Market Model Typology
The MMT (Market Model Typology) standard originated from a FESE (Federation of European Securities Exchanges) initiative in 2011, aiming at improving the consistency and comparability of data from different data sources.
From the interface point of view MMT is protocol agnostic. In order for the MMT standard to become more widely recognised and adopted, it has been placed under the FIX Protocol Limited Trust.
Since then, MMT has been developed together with a broader range of industry participants, including trading venues, data vendors and data users, and has expanded into new asset classes besides equities only.
The MMT standard provides for a common, practical and efficient solution for flagging post-trade data across various venues, and various asset classes. It delivers an efficient operational solution for fulfilling trade flagging requirements as raised in the EU MiFIR/MiFID II (RTS 1 and RTS2) as well as in the UK corresponding legislation.
Recent changes:
- Effective 1st Jan. 2024: EU legislation, RTS 1 and RTS 2 modifications
- Effective 1st Jan. 2024: FIX Recommended practices changes
- Effective Apr. 29th 2024: UK legislation, FCA’s policy statement PS23/4
The next MMT release, v5.0, becaome effective as of Dec. 1st 2025 for UK Trade reporting coinciding with the application date of FCA PS24/14 and as of Mar. 2nd 2026, coinciding with the application date of the latest EU RTS 1 and RTS 2 modifications.
FIX EMEA Trading Conference – MMT Webcast
In case you may have any questions regarding MMT, please email: fix@fixtrading.org
Downloads
MMT v4.1 Flyer 259.03 KB 1977 downloads
MMT version 4.1 includes changes to EU RTS 1 and RTS 2: application date Jan 1st,...
MMT v4.0 Flyer 228.39 KB 1663 downloads
This is the MMT Flyer that was distributed at the FIX EMEA conference. ...
MiFIR Review- Impact on FIX MMT (Draft) 1.89 MB 340 downloads
The FIX MMT Committees are currently working on delivering the FIX MMT v5.0. This...MMT Model Version 5.0
MMT Model Version 4.2
MMT Model Version 4.1
MMT Initiative Mapping Matrix v4.1 208.08 KB 2230 downloads
MMT version 4.1 includes: Changes to EU RTS 1 and RTS 2: application date Jan 1st,...MMT Model Version 4.0
MMT Initiative Mapping Matrix v4.0 8.16 KB 2429 downloads
Version 4.0 of MMT covers changes to EU RTS 1 and RTS 2 that are expected to go live...MMT Model Version 3.04
Resources
Below please find links to MMT related extension packs. Extension Packs are created as a result of FIX community market-driven initiatives that have undergone a thorough public review process.
EP300 - EU Consolidated Tape for Bonds and Equities 5.01 MB 3941 downloads
This extension pack includes enhancements needed to support the EU’s consolidated...EP286 - Addendum to MMT v4.0 and v4.1 4.29 MB 2014 downloads
This extension pack includes support for MMT level 1: More granular Market Mechanisms...EP283 - UK Post Trade Transparency 3.65 MB 2744 downloads
This Extension Pack includes requirements for equities post-trade transparency as...EP277 - MMT v4.0 4.40 MB 1182 downloads
This extension pack addresses requirements for MMT v4.0, especially for post-trade...EP163 Market Model Topology (MMT) Extensions 2.49 MB 1400 downloads
This Extension Pack provides enhancements to FIX to support the MMT requirements...EP186 – MMT Flagging of OTC Trades 2.47 MB 571 downloads
This Extension Pack introduces a new field to facilitate an explicit distinction...
