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MIC Code (Market Identifier Code)

The MIC Code, or Market Identifier Code, is a four-character alphanumeric code used to uniquely identify securities trading exchanges, regulated and non-regulated trading markets, and trade reporting facilities around the world.
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The MIC Code, or Market Identifier Code, is a four-character alphanumeric code used to uniquely identify securities trading exchanges, regulated and non-regulated trading markets, and trade reporting facilities around the world. MIC Codes facilitate clear and distinct recognition of trading venues globally.

The MIC Code is designed to provide a unique identifier for trading venues. Governed by the ISO 10383 standard, MIC Codes function similarly to airport IATA codes but are specific to financial markets. Each code consists of four alphanumeric characters assigned to individual exchanges and trading platforms.

MIC Codes are composed of four alphanumeric characters. Each code uniquely identifies an active trading venue. The codes are part of an international standard maintained by SWIFT, ensuring consistency across global markets. MIC Codes are updated monthly to reflect changes in trading venues and structures.

There are two primary types of MIC Codes:

  • Operating MICs: These codes identify the entity operating an exchange or trading platform. For example, XNAS represents NASDAQ.
  • Segment MICs: These codes designate specific segments or divisions within an operating MIC. For instance, XNDQ refers to the NASDAQ Options Market under XNAS.

Each Segment MIC is linked to a parent Operating MIC, allowing detailed classification of trading venues.

MIC Codes enhance various aspects of financial operations:

  • Automated Processing: Facilitate identification in electronic trading and settlement systems.
  • Regulatory Reporting: Enable accurate monitoring of trading activities across different markets.
  • Trade Data Analysis: Allow consistent analysis based on execution venues.
  • Communication: Provide a clear and universal reference for specific marketplaces.

These applications support the move towards Straight-Through Processing (STP) in global securities trading, improving efficiency and reducing errors.

Here are some common MIC Codes:

  • XNAS: NASDAQ - All Markets (United States)
  • XNYS: New York Stock Exchange (NYSE) (United States)
  • XLON: London Stock Exchange (United Kingdom)
  • XFRA: Frankfurt Stock Exchange (Germany)
  • XTYO: Tokyo Stock Exchange (Japan)
  • XSHG: Shanghai Stock Exchange (China)
  • XHKG: Hong Kong Exchanges and Clearing Limited (Hong Kong)
  • XPRA: Euronext Paris (France)
  • XBKK: The Stock Exchange of Thailand (Thailand)
  • XWBO: Warsaw Stock Exchange (Poland)

These codes are essential for identifying and differentiating between various global trading venues.

The list of MIC Codes is regularly maintained and updated by SWIFT, the Registration Authority for ISO 10383. Updates are typically published on the second Monday of each month, with changes taking effect on the fourth Monday. This ensures that MIC Codes remain current with the evolving landscape of global trading venues.

MIC Codes are pivotal in achieving global standardization for trade processing and reporting. By providing a consistent identifier for trading venues, MIC Codes support Straight-Through Processing (STP), which aims to automate transactions efficiently across different markets. This standardization is crucial for the future of an "any security, anywhere, anytime" marketplace.

The most current list of MIC Codes can be accessed through the ISO 20022 website or various financial data providers. These sources provide detailed information, including market names, countries, operating MICs, and the status of each MIC. The list is updated monthly to reflect any changes in the global trading infrastructure.

The Market Identifier Code (MIC) is a foundational element in the global securities trading ecosystem. By providing a unique and standardized identifier for trading venues, MIC Codes facilitate automated processing, regulatory compliance, and data analysis, all of which are essential for efficient and transparent financial markets.

  • Unique Four-Character Identifiers: MIC Codes are composed of four alphanumeric characters that uniquely identify each global trading venue, ensuring clear and distinct recognition across markets.
  • ISO 10383 Standard: Governed by the ISO 10383 standard and maintained by SWIFT, MIC Codes adhere to international guidelines, promoting consistency and reliability in financial data processing.
  • Operating and Segment MICs: There are two main types of MIC Codes: Operating MICs identify entire exchanges, while Segment MICs specify particular segments within those exchanges, allowing for detailed market classification.
  • Regular Updates by SWIFT: The MIC Codes are updated monthly by SWIFT to reflect any changes in the global trading infrastructure, ensuring that the codes remain accurate and up-to-date for all stakeholders.