Markets Ontology
type: Ontology
abstract: This ontology defines the fundamental concepts for markets, exchanges, regulated markets, and multilateral trading facilities.
license: Copyright (c) 2015-2025 EDM Council, Inc. Copyright (c) 2015-2025 Object Management Group, Inc. Permission is hereby granted, free of charge, to any person obtaining a copy of this software and associated documentation files (the 'Software'), to deal in the Software without restriction, including without limitation the rights to use, copy, modify, merge, publish, distribute, sublicense, and/or sell copies of the Software, and to permit persons to whom the Software is furnished to do so, subject to the following conditions: The above copyright notice and this permission notice shall be included in all copies or substantial portions of the Software. THE SOFTWARE IS PROVIDED 'AS IS', WITHOUT WARRANTY OF ANY KIND, EXPRESS OR IMPLIED, INCLUDING BUT NOT LIMITED TO THE WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE AND NONINFRINGEMENT. IN NO EVENT SHALL THE AUTHORS OR COPYRIGHT HOLDERS BE LIABLE FOR ANY CLAIM, DAMAGES OR OTHER LIABILITY, WHETHER IN AN ACTION OF CONTRACT, TORT OR OTHERWISE, ARISING FROM, OUT OF OR IN CONNECTION WITH THE SOFTWARE OR THE USE OR OTHER DEALINGS IN THE SOFTWARE. See https://opensource.org/licenses/MIT.
imports: Publishers
imports: BusinessRegistries
imports: FinancialProductsAndServices
imports: Lifecycles
imports: Reporting
imports: Relations
imports: AnnotationVocabulary
imports: Classifiers
imports: Collections
imports: Designators
imports: Identifiers
imports: Locations
imports: Organizations
imports: RegistrationAuthorities
imports: RegulatoryAgencies
imports: RolesAndCompositions
imports: SitesAndFacilities
version IRI: Markets
change note: The https://spec.edmcouncil.org/fibo/ontology/FBC/FunctionalEntities/Markets.rdf version of the ontology was modified to eliminate deprecations that are more than 6 months old, primarily due to the change in the MIC structure in 2021.
change note: The https://spec.edmcouncil.org/fibo/ontology/FBC/FunctionalEntities/Markets.rdf version of the ontology was modified to replace additional content that is now available in the OMG Commons Ontology Library (Commons) v1.2 (FND-389).
change note: The https://spec.edmcouncil.org/fibo/ontology/FBC/FunctionalEntities/Markets.rdf version of the ontology was modified to replace content that is now available in the OMG Commons Ontology Library (Commons) v1.1 (FND-380).
change note: The https://spec.edmcouncil.org/fibo/ontology/FBC/FunctionalEntities/Markets.rdf version of the ontology was modified to reuse concepts from the Commons 1.3 sites and facilities ontology (FND-401).
change note: The https://spec.edmcouncil.org/fibo/ontology/FBC/FunctionalEntities/Markets.rdf version of the ontology was modified to use the Commons Ontology Library (Commons) Annotation Vocabulary rather than the OMG's Specification Metadata vocabulary.
change note: The https://spec.edmcouncil.org/fibo/ontology/FBC/FunctionalEntities/Markets.rdf version of this ontology was modified to use the Commons Ontology Library (Commons) rather than the OMG's Languages, Countries and Codes (LCC) and to eliminate redundancies in FIBO as appropriate.
change note: The https://spec.edmcouncil.org/fibo/ontology/FBC/FunctionalEntities/Markets/ version of this ontology was modified per the FIBO 2.0 RFC.
change note: The https://spec.edmcouncil.org/fibo/ontology/FBC/FunctionalEntities/Markets/ version of this ontology was modified to add the definition of an exchange participant and loosen constraints on the location in which a given exchange operates, given that there are cases when an exchange may operate in multiple locations.
change note: The https://spec.edmcouncil.org/fibo/ontology/FBC/FunctionalEntities/Markets/ version of this ontology was modified to add: 'off-market', with synonyms of 'off-facility' and 'off-book', 'auction market' for periodic or on-demand auction markets, 'dark pool', and 'quote-driven market' for those that have QUOTE or RFQ in their name excluding QUOTED FUNDS, and other 'alternative trading system's; also moved 'designated contract market' and 'swap execution facility' from DER to the this ontology for use in generating proper classification of the ISO MIC codes.
change note: The https://spec.edmcouncil.org/fibo/ontology/FBC/FunctionalEntities/Markets/ version of this ontology was modified to eliminate deprecated elements.
change note: The https://spec.edmcouncil.org/fibo/ontology/FBC/FunctionalEntities/Markets/ version of this ontology was modified to eliminate duplication of concepts in LCC, simplify addresses, merge countries with locations in FND, and correct the declaration of the property 'operates in municipality' to be an object property.
change note: The https://spec.edmcouncil.org/fibo/ontology/FBC/FunctionalEntities/Markets/ version of this ontology was modified to generalize certain unions where they were no longer required and to move international registration authorities individuals to a separate ontology for better modularity.
change note: The https://spec.edmcouncil.org/fibo/ontology/FBC/FunctionalEntities/Markets/ version of this ontology was modified to integrated details from the redundant 'securities exchange' concept with 'exchange'.
change note: The https://spec.edmcouncil.org/fibo/ontology/FBC/FunctionalEntities/Markets/ version of this ontology was modified to reflect issue resolutions detailed in the FIBO FBC 1.0 RTF report.
change note: The https://spec.edmcouncil.org/fibo/ontology/FBC/FunctionalEntities/Markets/ version of this ontology was modified to replace the hasTag property in Relations with the LCC equivalent on nominals.
change note: The https://spec.edmcouncil.org/fibo/ontology/FBC/FunctionalEntities/Markets/ version of this ontology was modified to revise the number and nature of 'market categories' per the latest version of ISO 10383, including the addition of ESMA-regulated data reporting service providers and other new categories, augment the representation of a market to reference the legal entity that is the market, add their LEI and other details that correspond to the entity vs. the market and so forth.
has maturity level: Release
copyright: Copyright (c) 2015-2025 EDM Council, Inc.
copyright: Copyright (c) 2015-2025 Object Management Group, Inc.

active MIC status
type: NamedIndividual
type: market indicator code status
definition: market identifier code status that indicates that as of the last report or update, the code was registered and actively in use
has tag: ACTIVE
adapted from: ISO 10383, Securities and related financial instruments - Codes for exchanges and market identification (MIC), version 2.0
adapted from: https://www.iso20022.org/sites/default/files/2021-12/ISO10383_MIC_Release_2_0_Factsheet.pdf

alternative trading system
type: Class
subclass of: exchange
subclass of: Restriction
  on property: isClassifiedBy
  has value: market category classifier - ATSS
definition: trading venue that is more loosely regulated than a regulated exchange
abbreviation: ATS
adapted from: https://www.iso20022.org/sites/default/files/2021-12/ISO10383_MIC_Release_2_0_Factsheet.pdf
explanatory note: The SEC formally defines an alternative trading system as any organization, association, person, group of persons, or systems (1) that constitutes, maintains, or provides a market place or facilities for bringing together purchasers and sellers of securities or for otherwise performing with respect to securities the functions commonly performed by a stock exchange within the meaning of Rule 3b-16 under the Exchange Act; and (2) that does not (i) set rules governing the conduct of subscribers other than the conduct of such subscribers' trading on such organization, association, person, group of persons, or system, or (ii) discipline subscribers other than by exclusion from trading.

approved publication arrangement
type: Class
subclass of: data reporting services provider
subclass of: Restriction
  on property: isClassifiedBy
  has value: market category classifier - APPA
definition: data reporting services provider that is authorized to provide the service of publishing certain trade reports on behalf of banks, investment firms, or asset management companies
abbreviation: APA
adapted from: https://www.esma.europa.eu/press-news/esma-news/esma-identifies-data-reporting-services-providers-be-supervised-directly
adapted from: https://www.iso20022.org/sites/default/files/2021-12/ISO10383_MIC_Release_2_0_Factsheet.pdf
adapted from: https://www.lawinsider.com/dictionary/approved-publication-arrangement-apa
synonym: authorised publication arrangement
synonym: authorized publication arrangement

approved reporting mechanism
type: Class
subclass of: data reporting services provider
subclass of: Restriction
  on property: isClassifiedBy
  has value: market category classifier - ARMS
definition: data reporting services provider that is authorized to provide the service of reporting details of transactions to competent authorities or ESMA (the European Securities and Markets Authority) on behalf of investment firms
abbreviation: ARM
adapted from: https://www.esma.europa.eu/press-news/esma-news/esma-identifies-data-reporting-services-providers-be-supervised-directly
adapted from: https://www.iso20022.org/sites/default/files/2021-12/ISO10383_MIC_Release_2_0_Factsheet.pdf
adapted from: https://www.lawinsider.com/dictionary/approved-reporting-mechanism

auction market
type: Class
subclass of: exchange
definition: exchange in which buyers and sellers submit competitive bids that do not involve direct negotiations between parties, as part of an auction scheduled either on demand or on a periodic basis

consolidated tape provider
type: Class
subclass of: data reporting services provider
subclass of: Restriction
  on property: isClassifiedBy
  has value: market category classifier - CTPS
definition: data reporting services provider that is authorized to provide the service of collecting trade reports for financial instruments from regulated markets, MTFs, OTFs and APAs and consolidating them into a continuous electronic live data stream providing price and volume data per financial instrument
abbreviation: CTP
adapted from: https://www.esma.europa.eu/press-news/esma-news/esma-identifies-data-reporting-services-providers-be-supervised-directly
adapted from: https://www.iso20022.org/sites/default/files/2021-12/ISO10383_MIC_Release_2_0_Factsheet.pdf
adapted from: https://www.lawinsider.com/dictionary/consolidated-tape-providers-hereinafter-referred-to-as-ctp
explanatory note: Consolidated tape is an electronic system that collates real-time exchange-listed data, such as price and volume, and disseminates it to investors. Through the consolidated tape, various major exchanges, including the New York Stock Exchange, the NASDAQ, and the Chicago Board Options Exchange, report trades and quotes.

crypto asset services provider
type: Class
subclass of: FinancialServiceProvider
subclass of: Restriction
  on property: isClassifiedBy
  has value: market category classifier - CASP
subclass of: Restriction
  on property: isIdentifiedBy
  on class: market identifier
  min qualified cardinality: 0
subclass of: Restriction
  on property: has facility acronym
  min qualified cardinality: 0
  on data range: Literal
subclass of: Restriction
  on property: hasFormalName
  min qualified cardinality: 0
  on data range: Literal
subclass of: Restriction
  on property: operates in country
  some values from: Country
subclass of: Restriction
  on property: operates in municipality
  some values from: Municipality
definition: financial services provider that provides services for crypto assets that enable the control of crypto assets, and participate in, or provide, financial services for issuers' offers, or sale, of crypto assets
abbreviation: CASP
adapted from: https://www.iso20022.org/sites/default/files/2021-12/ISO10383_MIC_Release_2_0_Factsheet.pdf
adapted from: https://www.lawinsider.com/dictionary/crypto-asset-service-provider-casp
explanatory note: Services related to crypto assets may include businesses that exchange crypto assets for fiat currencies, or vice versa, that conduct transactions that move crypto assets from one crypto asset address, or account, to another, and/or that provide facilities for the safekeeping, or administration, of crypto assets, or instruments.

dark pool
type: Class
subclass of: alternative trading system
definition: privately organized alternative trading system, that allows institutional investors the ability to trade without exposure until after the trade has been executed and reported

data reporting services provider
type: Class
subclass of: MarketDataProvider
subclass of: ReportingParty
subclass of: Restriction
  on property: isIdentifiedBy
  on class: market identifier
  min qualified cardinality: 0
subclass of: Restriction
  on property: has facility acronym
  min qualified cardinality: 0
  on data range: Literal
subclass of: Restriction
  on property: hasFormalName
  min qualified cardinality: 0
  on data range: Literal
subclass of: Restriction
  on property: operates in country
  some values from: Country
subclass of: Restriction
  on property: operates in municipality
  some values from: Municipality
definition: market data provider and reporting party that reports and/or publishes data on securities transactions, including required regulatory reporting for such transactions, and as such is subject to regulatory supervision
abbreviation: DRSP
adapted from: https://www.esma.europa.eu/press-news/esma-news/esma-identifies-data-reporting-services-providers-be-supervised-directly
adapted from: https://www.esma.europa.eu/supervision/supervision/data-reporting-services-providers

designated contract market
type: Class
subclass of: exchange
subclass of: Restriction
  on property: isClassifiedBy
  has value: market category classifier - DCMS
definition: exchange, trading system, or platform that enables listing for trading futures or option contracts based on any underlying commodity, index or instrument
abbreviation: DCM
adapted from: http://www.cftc.gov/IndustryOversight/TradingOrganizations/DCMs/index.htm
adapted from: https://www.iso20022.org/sites/default/files/2021-12/ISO10383_MIC_Release_2_0_Factsheet.pdf

electronic communication network
type: Class
subclass of: alternative trading system
definition: alternative trading system that automatically matches buy and sell orders for securities in the market
abbreviation: ECN
explanatory note: ECNs allow brokerages and investors in different geographic areas to trade without a third party involved, offering privacy for investors. They also allow after-hours trading, but trading may be subject to commissions and other fees.

exchange
type: Class
subclass of: Facility
subclass of: Restriction
  on property: isIdentifiedBy
  on class: market identifier
  min qualified cardinality: 0
subclass of: Restriction
  on property: isManagedBy
  on class: FinancialServiceProvider
  min qualified cardinality: 0
subclass of: Restriction
  on property: has facility acronym
  min qualified cardinality: 0
  on data range: Literal
subclass of: Restriction
  on property: hasFormalName
  min qualified cardinality: 0
  on data range: Literal
subclass of: Restriction
  on property: operates in country
  some values from: Country
subclass of: Restriction
  on property: operates in municipality
  some values from: Municipality
definition: any organization, association, or group of persons, whether incorporated or unincorporated, which constitutes, maintains, or provides a facility for bringing together purchasers and sellers of financial instruments, commodities, or other products, services, or goods, and includes the market place and facilities maintained by such exchange
adapted from: ISO 10383, Securities and related financial instruments - Codes for exchanges and market identification (MIC), Third edition, 2012-10-01, confirmed 2018-03-29
adapted from: Securities Exchange Act of 1934, as amended 12 August 2012
explanatory note: An exchange is typically a corporation or mutual organization that provides securities trading services, where securities may be bought and sold by third parties. As a facility, an exchange is also a place of trade associated with a particular site, i.e., stock exchange, regulated market such as an Electronic Trading Platform (ECN), or unregulated market, such as an Automated Trading System (ATS), or market data provider. Stock exchanges also provide facilities for the issue and redemption of securities as well as other financial instruments and capital events including the payment of income and dividends. The securities traded on a stock exchange include: shares issued by companies, unit trusts, derivatives, pooled investment products and bonds. To be able to trade a security on a certain stock exchange, it has to be listed there. Usually there is a central location at least for recordkeeping, but trade is less and less linked to such a physical place, as modern markets are electronic networks, which gives them advantages of speed and cost of transactions. Trade on an exchange is by members only.
synonym: market

exchange participant
type: Class
subclass of: RegisteredAgent
subclass of: OrganizationMember
subclass of: Restriction
  on property: isRegisteredBy
  some values from: exchange
subclass of: Restriction
  on property: isPlayedBy
  some values from: Restriction
    on property: isMemberOf
    some values from: Restriction
      on property: playsRole
      some values from: exchange
definition: registered agent who, in accordance with the rules of an exchange, may trade on or through the exchange and whose name is entered in a list, register or roll kept by the exchange as an agent who may trade on or through the exchange

expired MIC status
type: NamedIndividual
type: market indicator code status
definition: as of the last report or update, the exchange code has expired
has tag: EXPIRED
adapted from: ISO 10383, Securities and related financial instruments - Codes for exchanges and market identification (MIC), Third edition, version 2.0
adapted from: https://www.iso20022.org/sites/default/files/2021-12/ISO10383_MIC_Release_2_0_Factsheet.pdf

ISO 10383 classification scheme
type: NamedIndividual
type: ClassificationScheme
definition: classification scheme for market categories and related content per the ISO 10383 standard
adapted from: https://www.iso20022.org/market-identifier-codes
adapted from: https://www.iso20022.org/sites/default/files/2021-12/ISO10383_MIC_Release_2_0_Factsheet.pdf

interdealer quotation system
type: Class
subclass of: exchange
subclass of: Restriction
  on property: isClassifiedBy
  has value: market category classifier - IDQS
definition: automated system for organizing and disseminating price quotes by brokers and dealer firms that facilitates electronic trading in securities
example: The National Association of Securities Dealers Automatic Quotation (Nasdaq), Nasdaq SmallCap Market, and the Over-The-Counter Bulletin Board (OTCBB) exchange platforms are integrated into one IQS. By using this integrated system, investors have access to a wide range of securities, ranging from large blue-chip companies to smaller micro-caps.
abbreviation: IQS
adapted from: https://www.investopedia.com/terms/i/interdealerquotationsystem.asp
adapted from: https://www.iso20022.org/sites/default/files/2021-12/ISO10383_MIC_Release_2_0_Factsheet.pdf
adapted from: https://www.lawinsider.com/dictionary/inter-dealer-quotation-system
explanatory note: An IQS ties the price quotations of a number of exchanges together into one platform. This allows investors to more easily access security price quotations that would otherwise need to be monitored on several separate exchanges.
explanatory note: In the United States, an IQS is an automated interdealer quotation system of a national securities association registered pursuant to section 15A(a) of the Exchange Act (15 U.S.C. 78o-3(a)).
synonym: inter-dealer quotation system

market category classifier
type: Class
subclass of: Classifier
subclass of: Restriction
  on property: isDefinedIn
  has value: ISO 10383 classification scheme
subclass of: Restriction
  on property: classifies
  some values from: Class
    union of: crypto asset services provider
    union of: data reporting services provider
    union of: exchange
    union of: trade reporting facility
definition: classifier representing the controlled vocabulary that delineates the nature of the exchange or data reporting services provider where possible
scope note: As of October 2022, the controlled vocabulary includes two codes that are not semantically useful, namely 'not specified', or NSPD, and 'other', or OTHR. These are included for the sake of completeness but ignored with respect to how the exchange or market is classified. If something has one of these two codes as a market category, they will be classified either as an operating-level or segment-level marketas appropriate with no other distinction in terms of how they are instantiated.
adapted from: https://www.iso20022.org/sites/default/files/2021-12/ISO10383_MIC_Release_2_0_Factsheet.pdf

market category classifier - APPA
type: NamedIndividual
type: market category classifier
definition: market category classifier for an approved publication arrangement
has tag: APPA
adapted from: https://www.iso20022.org/sites/default/files/2021-12/ISO10383_MIC_Release_2_0_Factsheet.pdf

market category classifier - ARMS
type: NamedIndividual
type: market category classifier
definition: market category classifier for an approved reporting mechanism
has tag: ARMS
adapted from: https://www.iso20022.org/sites/default/files/2021-12/ISO10383_MIC_Release_2_0_Factsheet.pdf

market category classifier - ATSS
type: NamedIndividual
type: market category classifier
definition: market category classifier for an alternative trading system
has tag: ATSS
adapted from: https://www.iso20022.org/sites/default/files/2021-12/ISO10383_MIC_Release_2_0_Factsheet.pdf

market category classifier - CASP
type: NamedIndividual
type: market category classifier
definition: market category classifier for a crypto asset services provider
has tag: CASP
adapted from: https://www.iso20022.org/sites/default/files/2021-12/ISO10383_MIC_Release_2_0_Factsheet.pdf

market category classifier - CTPS
type: NamedIndividual
type: market category classifier
definition: market category classifier for a consolidated tape provider
has tag: CTPS
adapted from: https://www.iso20022.org/sites/default/files/2021-12/ISO10383_MIC_Release_2_0_Factsheet.pdf

market category classifier - DCMS
type: NamedIndividual
type: market category classifier
definition: market category classifier for a designated contract market
has tag: DCMS
adapted from: https://www.iso20022.org/sites/default/files/2021-12/ISO10383_MIC_Release_2_0_Factsheet.pdf

market category classifier - IDQS
type: NamedIndividual
type: market category classifier
definition: market category classifier for an interdealer quotation system
has tag: IDQS
adapted from: https://www.iso20022.org/sites/default/files/2021-12/ISO10383_MIC_Release_2_0_Factsheet.pdf

market category classifier - MLTF
type: NamedIndividual
type: market category classifier
definition: market category classifier for a multilateral trading facility
has tag: MLTF
adapted from: https://www.iso20022.org/sites/default/files/2021-12/ISO10383_MIC_Release_2_0_Factsheet.pdf

market category classifier - NSPD
type: NamedIndividual
type: market category classifier
definition: market category classifier indicating that the market category has not been specified by the reporting party
has tag: NSPD
adapted from: https://www.iso20022.org/sites/default/files/2021-12/ISO10383_MIC_Release_2_0_Factsheet.pdf

market category classifier - OTFS
type: NamedIndividual
type: market category classifier
definition: market category classifier for an organized trading facility
has tag: OTFS
adapted from: https://www.iso20022.org/sites/default/files/2021-12/ISO10383_MIC_Release_2_0_Factsheet.pdf

market category classifier - OTHR
type: NamedIndividual
type: market category classifier
definition: market category classifier indicating that the reporting party believes that the market classifier is something other than any of the given market categories
has tag: OTHR
adapted from: https://www.iso20022.org/sites/default/files/2021-12/ISO10383_MIC_Release_2_0_Factsheet.pdf

market category classifier - RMKT
type: NamedIndividual
type: market category classifier
definition: market category classifier for a regulated market
has tag: RMKT
adapted from: https://www.iso20022.org/sites/default/files/2021-12/ISO10383_MIC_Release_2_0_Factsheet.pdf

market category classifier - RMOS
type: NamedIndividual
type: market category classifier
definition: market category classifier for a recognized market operator
has tag: RMOS
adapted from: https://www.iso20022.org/sites/default/files/2021-12/ISO10383_MIC_Release_2_0_Factsheet.pdf

market category classifier - SEFS
type: NamedIndividual
type: market category classifier
definition: market category classifier for a swap execution facility
has tag: SEFS
adapted from: https://www.iso20022.org/sites/default/files/2021-12/ISO10383_MIC_Release_2_0_Factsheet.pdf

market category classifier - SINT
type: NamedIndividual
type: market category classifier
definition: market category classifier for a systematic internalizer
has tag: SINT
adapted from: https://www.iso20022.org/sites/default/files/2021-12/ISO10383_MIC_Release_2_0_Factsheet.pdf

market category classifier - TRFS
type: NamedIndividual
type: market category classifier
definition: market category classifier for a trade reporting facility
has tag: TRFS
adapted from: https://www.iso20022.org/sites/default/files/2021-12/ISO10383_MIC_Release_2_0_Factsheet.pdf

market identifier
type: Class
subclass of: Identifier
subclass of: Restriction
  on property: identifies
  some values from: Class
    union of: crypto asset services provider
    union of: data reporting services provider
    union of: exchange
    union of: trade reporting facility
definition: identifier that specifies a universal method of identifying exchanges, trading platforms, regulated or non-regulated markets, and data reporting services providers as sources of prices and related information in order to facilitate automated processing
abbreviation: MIC
adapted from: ISO 10383, Securities and related financial instruments - Codes for exchanges and market identification (MIC), Third edition, 2012-10-01
adapted from: https://www.iso20022.org/market-identifier-codes
adapted from: https://www.iso20022.org/sites/default/files/2021-12/ISO10383_MIC_Release_2_0_Factsheet.pdf
explanatory note: It is intended for use in any application and communication for identification of places - where a financial instrument is listed (place of official listing), - where a related trade is executed (place of trade), and - where trade details are reported (trade reporting facility).
synonym: Market Identifier Code

market indicator code status
type: Class
subclass of: LifecycleStage
definition: lifecycle stage indicating the status of the MIC code, as specified by the registration authority
adapted from: https://www.iso20022.org/market-identifier-codes

market level classifier
type: Class
subclass of: Classifier
subclass of: Restriction
  on property: isDefinedIn
  has value: ISO 10383 classification scheme
subclass of: Restriction
  on property: classifies
  some values from: Class
    union of: crypto asset services provider
    union of: data reporting services provider
    union of: exchange
    union of: trade reporting facility
definition: classifier that indicates whether the exchange or data reporting services provider is an operating level or market segment level facility
adapted from: https://www.iso20022.org/sites/default/files/2021-12/ISO10383_MIC_Release_2_0_Factsheet.pdf

market-level classifier - OPRT
type: NamedIndividual
type: market level classifier
definition: market-level classifier for an operating-level facility
has tag: OPRT
adapted from: https://www.iso20022.org/sites/default/files/2021-12/ISO10383_MIC_Release_2_0_Factsheet.pdf

market-level classifier - SGMT
type: NamedIndividual
type: market level classifier
definition: market-level classifier for a segment-level facility
has tag: SGMT
adapted from: https://www.iso20022.org/sites/default/files/2021-12/ISO10383_MIC_Release_2_0_Factsheet.pdf

market segment-level market
type: Class
subclass of: exchange
subclass of: Restriction
  on property: isClassifiedBy
  has value: market-level classifier - SGMT
subclass of: Restriction
  on property: isPartOf
  some values from: operating-level market
definition: section of an exchange/market/trade reporting facility that specialises in one or more specific instruments or that is regulated differently
example: Dark pool
note: A market segment MIC can only be registered if an operating/exchange MIC already exists.
note: It is not required to have a MIC registered for all segments of a market, only for those segments that need to be identified.
adapted from: ISO 10383, Securities and related financial instruments - Codes for exchanges and market identification (MIC), Third edition, 2012-10-01, confirmed 2018-03-29, clause 2.2
adapted from: https://www.iso20022.org/sites/default/files/2021-12/ISO10383_MIC_Release_2_0_Factsheet.pdf

market segment-level market identifier
type: Class
subclass of: market identifier
definition: market identifier that identifies a section of an exchange/market/trade reporting facility that specialises in one or more specific instruments or that is regulated differently
adapted from: ISO 10383, Securities and related financial instruments - Codes for exchanges and market identification (MIC), Third edition, 2012-10-01, confirmed 2018-03-29, clause 2.2
adapted from: https://www.iso20022.org/sites/default/files/2021-12/ISO10383_MIC_Release_2_0_Factsheet.pdf

multilateral trading facility
type: Class
subclass of: alternative trading system
subclass of: Restriction
  on property: isClassifiedBy
  has value: market category classifier - MLTF
definition: trading system that facilitates the exchange of financial instruments between multiple parties
abbreviation: MTF
adapted from: http://www.investopedia.com/terms/m/multilateral_trading_facility.asp
adapted from: https://www.iso20022.org/sites/default/files/2021-12/ISO10383_MIC_Release_2_0_Factsheet.pdf
explanatory note: Multilateral trading facilities allow eligible contract participants to gather and transfer a variety of securities, especially instruments that may not have an official market. These facilities are often electronic systems controlled by approved market operators or larger investment banks. Traders will usually submit orders electronically, where a matching software engine is used to pair buyers with sellers.

off-market facility
type: Class
subclass of: exchange
definition: facility used for reporting over-the-counter (OTC) and other direct trades that are not executed by the exchange but are reported through the exchange
synonym: off-book
synonym: off-facility

operating-level market
type: Class
subclass of: exchange
subclass of: Restriction
  on property: isClassifiedBy
  has value: market-level classifier - OPRT
subclass of: Restriction
  on property: isIdentifiedBy
  on class: operating-level market identifier
  min qualified cardinality: 0
definition: exchange/market/trade reporting facility in a specific market/country
adapted from: ISO 10383, Securities and related financial instruments - Codes for exchanges and market identification (MIC), Third edition, 2012-10-01, confirmed 2018-03-29, clause 2.1
adapted from: https://www.iso20022.org/sites/default/files/2021-12/ISO10383_MIC_Release_2_0_Factsheet.pdf

operating-level market identifier
type: Class
subclass of: market identifier
definition: market identifier that identifies an exchange/market/trade reporting facility in a specific market/country
adapted from: ISO 10383, Securities and related financial instruments - Codes for exchanges and market identification (MIC), Third edition, 2012-10-01, confirmed 2018-03-29, clause 2.1
adapted from: https://www.iso20022.org/sites/default/files/2021-12/ISO10383_MIC_Release_2_0_Factsheet.pdf

organised trading facility
type: Class
subclass of: alternative trading system
subclass of: Restriction
  on property: isManagedBy
  all values from: FinancialServiceProvider
subclass of: Restriction
  on property: isClassifiedBy
  has value: market category classifier - OTFS
subclass of: Restriction
  on property: isGovernedBy
  some values from: Jurisdiction
label: organized trading facility
definition: multi-lateral system which is not an RM or an MTF and in which multiple third-party buying and selling interests in bonds, structured finance products, emission allowances or derivatives are able to interact in the system in a way that results in a contract in accordance with the provisions of Title II of MiFID II
abbreviation: OTF
adapted from: http://www.marketswiki.com/mwiki/Organized_Trading_Facility
adapted from: https://www.iso20022.org/sites/default/files/2021-12/ISO10383_MIC_Release_2_0_Factsheet.pdf
explanatory note: OTFs were introduced by the European Commission as part of MiFID II and are focused on non-equities such as derivatives and cash bond markets. OTFs are intended to be similar in scope to a swap execution facility (SEF), a type of entity created by the Dodd-Frank Act in the U.S. The goal of SEFs and OTFs is to bring transparency and structure to OTC derivatives trading.
explanatory note: Unlike RMs and MTFs, operators of OTFs will have discretion as to how to execute orders, subject to pre-transparency and best execution obligations.

quote-driven market
type: Class
subclass of: exchange
definition: exchange in which prices are determined from bid and ask quotations made by market makers, dealers, or specialists
explanatory note: In a quote-driven market, dealers fill orders from their own inventory or by matching them with other orders. Note that this differs from a typical market, which is order-driven rather than quote-driven.
synonym: price-driven market

recognised market operator
type: Class
subclass of: exchange
subclass of: Restriction
  on property: isClassifiedBy
  has value: market category classifier - RMOS
label: recognized market operator
definition: exchange that is operated or maintained by an operator registered under certain securities regulations that brings together purchasers and sellers of capital market products
abbreviation: RMO
adapted from: https://www.igi-global.com/dictionary/regulating-fintech-businesses/77383
adapted from: https://www.iso20022.org/sites/default/files/2021-12/ISO10383_MIC_Release_2_0_Factsheet.pdf
adapted from: https://www.lawinsider.com/dictionary/recognized-market
adapted from: https://www.mas.gov.sg/regulation/capital-markets/approved-exchange-ae-or-recognised-market-operator-rmo-licence

registered multilateral trading facility
type: Class
subclass of: multilateral trading facility
subclass of: Restriction
  on property: isManagedBy
  some values from: FinancialServiceProvider
subclass of: Restriction
  on property: isRegisteredBy
  some values from: RegistrationAuthority
subclass of: Restriction
  on property: isGovernedBy
  some values from: Jurisdiction
definition: multilateral system operated by an investment firm or market operator, which brings together multiple third-party buying and selling interests in financial instruments in the system, in accordance with non-discretionary rules, in a way that results in a contract in accordance with the provisions of Title II of the MiFID II

regulated exchange
type: Class
subclass of: exchange
subclass of: Restriction
  on property: isClassifiedBy
  has value: market category classifier - RMKT
subclass of: Restriction
  on property: isGovernedBy
  some values from: Jurisdiction
subclass of: Restriction
  on property: isRegulatedBy
  some values from: RegulatoryAgency
definition: regulated market that is operated by and/or managed by a market operator that brings together or facilitates the bringing together of multiple third-party buying and selling interests in financial instruments
abbreviation: RM
adapted from: http://www.investopedia.com/terms/r/regulated-market.asp
adapted from: https://www.iso20022.org/sites/default/files/2021-12/ISO10383_MIC_Release_2_0_Factsheet.pdf
explanatory note: In the financial community in the EU, such an exchange operates in accordance with its non-discretionary rules in a way that results in a contract, in respect of the financial instruments admitted to trading under its rules and/or systems, and which is authorised and functions regularly and in accordance with the provisions of Title III of MiFID II.
synonym: regulated market

swap execution facility
type: Class
subclass of: exchange
subclass of: Restriction
  on property: isClassifiedBy
  has value: market category classifier - SEFS
definition: exchange that enables participants to execute and trade swaps
abbreviation: SEF
adapted from: https://www.iso20022.org/sites/default/files/2021-12/ISO10383_MIC_Release_2_0_Factsheet.pdf
explanatory note: Swap execution facilities, including trading systems and other platforms, allow for greater transparency and represent a significant shift in the way derivative trading has been done. The Dodd-Frank Act lays the foundation for this change of derivative execution.

systematic internaliser
type: Class
subclass of: exchange
subclass of: Restriction
  on property: isClassifiedBy
  has value: market category classifier - SINT
label: systematic internalizer
definition: investment firm that, on an organised, frequent, systematic and substantial basis, deals on its own account by executing client orders outside a regulated exchange, MTF or OTF without operating a multilateral system
abbreviation: SI
adapted from: https://www.emissions-euets.com/systematic-internaliser
adapted from: https://www.iso20022.org/sites/default/files/2021-12/ISO10383_MIC_Release_2_0_Factsheet.pdf

trade reporting facility
type: Class
subclass of: Facility
subclass of: Restriction
  on property: isClassifiedBy
  has value: market category classifier - TRFS
subclass of: Restriction
  on property: isIdentifiedBy
  on class: market identifier
  min qualified cardinality: 0
subclass of: Restriction
  on property: isManagedBy
  on class: FinancialServiceProvider
  min qualified cardinality: 0
subclass of: Restriction
  on property: has facility acronym
  min qualified cardinality: 0
  on data range: Literal
subclass of: Restriction
  on property: hasFormalName
  min qualified cardinality: 0
  on data range: Literal
subclass of: Restriction
  on property: operates in country
  some values from: Country
subclass of: Restriction
  on property: operates in municipality
  some values from: Municipality
definition: facility that provides a mechanism for the reporting of transactions effected otherwise than on an exchange
example: In the United States, for example, trades by FINRA members in Nasdaq-listed and other exchange-listed securities, as approved by the Securities and Exchange Commission (SEC), executed otherwise than on an exchange may be reported to a FINRA TRF. While each FINRA TRF is affiliated with a registered national securities exchange, each FINRA TRF is a FINRA facility and is subject to FINRA's registration as a national securities association.
abbreviation: TRF
adapted from: https://www.finra.org/filing-reporting/trade-reporting-facility-trf
adapted from: https://www.iso20022.org/sites/default/files/2021-12/ISO10383_MIC_Release_2_0_Factsheet.pdf

updated MIC status
type: NamedIndividual
type: market indicator code status
definition: as of the last report or update, the exchange code was revised
has tag: UPDATED
adapted from: ISO 10383, Securities and related financial instruments - Codes for exchanges and market identification (MIC), Third edition, version 2.0
adapted from: https://www.iso20022.org/sites/default/files/2021-12/ISO10383_MIC_Release_2_0_Factsheet.pdf

has facility acronym
type: DatatypeProperty
sub property of: hasAlias
definition: indicates a known acronym of the market
adapted from: https://www.iso20022.org/sites/default/files/2021-12/ISO10383_MIC_Release_2_0_Factsheet.pdf

has market identifier code status
type: ObjectProperty
sub property of: hasRegistrationStatus
range: market indicator code status
definition: indicates the status of a specific market identifier code (MIC)

operates in country
type: ObjectProperty
sub property of: hasCountry
range: Country
definition: indicates the ISO 3166-1 country in which an exchange, data reporting services provider, or crypto asset services provider operates
adapted from: https://www.iso20022.org/sites/default/files/2021-12/ISO10383_MIC_Release_2_0_Factsheet.pdf

operates in municipality
type: ObjectProperty
sub property of: hasMunicipality
range: Municipality
definition: indicates the municipality or business center in which in which an exchange, data reporting services provider, or crypto asset services provider operates
adapted from: https://www.iso20022.org/sites/default/files/2021-12/ISO10383_MIC_Release_2_0_Factsheet.pdf