On the TT® platform, support for MiFID II compliance can be configured as follows:
MiFID II fields can be applied to users and accounts via order profiles in all markets. Initially, only the EU exchanges are supported, but Trading Technologies will provide MiFID II compliance support for all exchanges on TT.
For TT Mobile, support for MiFID II compliance is also configured by a risk administrator using Order Tag Defaults in the Setup application.
Traders can enter orders in TT Mobile using the same account that they use in the Trade application. If the traders' account has Order Tag Defaults with MiFID II values assigned in Setup, then those values will be sent to the exchange on orders routed via TT Mobile.
The following table describes the MiFID II fields that can be configured on TT.
The fields in the following table will also appear in the Order Profile, Audit Trail, Fills, and Order Book widgets in the Trade application.
Note: MiFID II fields vary by exchange. When adding MiIFD II fields to an order profile, refer to MiFID II Order Fields by Exchange.
| MiFID II Setting | Description |
|---|---|
| Direct Electronic Access | Sets whether or not the order is sent from direct/sponsored access, or from another source. Valid values:
|
| Trading Capacity | Indication of dealing on own account (Deal), matched principal (Match), or any other trading capacity. Valid values:
|
| Liquidity Provision | Indication of market making. Valid values:
|
| Commodity Derivative Indicator | Indication of whether the order is for hedging purposes to reduce risk. (i.e. hedge vs. spec order) Valid values:
|
| Investment Decision ID | User or firm who made the trading decision. Enter a Short Code. |
| Execution Decision ID | User or firm that submitted the order. Enter a Short Code. |
| Client ID | Customer identification. Enter a Short Code. |
| MiFIDID | ICE only. MiFID II profile ID. Required for firms who register and use a single code instead of all MiFID order tags 9700-9706. Displayed in "Text C" field in Trade application. |
| Registered Trader | NASDAQ_EU only. Trader ID registered with the exchange. For MiFID II, Direct Electronic Access (DEA) is set at the Trader ID level and registered with the exchange. |
| Client Country | LME only. Identifies the location of the client. Select a country from the drop-down list. This setting is required if the Account Type is either "Client ISA" or "Client OSA". |
| Decision Maker | LME only. Enter the short code of the third-party investment decision maker if applicable. This setting is required if if the Account Type is either "Client ISA" or "Client OSA". Sent to the exchange as Tag 448 with 452 PartyRole = 122. |
| Client ID (House) | LME only. Enter the MiFIDID short code. This is a required setting. Sent to the exchange as Tag 448 with 452 PartyRole = 3-ClientID. |