FIX Adapter Account Defaults MiFID II

INTRODUCTION

For FIX Adapter users, TT User Setup supports MiFID II compliance with the following:

Account Defaults for MIFID II

Administrators can create Account Defaults for FIX Adapter users and configure them so that end users cannot override their values. The Account Default window  includes fields that support MiFID II compliance. These fields are treated as default values that the TT FIX Adapter server adds to outgoing orders and fills when needed.

When creating Account Defaults,  the settings highlighted below can be configured to support MiFID II compliance.

Descriptions of the MiFID II account default settings are provided in the following table.  When setting these fields, refer to MiFID II Order Fields by Exchange.

Setting Description
Investment Decision

User or firm who made the trading decision. Enter a registered ID or Short Code.

Execution Decision

User or firm that submitted the order. Enter a registered ID or Short Code.

Client

Customer identification. Enter the customer's legal entity identifier (LEI/Short Code).

Direct Electronic Access

Sets whether or not the order is sent from direct/sponsored access or from another source. Valid values:

  • None
  • True
  • False
Default value is "None."
Trading Capacity

Indication of a user dealing on own account (DEAL), matched principal (MATCH), or any other trading capacity (AOTC). Valid values:

  • None
  • DEAL
  • MATCH
  • AOTC
Default value is "None."

Liquidity Provision

Indication of market making. Valid values:

  • None
  • True
  • False
Default value is "None."

Commodity Derivative Indicator

Indication of whether the order is for hedging purposes. Valid values: 

  • None
  • True
  • False
Default value is "None."
FFT4

Used for free-form text or non-standard exchange fields; e.g., Tag 9707-MIFIDID on ICE.

FFT5

Used for free-form text or non-standard exchange fields. 

FFT6

Used for free-form text or non-standard exchange fields.

Account Default Algo settings MIFID II

Administrators can create Algo Defaults for FIX Adapter users and configure them so that end users cannot override their values.  Click Show Algo Settings at the bottom of the Account Default List window to show the Algo Defaults fields.

When creating Account Defaults or editing existing Account Defaults with algo settings for a FIX Adapter user, the following options are available for supporting MiFID II compliance.

The account defaults with Algo Settings to support MiFID II contain two types of data:

  • Key: Values that the TT FIX Adapter server uses to match incoming orders to particular rules. These fields are in bold.
  • Default: Values that the TT FIX Adapter server adds to outgoing orders and fills when needed.

The following table describes each account default algo setting. When setting these fields, refer to MiFID II Order Fields by Exchange.

Setting Description Type
Username

The name of the FIX Adapter client user. In the TT FIX Adapter Configuration Tool (FACT), username was known as RemoteCompId.

Key

Market

Sets the name of the market.  Enter an asterisk (*) to match any market.

Key
Investment Decision

User or firm who made the trading decision. Enter the user's registered ID or short code.

Default

Direct Electronic Access

Sets whether or not the order is sent from direct/sponsored access.  Valid values:

  • None
  • True
  • False
The default value for algo settings is "False".
Default

Liquidity Provision

Indication of market making. Valid values:

  • None
  • True
  • False
The default value is "False".
Default
FFT4

Used for free-form text or non-standard exchange fields; e.g., Tag 9707-MIFIDID on ICE.

Default

FFT5

Used for free-form text or non-standard exchange fields. 

Default

FFT6

Used for free-form text or non-standard exchange fields.

Default

Execution Decision

User or firm that submitted the order. Enter a registered ID or Short Code. Default
Algo

Name of the TT algo used for submitting the order. Click the drop-down arrow or button to select one of the following values: 

  • None
  • ADL
  • Aggregator
  • Autospreader
  • Autotrader
  • Liquidate
  • Sniper
  • SSE
Default