Defines the usage expectations for the FIX fields that describe the final destination point of an execution, the capacity of the broker for that execution and the nature of liquidity (added or taken) for that trade.

UPDATED – June2020

PODCAST – Brian Lees, Capital Group on Execution Venue Reporting Guidelines

Published by: MarketsMedia

30thJune2020

FIX Trading Community Execution Venue Reporting Recommended Practices

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.

About FIX Trading Community

FIX Trading Community is the non-profit, industry-driven standards body at the heart of global trading.
The organisation is independent and neutral, dedicated to addressing real business and regulatory issues
impacting multi-asset trading in global markets through standardisation, delivering operational efficiency,
increased transparency, and reduced costs and risks for all market participants. Central to FIX Trading
Community’s work is the continuous development and promotion of the FIX family of standards, including the core FIX Protocol messaging language, which has revolutionised the trading environment and has successfully
become the way the world trades.

Click here to view online.

Provides recommendations for best practices for the usage of FIX by exchanges and ECNs.