European and Asian MIC Code Changes FAQ
What will be changing?
From January 1, 2024, (“Go-Live”) newly matched trades on NGT, previously designated with the EQLD MIC Code, will change to EQIE.
From December 1, 2023, all activity with Japan based clients will occur over the Irish trading venue subject to the Irish trading venue rulebook.
Will the EQLD MIC code expire on the Go-Live date?
No, but the EQLD MIC code will cease to be used for new trades from the Go-Live date.
Will the NGT SHTT reflect these changes?
The SHTT on NGT will update automatically on the Go-Live date.
How will this impact our regulatory reporting, including SFTR?
From the Go-Live date new activity previously booked on the UK platform, EQLD, will occur on the Irish Trading venue, EQIE. This will be reflected on the NGT SHTT and any associated MiFID related data files you currently receive from EquiLend. Most of our clients consume the SHTT into their systems but those who don’t will need to reflect this change in their systems and reporting from the Go-Live date.
Will open SFTR positions entered into prior to go live need to change?
No
For SFTR, will the EQLD MIC code be rejected by the TR?
No
What do clients need to consider for their SFTR and MiFID reporting?
Clients need to review how they populate the Venue Code in their reporting. If this is determined internally, they need to amend their internal logic such that for trades matched on or after the Go-Live date, EQIE is populated.
When will it be available for testing?
EquiLend’s staging environment will be available to clients from November 9, 2023.
The way we support and manage our business relationship with you will not change.
This change is only relevant for trading activity and associated reporting there is no impact on the other services you receive from EquiLend.
In due course our Legal team will issue an Amendment to the User Agreement reflecting the changes outlined above.
Please reach out to your local Client Relationship Manager with any questions on this matter.