Market Identifier Code

Overview

The Market Identifier Code (MIC) (ISO 10383) is a unique identification code used to identify securities trading exchanges, regulated and non-regulated trading markets. The MIC is a four alphanumeric character code, and is defined in ISO 10383 by the International Organization for Standardization (ISO). For example, the US NASDAQ market is identified by MIC XNAS.

ISO 10383

ISO 10383 is the ISO standard that "specifies a universal method of identifying exchanges, trading platforms and regulated or non-regulated markets as sources of prices and related information in order to facilitate automated processing". The FIX Protocol uses MICs to denote values of the "Fix Exchange" data type. Markets of various asset classes, including equities, options and futures apply for MICs through the ISO. MICs are updated frequently and the latest published list is available at the maintenance organization of ISO 10383 in various formats: Excel, CSV, XML and PDF. These also include Modified and Deactivated MICs, as well as change lists since the last published update.

Exchange (operating MIC) vs Market (MIC)

MICs are allocated at two levels:

Exchange (operating MIC). E.g. NASDAQ has code XNAS Market (MIC), where the exchange's operating MIC is also used as MIC of its main market or "all" markets. E.g. NASDAQ markets have these MICs: XNAS: NASDAQ - All Markets XNCM: NASDAQ Capital Market XNDQ: NASDAQ Options Market XNFI: NASDAQ Fixed Income Trading XNGS: NASDAQ/NGS (Global Select Market) XNIM: NASDAQ Intermarket ISO 10383 specifies all MICs and is updated regularly.

Market Categories

MIC also standardizes codes for categories of markets or facilities, as follows:

APPA: Approved Publication Arrangement ARMS: Approved Reporting Mechanism ATSS: Alternative Trading System CASP: Crypto Asset Services Provider, such as Cryptocurrency exchanges and related facilities CTPS: Consolidated Tape Provider DCMS: Designated Contract Market IDQS: Inter-Dealer Quotation System, e.g. OTC Markets Group and the Consolidated Quotation System MLTF: Multilateral Trading Facility OTFS: Organised Trading Facility RMKT: Regulated Market, e.g. a regulated Stock Exchange RMOS: Recognised Market Operator SEFS: Swap Execution Facility SINT: Systematic Internaliser, as defined in the Markets in financial instruments directive 2 (MiFID 2): Directive 2014/65/EU, e.g. XTX Markets TRFS: Trade Reporting Facility There are also additional codes NSPD (Not Specified) and OTHR (Other), which together constitute about 54% of all codes.

See also

Outline of finance International Securities Identification Number (ISIN) SEDOL CUSIP Ticker symbol Central Index Key ISO 6166 ISO 10962 NSIN

External links

Complete list of Market Identifier Codes (PDF format) (CSV format) (Retrieved May, 2020)