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. by the International Organization for Standardization (ISO). For example, trades that are executed on the US NASDAQ market are identified using MIC code XNAS.
ISO 10383 is the ISO standard which "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 represent 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). E.g. NASDAQ has code XNAS
- Market (MIC), where the exchange's operating MIC is also used as MIC of its main market or "all" markets. Eg NASDAQ markets have these MICs:
- ISO 10383
- International Organization for Standardization (ISO)
- "Market Identifier Codes (MIC, ISO 10383)". Iota Finance. Retrieved 30 September 2019.
- The complete list of Market Identifier Codes (Current, April 2017)