The Global Technical Committee has reviewed and preliminarily approved the submitted proposal. This document from the FIX Equities Consolidated Tape Working Group proposes a number of enhancements in the area of post-trade transparency, mainly two new trade types to flag inter-fund and net asset value trades.
The enhancements include a new repeating group for trade types as an alternative to the use of the existing individual fields TrdType(828), SecondaryTrdType(855), and TertiaryTrdType(2896). This removes the current limit of three trade types on a single message.
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.
Please post feedback, comments, and questions as replies to this discussion thread. The public comment period ends on May 8, 2024 .
One comment on section 2.5 which says this: “A new value should be added to identify an order from an SI who is not also an authorised reporter. The order attributes are available as a repeating group so that a single order or trade may contain both attributes.”
For post-trade transparency purposes, the view of the equities consolidated tape working group is that changing the existing meaning of 2524=5 to ‘authorised reporter’ is sufficient (i.e., there is no post-trade transparency requirement separately to be able to identify the order as having come from an SI). Having said that, there is no reason not to introduce the new SI value should there be other requirements, now or in the future, for this. I would ask that the wording be changed slightly to “A new value should be added to identify an order from an SI, regardless or whether the firm is also an authorised reporter” as the current wording implies exclusivity between the two.
Wording has been changed accordingly to avoid implying mutual exclusivity. Note that the additional value for an SI has not been added based on the discussion of the GTC on April 18, 2024.