ICE Enhanced Order Validation Requirements
Starting March 1, ICE will enhance its order validation process to verify that any short code (“Execution in Firm,” “Investment Decision” or “Client”) or MiFID Profile ID submitted on an order matches a short code or profile that is set-up in the ICE Identifier App (IIA).
The exchange’s current order validation process requires short codes for the following tags, or a valid MiFID profile ID (Tag 9707), to be submitted on every order:
- Investment Decision (Fix Tag 9704)
- Execution in Firm (Fix Tag 9705)
- Client ID (Fix Tag 9706)
When the enhanced order validation is implemented by ICE, these short codes, or the MiFID Profile ID, sent on an order must be registered in the IIA, or the order will be rejected with the error code “Mifid parsing error”. ICE will not accept orders until this information is registered with the exchange.
ICE will implement enhanced order validation on a phased basis for specific products. The production dates for the affected products in ICE and ICE_L markets are as follows:
- March 1: Financial and Equity Products (IFLL, IFLO)
- March 15: Commodity derivatives including freight and Emission Allowance products (IFEU, IFLX)
Details from ICE related to this change may be found in the following circulars:
- Circular 19/160 – MiFIR: Enhanced Order Validation Process
- Circular 20/13 – Enhanced MiFIR Order Validation – Implementation Dates
The ICE Identifier Admin (IIA) guide from the exchange may be found here, and should be used as a reference in order to configure short codes for their profiles in the production environment.
For additional assistance with this process, customers should contact ICE directly.