Change Summary

Mandatory Change

Background

Introduce the ability to identify the liquidity provider that Filled or Rejected an order in the ESPTaker and RFSTaker workflows.

This feature will help users get a complete view of orders executed by an LP on an ECN + orders executed directly on the native bank API.

Affected Venues

Change

We will enrich ExecutionReport with ExecutionVenue PartyRole and PartyID populated with the MIC of the liquidity provider that Filled or Rejected an order.

Timeline

14 Nov 2025 - UAT - The feature will be available for clients to test in UAT if they are trading on the affected venues.
At client's discretion - PROD - Whisperer release 2025.11.XX.WE or a later version will be available for clients who are ready to consume ExecutionReport consistently populated with ExecutionVenue PartyRole.

Whisperer Client Impact

Change Details

Whisperer clients trading on the Affected Venues will consistently receive ExecutionVenue PartyRole and PartyID populated with the MIC of the liquidity provider in ExecutionReport.

The ExecutionVenue enrichment applies to ExecutionReport with IsSynthetic flag set to Y and N.

ExecutionVenue in t360_tex

Please note that the ExecutionVenue mappings exist only for the MIC of LPs configured for our clients at the time of this implementation.

As we do not have the visibility of all the LPs that 360T supports, clients starting to trade on t360_tex with new LPs will receive Undefined as the PartyID for ExecutionVenue until the LP's MIC is handled/ mapped by MarketFactory's adapter.

The following table has the MIC of the LP that our clients will receive in ExecutionVenue:

Venues	MICs
autobahnfx_rapid	`DBAG`
autobahnfx_singleleg	`DBAG`
baml	`BAML`
barx	`BARX`
bnpparibas_efx_streaming	`BNPS`
celertech	`CELR` (No ISO MIC for Celertech. Using a custom code)
citi_colo	`CGMI`
exchange24	`24EX`
fxspotstream	MIC of the LP. `FXSS` when `OrdStatus` = `PendingNew` or orders `Cancelled` by FSS due to connection loss.
gsfx	`GSCO`
hsbc_fx_mds	`HSBC`
jpmorgan_fx	`JPSI`
morganstanley_esp	`MSAX`
natwest_markets	`NWMS`
nomura_esp	`NMRA`
rbc_trading	`RBCS`
saxo_direct	`SXSI`
socgen	`XSGA`
standardchartered_s2bx	`STAN`
statestreet_efx	`SSBI`
t360_tex	MIC of the LP. `360T` when `OrdStatus` = `PendingNew` and `New`
ubs_fx2b	`UBSG`
xenfin_liquiditypool	`XENF` (No ISO MIC for XenFin. Using a custom code)
xtx_euthenia	`XTXM`

Documentation

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2025-Q4 - Post-Trade Normalisation (Execution Context) - ExecutionVenue - ESPTaker/ RFSTaker