Wider adoption of MMT encouraged

29 April 2020

The Securities and Markets Stakeholder Group (SMSG) recently advised ESMA to promote wider adoption of the Market Model Typology (MMT) post-trade data standards. The SMSG, which facilitates consultation between ESMA, its Board of Supervisors, and stakeholders, is encouraging a wider use of MMT to address MiFIR transparency.
The MMT initiative is a collaborative effort established by industry participants to improve the quality of post-trade data using standards for post-trade transparency. This industry standard is already being widely used by venues and market participants to map legacy trade flags to a standard set of codes, making it easier for published market data to be compared and consolidated by investors.

As a longtime proponent of data standards and member of the MMT steering committee, we’re pleased about this advice. Extending the MMT to all EU execution venues will ensure that standard flagging takes place. Quality and consistency of reporting and flagging are at the heart of a successful MiFID 2 transparency regime. With standardisation of trade data a prerequisite for effective data consolidation, this would bring us one step closer to ESMA’s goal of a consolidated tape.

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About ION Markets

ION Markets provides transformative technology and solutions to financial institutions dealing in equities, fixed income, foreign exchange, cleared derivatives and secured funding. Our award-winning end-to-end solutions simplify clients’ operations by automating the full trade lifecycle, providing tools to manage risk, and maximizing access to liquidity, while giving real-time access to critical information required for timely operational decisions and execution on a global scale. For more information, visit https://iongroup.com/markets/.