Market Model Typology

The MMT (Market Model Typology) Initiative is a collaborative effort established by a broad range of industry participants (trading/reporting venues, data vendors and buy/sell side participants). The initiative is committed to achieving a practical and common solution for standards on post-trade data across all asset classes subject to MiFID II. The initiative unites a variety of industry participants in the basic belief that we can and should act without any further delay to improve the consistency and comparability of data from different sources.

To achieve this goal, we have developed the Market Model Typology (MMT) project, which found its original inspiration in the 2010 CESR Technical Working Group recommendations. The latest MMT version delivers an efficient operational solution for fulfilling trade flagging requirements raised in MiFID II RTS 1 and RTS2. The model is available for immediate adoption and can be used by vendors and clients. In addition to the work on standards for RMs and MTFs, we continue to attract wide-ranging industry support for the standards and are working to expedite their broad implementation, notably to define OTC trading reporting rules.

In order for the MMT standards to become more widely recognised and adopted, in 2013 the MMT Steering Committee voted to bring the initiative under the jurisdiction of the FIX Protocol Limited Trust (Trust). With its long-established and respected values and governance standards, the Trust will oversee the management and development of the standard.
If you have any questions regarding the MMT or would like to submit technical changes (please use the downloadable MMT Change Request submission form, see below), please email:


2018 Yearly Progress Report - MMT 382.04 KB 171 downloads May 22, 2019

MMT Steering Committee

Committee Page

MMT Technical Committee

Committee Page

MMT Adopters

Click Here


Click the below links to access more detailed information.


MMT Initiative Presentation v3.04 685.87 KB 1335 downloads November 29, 2017

An introductory presentation to the Market Model Typology initiative.v3.04

MMT Model Version 3.04


MMT FAQ Document v3.04 550.91 KB 570 downloads April 19, 2018

Update date: 01/2020


MMT Initiative Mapping Matrix v3.04 144.73 KB 3688 downloads July 21, 2017

UPDATED: 11/2017

    MMT Model Version 3.03


    MMT Initiative Mapping Matrix v3.03 135.54 KB 254 downloads May 17, 2017

      MMT Model Version 3.02


      MMT Initiative Mapping Matrix v3.02 140.29 KB 313 downloads March 17, 2017

        MMT Model Version 3.01


        MMT FAQ Document v3.01 575.99 KB 541 downloads January 20, 2017

        FAQ Document


        MMT Initiative Guide v3.01 1.12 MB 332 downloads January 20, 2017

        Version 3.01


        MMT Initiative Mapping Matrix v3.01 133.88 KB 190 downloads January 20, 2017

          MMT Model Version 2.2


          MMT Initiative Guide v2.2 671.78 KB 196 downloads December 3, 2014

          Version 2.2


          MMT Initiative Mapping Matrix v2.2 154.17 KB 245 downloads January 16, 2015

          Includes display codes

            MMT Model Version 2.0


            MMT FAQ Document v1.3 606.36 KB 180 downloads September 10, 2014

            Version 1.3


            MMT Initiative Mapping Matrix v2.0 40.00 KB 142 downloads December 16, 2012

            MMT Initiative Mapping Matrix v2.0


            MMT spec add-on Template 53.47 KB 139 downloads February 16, 2017

            add-on Template


            MMT Trade Flag Mapping Guide v2.060 1.01 MB 238 downloads June 25, 2014

            Version 2.060


            MMT v2.0 CR Submission Form 128.60 KB 98 downloads February 16, 2017

            Submission Form

              MMT Model Version 1.1 Mapping Guide


              MMT Initiative Trade Flag Mapping Guide v1.02 1.82 MB 181 downloads February 16, 2017

              Version 1.02

                MMT Model Version v1.0


                MMT Change Management Process 98.93 KB 173 downloads May 16, 2012

                MMT Change Management Process


                MMT FAQ Document v1.1 388.79 KB 175 downloads January 16, 2012

                Version 1.1.


                MMT Initiative Mapping Matrix v1.0 18.23 KB 211 downloads February 16, 2017

                Version 1.0


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                  Below please find links to MMT related extension packs. Extension Packs are created as a result of FIX community market-driven initiatives that have undergone a thorough public review process.


                  EP163 Market Model Topology (MMT) Extensions 2.49 MB 49 downloads

                  This Extension Pack provides enhancements to FIX to support the MMT requirements established by the FESE for data consolidation. [UPDATED 2013-12-09] Updated FIXML Schema and FIX Repository due to updates to resolve issues found in the base FIX 5.0 SP2, EP105 EP106 and EP162.

                  The MMT was developed through the collaborative efforts of exchanges, MTF’s, market data vendors and trade reporting venues as a means of standardizing post-trade data reporting. MMT enables translation between the trade types of a continuous trading platform (RM’s, MTF’s, etc.) with the standard OTC trade conditions recommended in article 24 of (ESMA/CESR10-882).

                  The MMT Initiative is open to all industry participants to support the idea of one standard and has been developed by experienced professionals ranging from equity market operators, reporting venues and data vendors. It is intended that the delivery of the MMT will facilitate the delivery of a European Consolidated Tape regardless of whether it is delivered by a single provider or by multiple providers delivering consistent but competing consolidated tape solutions.

                  Update History

                  [Updated 2015-08-17] Revised the FIXML Schema and FIX Repository to reflect changes in EP161.

                  [Updated 2013-12-09] The FIXML Schema and FIX Repository files have been updated for the following changes: an update to the base FIX 5.0 SP2 (See 20131209 Errata Release Notes); an update to EP105 to correct an issue with incorrect coding of UndInstrmtGrp and InstrmtLegGrp components in the Repository; an error in EP106 and EP162 was corrected to resolve FIXML Schema validation issues with components assigned to incorrect component categories.

                  [Updated 2013-09-26] Revised the FIXML Schema and FIX Repository to reflect changes in EP161.

                  [Updated 2013-02-27] The ASBUILT document is the finalized document corresponding to the published FIXML Schema and FIX Repository. It has been updated to correct minor typographical errors and no changes were made to previously assigned values.

                  Create date: June 20, 2017

                  EP186 – MMT Flagging of OTC Trades 2.47 MB 43 downloads

                  This Extension Pack introduces a new field to facilitate an explicit distinction between automated and manual trades in support of sell-side’s requirements found in the Market Model Typology (MMT) version 2.2.

                  Update History

                  [Updated 2015-08-17] Revised the FIXML Schema and FIX Repository to reflect changes in EP161, EP169 and EP170.

                  [Updated 2014-12-13] Updated FIXML Schema and FIX Repository due to correction of FIXML issue in EP182.

                  Create date: June 20, 2017

                  EP216 MMTv3 Support 19.47 KB 112 downloads

                  This Extension Pack supports MMT version 3.01 and the MiFID II post-trade flagging obligations.

                  Update History

                  [Resolved 2017-04-24] Corrected abbreviated name of TrdRegPublicationGrp and TrdRegPublicationType(2669) and TrdRegPublicationReason(2670) fields. Jira SPEC-2254.

                  Create date: September 30, 2016