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Rather than provide a loose, generic (i.e. obfuscated) mechanism to convey these fields, Whisperer Enterprise makes explicit provision for SEF, EMIR and MIFID requirements as different categories, each with explicit provision for every field, across the trading lifecycle and through the deal/leg/allocation trade structure, as detailed in below Message Structure below.

It needs to be understood that there is significant variation in the interpretation and implementation of all regulatory requirements across the market. By ensuring that all variants are accommodated, it follows that the Whisperer API offers a clear view of market best practice, and the potential impact to Customers intending to integrate with a wide range of Venues.

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• If a regulatory field on an inbound message is not populated, then it is because the Venue does not provide it.
• If a regulatory field is populated on an outbound message, but the Venue does not support it, then it will be ignored.
• Reporting obligations bilaterally agreed between Customer and Venue may vary between Maker and Taker roles. The Whisperer API will be agnostic to this.

Message Structure

For more detail reference the SBE Schema.

Venue-Specific Details

The table below sets out what Passthru keys are supported by Venue and Message.