Change Summary
Discretionary Change
Background
- UK-based clients will no longer be able to trade on the EU-MTF as the TPR (Temporary Permission Regime) that allows UK clients to trade on the EU-MTF will expire by the 30th of December 2023.
- A replacement, new 360T UK-MTF will be available from the 15th of December.
Affected Venues
- 360T have confirmed that GTX is out of scope for this change as they are OFF-SEF and OFF-MTF, therefore the t360_supersonic_maker Gateway is unaffected.
Change
- Clients will receive MIC code "G360" when trading on UK-MTF.
- A new version of the 360T Tex GUI is available here, allowing the client to select between UK-MTF and EU-MTF:
Timeline
- 15th December 2023 - 360T launches the UK-MTF. Your UK-domiciled clients should ensure they are onboarded to the UK-MTF to access MTF liquidity.
- 30th December 2023 - 360T TPR expires and EU-MTF will no longer be available to trade on for your UK-domiciled clients.
Whisperer Client Impact
Advisory Impact
Clients will be able to trade on UK-MTF using the current version Whisperer as normal.
Change Details
Phase 1 - Venue-side changes (completed)
- When trading on UK-MTF vs EU-MTF, clients will receive differing
PartyIDvalues forPartyRoleExecutionVenue. - The
LegRegulatoryValueprefix forLegRegulatoryKeyLegMiFIDTVTICwill contain the LEI for their respective MTF. - Clients will receive these
PartyRoleandLegRegulatoryKey valuesinQuoteRequest,NewOrderMultileg, andExecutionAckmessages.
|
| |
|---|---|---|
| UK-MTF | G360 | 529900MXX9KHFAUADV11 |
| EU-MTF | 360T | 529900P0204W9HA8JP36 |
Phase 2 - Whisperer schema change (completed)
As part of 2023-12-09 - Whisperer API Upgrade to v18945 the RegulatoryBodies field now includes a UKMiFID choice option, to differentiate from MiFID (EU).
This value is not yet set explicitly and will therefore initially convey a default FALSE value.
Phase 3 - explicitly report on/off-UK MTF
In a future release, Clients will see the RegulatoryBodies MiFID flag populated correctly for both EU-MTF and UK-MTF, reflecting the alternative ExecutionVenue MICs and LEIs delivered by the venue.
Documentation
Overview
Content Tools