Hi Team,
For the tag 2669 - https://fiximate.fixtrading.org/en/FIX.5.0SP2_EP258/tag2669.html
value 0 = Pre-trade transparency waiver (This is from a MiFID) perspective.
What value can I use if we need to represent “Pre-trade transparency waiver” from an FCA (Brexit) perspective?
Regards
Rahul
Your quote is not quite accurate. The value was introduced for MiFID purposes but designed to apply to other perspectives as well. The elaboration in FIXimate starts with “There are allowable waivers from the obligation to make public current bid/offer prices and trading depth.” which is generic in nature and not specific to MiFID.
It continues with “In the context of MiFIR, see Article 3 and Article 4.”. This means that MiFID is just one possible environment. You can use the same value for the FCA environment post Brexit and make a reference to the FCA context in your Rules of Engagement.
Has the FCA actually published rules for pre-trade waivers different from those defined by ESMA? If so, maybe you can post a link here as reference. Thank you.
Thanks Hanno Klein for your response.
Based on further analysis, it was understood that there will be only one waiver per trade and it is not split between FCA and ESMA. So we are not expecting an additional field/enum for FCA pre trade transparency waiver indicator.