MMT – The Journey So Far
The MMT Technical Committee also delivered a well-documented statement to ESMA as part of the consultation. Feedback is positive from the regulators about MMT. The final draft RTS will not, however, directly endorse MMT but both of the MMT committees have maintained compatibility with the regulatory requirements supporting ISO 20022.
During the formalisation of the draft RTSs (regulatory technical standards), it became clear that MiFID II covers more asset classes than shares only and that the MMT working groups would need to verify if MMT would be applicable to other asset classes as well. This required cooperation with other FIX work streams across the Technical Committees active in MiFID/MiFIR issues (the Transparency Subgroup in particular). The cooperation was swift and without problems and initially confirmed that MMT will be suitable to all asset classes alike.
Christiane Baumgarten, Head of Regulation, Regulatory Services at Deutsche Börse AG and Co-chair on the MMT Steering Committee, notes: “The MMT TC did an amazing job in evaluating the compatibility of MMT, originally developed for equity trades, also for non-equity trades in a very short time span. This was only possible due to the strong commitment of our colleagues in the TC, as well as the close liaison with other FIX Trading Community’s Technical Committees.”
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