Change Overview from Refinitiv

Refinitiv FX Venues – Introducing UTI and MIC Changes

Refinitiv is changing the way it constructs Unique Trade Identifiers (UTIs) that are disseminated from FXall,Matching and Price Stream to conform with ISO 23897. In addition, Refinitiv is changing some of the MarketIdentification Codes (MICs) that are utilised in respect of its liquidity venues on these platforms that are not part of its Multilateral Trading Facility (MTF).

The MIC codes distributed to MTF users will remain unchanged. The reasons for the MIC code changes are to clarify to Participants which non-MTF liquidity venues they are trading on when they trade on Matching or FXall.

The purpose of this communication is to advise you of the new values that will be disseminated once the changes are put into the Production environment.

The scheduled Production date has been planned with consideration for clients who require time to test. The change will be implemented into Production through a configurable venue level setting that once enabled will affect all clients.

Impacted capabilities include those where MICs and UTIs are made available including APIs, STP Feeds and client reports. These include FXall FIX APIs, TCPI, Matching API (MAPI), STP Direct, STP for Refinitiv venues via RTN, Settlement Centre and client Business Objects/Tableau Reports.

Please contact your FXall Relationship Manager or your Matching Account Manager should you require the ability to test these changes. Details of how to test and when to test will be made available shortly.

Changes to the UTI

Refinitiv is updating the way UTIs are generated to conform with ISO 23897. In summary, this means the UTI will get longer, as the prefix changes to represent the LEI of the operating entity of the liquidity venue.

These changes will affect all FX venues including FXall, Price Stream and both Forwards and Spot Matching.

The methodology of the construct will be as follows: Prefix [LEI of operating entity] + venue trade identifier + Leg and/or allocation designation.

The following table shows the affected liquidity venues, the current prefix, the new prefix, and an example new UTI.

Please note that the UTI will differ in length for each liquidity venue because of differences in the venue trade ID length and/or the allocation designation.

Please note that no changes are being made to the Refinitiv Swap Execution Facility (SEF) as part of this UTI release, but future changes are anticipated to align with evolving CFTC rules.

In addition, Price Stream SEF is not yet live, but once launched will adhere to the logic outlined below.

...

FXall

SEF

...

Trading Venue Trade Identification Codes (TVTICS) 

The Refinitiv Multilateral Trading Facility (MTF) is required to transaction report trades executed on the platform by non-investment firms, i.e. firms that are not regulated by a national competent authority (NCA) in the European Economic Area (EEA). These reports are submitted to the Central Bank of Ireland (CBI) who is the MTF’s NCA.
Please note that for MTF trades, Refinitiv uses and will continue to use the UTI values above as TVTICs for the purposes of transaction reporting. Where EU authorised Participants are required to transaction report trades executed on the Refinitiv MTF to their own NCA, they are requested to also use this code as a TVTIC to ensure no breaks occur during reconciliation.

Market Identifier Codes (MICs)

The following MIC codes will be applied for the Refinitiv FX liquidity venues once implemented. Please note that the value changes will be the “New Segment MICs” listed below.

...

*where a MIC code is required for regulatory reporting undertaken by Refinitiv (primarily for EU
reporting), the segment MIC code is reported.

MarketFactory Analysis

FXMF-8147 - 2022-12-05 Refinitive Matching & FXall : Mandatory UTI Change and MIC confirmation

Changes from TCPI Specification Document

USIRequirement/USILeg and MIC_CODE Values are changed in incoming messages from FXALL as per stated above.

Impact to MarketFactory

OffVenue, MTF and SEF trades are all enhanced with UTI to contain Prefix [LEI of operating entity] + venue trade identifier + Leg and/or allocation designation.

MF fields impacted by CFTC Global UTI reporting requirement

RFS : MarketFactory will send Prefix [LEI of operating entity] + venue trade identifier + Leg and/or allocation designation.in LegRegulatoryValue  and AllocRegulatoryValue :

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