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  • New Orders (New Order Singles)
    venues will look to add a Legal Entity Identifier (LEI) MiFID II requires that firms will not be able to execute a trade on behalf of a client who is eligible for a LEI and does not have one.
    Execution Venue MIC (A market identifier code which is unique in its ability to identify securities trading exchange).
    Finally the requirement for a pre-Trade Waiver Indicators (Used for orders that are large in scale, held in an order management facility pending disclosure, actionable indications of interest in request-for-quote waiver indicators are likely to be the illiquid instrument and the specific size).
  • Quote Messages (Snapshots and Incremental Refresh)
    New fields may include Execution Decision Maker containing the decision maker and likely to contain the algo shortcode, this field will be mandatory for in-scope products.
  • Outbound Executions (Execution reports)
    Must contain a LEI
    Execution Decision Maker
    Algorithmic Order Flag, set if the order was algorithmic.

FX Forward contracts are outside the scope of MiFID II if they satisfy all of the following conditions: 

  • The contract for deliverable FX is physically settled.
  • At least one of the parties to the contract is a non-financial counterparty.
  • The purpose of the contract is to facilitate payment for identifiable goods, services or direct investment.
  • The contract is not traded on a trading venue.