Market Identifier Code
What is a Market Identifier Code?
Sometimes abbreviated to MIC, a market identifier code is a unique four-character code that identifies stock markets and other securities trading exchanges. Each code is defined in ISO 10383 by the International Organisation for Standardisation (ISO).
Where have you heard about market identifier codes?
MICs are becoming increasingly accepted on a global basis, with the London Stock Exchange using MICs as part of its SEDOL security-identifying systems. A specific MIC example is XNAS, which is used to identify trades executed on the NASDAQ market.
What you need to know about market identifier codes.
As mentioned above, each MIC is defined in ISO 10383, which refers to the ISO standard that specifies a universal method of identifying exchanges, trading platforms and regulated and non-regulated markets. Securities industries are increasingly moving towards straight-through-processing (STP), which is the ideal situation in global securities trading. For this to happen, it requires a wealth of consistent codes. On the second Monday of the month, the ISO published the MIC list of all countries with new MICs being frequently added to the list.