The Global Technical Committee has reviewed and preliminarily approved the proposal submitted by the FIX Consolidated Tape Working Group. This document covers extensions of the FIX Protocol related to the EU Consolidated Tape for bonds and equities (excluding ETCs and ETNs).
The draft document now enters a public comment period in which public review and feedback is encouraged. Once the public comment period closes, the GTC will review public comments and amend the document accordingly before publishing the final version.
The working group has further provided draft versions of recommended practice documents that define how to use the FIX Protocol for the EU Consolidated Tape. These documents are work in progress but made available here for public comment:
An issue has been reported related to the semantic of the field “Update date and time” for equities pre-trade input regarding aggregated orders. There is a difference in the text between the ESMA Final Report for the RTS 1 amendment (published December 2024) and the equivalent publication by the European Commission (published June 2025).
For aggregated orders or quotes as defined in Table 1, the date and time when the aggregated bid price (Field 5) or volume (Field 8) or the aggregated offer price (Field 5) or volume (Field 8) was received for execution, cancelled, or modified into the trading system.
The text above uses the term “received” whereas the text below uses the term “calculated”. Currently this field is mapped to TrdRegTimestamp(769) with TrdRegTimestampType(770)=9 (Orderbook entry time).
For aggregated orders or quotes as referred to in Table 1, the date and time when the aggregated bid price (Field 5) or volume (Field 8) or the aggregated offer price (Field 5) or volume (Field 8) was calculated following the receipt of an order for execution, cancellation, or modification into the trading system, or following an execution.
The ESMA RTS for the EU CT refers to this field in its Annex III Table 2 as follows: For continuous order book trading systems, Table 1b, Field 1, of Annex I to Delegated Regulation (EU) 2017/587.