analysis to the…
FIX Protocol Gap Analysis – EU Consolidated Tape 199.12 KB 453 downloads September 7, 2025
The Global Technical Committee has reviewed and preliminarily approved the Gap Analysis which proposes extensions related to the EU Consolidated Tape for bonds and equities (excluding ETCs and ETNs). …
FIX response to ESMA’s MiFIR CP4 398.58 KB 27 downloads July 3, 2025
Response to the “MiFIR Review: Consultation Package 4 – transparency for derivatives, package orders and input/output data for the derivatives consolidated tape” …
EP299 – MDEntryType(269) extension 4.25 MB 407 downloads June 24, 2025
This extension pack supports the requirement to publish adjusted reference settlement prices due to corporate actions. It adds a new code value for the MDEntryType(269) = f (Corporate action reference…
EC Consultation 2025 Press release 204.45 KB 33 downloads June 19, 2025
FIX Trading Community responds to European Commission targeted consultation on development and integration of EU capital markets …
FIX responses to the EC consultation 191.32 KB 49 downloads June 17, 2025
FIX response to the European Commission’s targeted consultation on integration of EU capital markets …
FIX Protocol Gap Analysis – Market Data Entry Type Extension 110.84 KB 13 downloads June 7, 2025
The Global Technical Committee has reviewed and preliminarily approved the Gap Analysis which proposes an extension to market data entry types for adjusted reference prices due to corporate actions. …
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…
EP298 – Allocation Enhancements 4.45 MB 524 downloads April 29, 2025
This extension pack enhances the capability to assign individual allocations of an AllocationInstruction(35=J) message to different average pricing subgroups and adds an allocation group identifier issued…
EP297 – Algo Trading Identifiers 4.43 MB 994 downloads April 29, 2025
This Extension Pack covers a request to provide data on ExecutionReport(35=8) messages relating to the usage of execution algorithms on orders. Specifically, these changes allow brokers to communicate…
Consultation Paper on the Amendments to the RTS on Settlement Discipline 83.46 KB 181 downloads April 16, 2025
FIX Trading Community to ESMA’s consultation on amendments to the RTS on settlement discipline, covering standards and automation in middle and back office processes to support T+1 implementation …
EP296 – Korea Short Selling Registration Number 4.33 MB 1569 downloads April 16, 2025
This extension pack includes the ability for brokers operating in Korea and interfacing with the Korean Stock Exchange (KRX) to include their client’s institutional short sell identifier assigned by the…
FIX Protocol Gap Analysis- Eurex Allocation Enhancements 156.41 KB 11 downloads March 28, 2025
The Global Technical Committee has reviewed and preliminarily approved the Gap Analysis which proposes an enhancement to subgroups for average pricing groups used for allocations. …
FIX Protocol Gap Analysis- Algo Trading Identifiers 144.91 KB 28 downloads March 28, 2025
The Global Technical Committee has reviewed and preliminarily approved the Gap Analysis for the request to provide data on ExecutionReport(35=8) messages relating to the usage of execution algorithms on…
FIX Protocol Gap Analysis- Korea Short Selling Registration Number 126.29 KB 12 downloads March 28, 2025
The Global Technical Committee has reviewed and preliminarily approved the Gap Analysis submitted by the APAC Market Structure and Regulatory Sub-committee for a new regulatory requirement from the Korean…
EP295 – Algo Certification Enhancements 5.99 MB 2555 downloads March 5, 2025
This extension pack addresses Algo Certification gaps found with the introduction of EP292. Revision History April 5, 2025 SPEC-2868 Correct synopsis of component TestSystemModuleGrp …
EP294 – Errors and Omissions 2023-2024 31.92 MB 2159 downloads March 5, 2025
This extension pack corrects errors and omissions discovered in the FIX Latest Standard, e.g. misspellings or gaffes in the description. …
FCA DP 24-2 – Improving the UK transaction reporting regime 206.44 KB 126 downloads February 13, 2025
FIX Trading Community response to FCA DP 24-2 …
FIX Protocol Gap Analysis – Algo Certification Enhancements 600.33 KB 29 downloads January 20, 2025
The Global Technical Committee has reviewed and preliminarily approved the Gap Analysis submitted by the FIX Algorithmic Trading Working Group for a set of enhancements related to the certification and…
ESMA MiFIR Review (CP4) – Review of RTS 22 on transaction data reporting under Art. 26 and RTS 24 on order book data to be maintained under Art. 25 of MiFIR 710.79 KB 302 downloads January 16, 2025
FIX Trading Community response to ESMA MiFIR Review CP4 …
EP293 – Non-USD FX NDF Enhancements 4.71 MB 563 downloads January 12, 2025
This enhancement addresses the existing RateSource component gaps and clarifies the usage of the component for FX NDF fixings as the markets have evolved. Revision history 3/5/2025 – SPEC-2849 – Correct…
Orchestra Technical Specification – V1.1 Release Candidate 2 892.09 KB 102 downloads November 26, 2024
Technical specification for Release Candidate 2 of Orchestra V1.1. …
Technical Proposal for Orchestra Standard V1.1 Release Candidate 2 426.61 KB 104 downloads November 26, 2024
This is the technical proposal for Release Candidate 2 of the Orchestra Standard V1.1. It describes the enhancements that were made to the Orchestra Standard V1.1 RC1. …