What is the market identifier code?
The
market identifier code (MIC) is used in global trading to identify the stock market, stock market stock exchange or other financial market where the trade takes place. The International Standardization Organization (ISO) has proposed a universal identification method in ISO 10383. The use of this format would consist of the front "X" followed by three alphanumeric features that identify a specific market. For example, the market identifier for the London Stock Exchange would be XLON.
ISO 10383 has advanced to facilitate automated store processing. The internationally accepted market identifier system would be a step towards direct processing (STP) of the securities industry. Once the trade is recorded, the information would be promoted in financial networks, shorten the transactions and reduce the risk. To achieve this goal, many identifiers must find universal acceptance. NO ONLY is the market identifier code, but also common indicators for the type of traded security and involvedThe currencies must be carried out consistently in all markets.
The adoption of the international standard was slow. Markets, data providers and brokers in different countries use different identification systems. The daily official list of securities (sedol) assigns the code to all securities traded in the markets with the Great Kingdom, including the London Stock Exchange. The ISO market identifier, which is compatible with ISO, is incorporated into the seven character alphanumeric identification code for any security subject to trade.
In North America, the unique alphanumeric identifier of nine characters per stock and registered bonds assigns a unique alphanumeric identifier. Similarly, several countries of the independent National Numbering Agency (NNA), which assign identification codes to securities traded in their markets. International Standard for Identification of Securities, International IDThe entry number of the securities (ISIN) has been accepted which uniquely identifies safety, albeit without indicating the origin of the trade. Sedol reaches both and refers to it as an important step in promoting direct processing.
The SWIFT company operates the international network of messages that adheres to the ISO standard when referring to the market identifier code. However, SWIFT does not perform any clearing or processing functions. The display house on each separate market corresponds to transactions with the buyer and the seller and assigns the price of the settlement for each. The settlement date for stocks and bonds is usually three working days after the store. The uniform reference method, starting with the universal market identifier code, would allow STP and the same denying shops.