Market Identifier Code

The Market Identifier Code (MIC) (ISO 10383) is a unique identification code used to identify securities trading exchanges, regulated and non-regulated trading markets. The MIC is a four alphanumeric character code, and is defined in ISO 10383[1] by the International Organization for Standardization (ISO).[2] For example, the US NASDAQ market is identified by MIC code XNAS.

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ISO 10383

ISO 10383 is the ISO standard that "specifies a universal method of identifying exchanges, trading platforms and regulated or non-regulated markets as sources of prices and related information in order to facilitate automated processing". The FIX Protocol uses MICs to denote values of the "Fix Exchange" data type. Markets of various asset classes, including equities, options and futures apply for MICs through the ISO.

MICs are updated frequently and the latest published list is available at the maintenance organization of ISO 10383 in various formats: Excel, CSV, XML and PDF. These also include Modified and Deactivated MICs, as well as change lists since the last published update.

Exchange (operating MIC) vs Market (MIC)

MIC codes are allocated at two levels:

  • Exchange (operating MIC).
  • Market (MIC), where the exchange's operating MIC is also used as MIC of its main market or "all" markets. E.g. NASDAQ markets have these MICs:
    • XNAS: NASDAQ - All Markets
    • XNCM: NASDAQ Capital Market
    • XNDQ: NASDAQ Options Market
    • XNFI: NASDAQ Fixed Income Trading
    • XNGS: NASDAQ/NGS (Global Select Market)
    • XNIM: NASDAQ Intermarket

ISO 10383[3] specifies all MIC codes and is updated regularly.

Market Categories

MIC also standardizes codes for categories of markets or facilities, as follows:

(plus extra codes NSPD Not Specified and OTHR Other)

See also

Notes
  1. ISO 10383
  2. International Organization for Standardization (ISO)
  3. "Market Identifier Codes (MIC, ISO 10383)". ISO 10383. Retrieved 6 September 2022.
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