VenueMaster logic

MiFIR/MiFID II Transaction Reporting Field 36 “Venue” :  MIC

  1. For financial instruments admitted to trading or traded on a trading venue, where the transaction on that financial instrument is executed over-the-counter: XOFF
  2. For financial instruments admitted to trading or traded on a trading venue, where the transaction on that financial instrument is executed on a Systematic Internaliser (SI): ISO 10383 MIC (four characters) for that SI
  3. Where an investment firm does not know it is trading with another investment firm acting as a SI: XOFF
  4. For financial instruments where the underlying is a financial instrument admitted to trading or traded on a trading venue and where the transaction on the main financial instrument is executed over-the-counter: XXXX
  5. For financial instruments traded on a non-EEA valid trading venue for which a valid MIC is not assigned: NEEA

Unsure if one of the counterparties is an SI? Our “VenueMaster” subscription service allows you to populate the Venue field with a MIC value consistent with current ESMA data. This can be tested by loading the following four non-confidential trade attributes …

  • Buyer LEI
  • Seller LEI
  • Instrument Classification/CFI_Code (an attribute of the ISIN)
  • Maturity Date (an attribute of the ISIN)

… into the ANT Consulting Ltd supplied Excel spreadsheet template … and the ESMA-consistent MIC is returned via secure REST API for inclusion as the Venue within the 65 fields specified by MiFID II/MiFIR for T+1 transaction reporting

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