A consortium of exchanges and technology suppliers have developed a set of common standards designed to restore post-trade transparency in the European equity markets.
Last year European exchange operators, through the Fese federation, and data providers, including Thomson Reuters, Bloomberg, Fidessa, Nyse Technologies and SIX Telekurs, agreed a framework for developing a consolidated tape of post-trade equity reporting data across Europe.
The project - dubbed Market Model Typology (MMT) - is designed to enable investors to accurately monitor events by standardising how these events are identified across a fragmented market for the first time since the introduction of MiFID.
The group has now made available the official MMT 1.0 mapping release, which members claim "provides a strategic bridge to implementing European equity post-trade standards in order to enhance market transparency".
MMT provides a translation between legacy trade reporting flags to a newly defined single market standard and is now being adopted by participating vendors on behalf of investors.
The project's next stage is already underway, with exchanges beginning to adopt MMT natively within their datafeeds allowing direct users to benefit and to relieve the data vendors from applying the translations on behalf of their users.
After that "perhaps the most significant remaining work" involves the over-the-counter market, with the definition and implementation of trade reporting requirements for OTC participants.
You can read the MMT mapping guide here