Identifies the type of venue where the trade was executed for the side.
- E = Electronic exchange
- P = Pit
- X = Ex-pit
- C = Clearinghouse
R = Registered market
Markets registered with regulators such as exchange, multilateral trading facility (MTF), swap execution facility (SEF). In the context of regulatory reporting (e.g. CFTC reporting), this is used for regulated markets, e.g. swap markets.
O = Off-market
Off-book, off-facility. In the context of regulatory reporting (e.g. CFTC reporting) this identifies trades conducted away from a regulated market.
- B = Central limit order book
- Q = Quote driven market
- D = Dark order book
A = Auction driven market
Markets where matching occurs only in scheduled auctions.
N = Quote negotiation
Discretionary quoting on request or "request for quote" market.
V = Voice neotiation
A trading system where transactions between members are arranged through voice negotiation.
H = Hybrid market
A hybrid system falling into two or more types of trading systems. Can also be used for ESMA RTS 1 "other type of trading system".