ICE Exchange has confirmed plans to change the structure of its MiFIR Trading Venue Transaction Identification Code (TVTIC) in the third quarter of 2023 as part of a major trading systems release – a crucial update for users who have transaction reporting obligations under MiFIR.
MiFIR requires that all transactions executed on exchange are transaction reported. These requirements include a unique identification number that is generated by the exchange and assigned to both the buying and the selling sides of a transaction.
The current number is a fixed 42-character value generated by the concatenation of the date and time of execution, the Exchange Deal ID and the Exchange Market ID of the transaction. The 42-character length is achieved by inserting zeros into the number to the left of the Deal ID and Market ID.
To minimise the risk of duplicate IDs being generated, ICE intends to increase the maximum size of the Deal ID to 14 digits. Given that it is not possible to fit a 14-digit number into the existing TVTIC schema, the exchange also plans to extend the length of the TVTIC to 51 characters. Zeros will be inserted before the Deal ID to ensure that the code is 51 characters.
“Members of ICE Exchange who have MiFIR transaction reporting obligations and acquire their TVTICs through the daily transaction files provided by the Exchange will see the larger size codes appear automatically in their daily files,” said Laurence Walton, head of regulation and compliance at ICE. “However, users who currently acquire their TVTICs by concatenating the component data points will need to modify their construction process to ensure that their TVTICs match the new expanded size.”
“Venues can and do update their TVTIC formats,” warned Matthew Vincent, managing director of Kaizen Reporting. “Firms that miss notification of changes to the format run the risk of potentially high volume – inaccurate transaction reports.”
The precise date of the implementation has not yet been confirmed.
©Markets Media Europe 2023
