A key tenet of CTS is market discoverability, that is, support for the smart toaster that is plugged in and asks "how do you do things around here?" We do this with the Venue Type.
In the recent public review, Hanno Klien recommended that we switch to the new Market Model Typology (MMT) https://www.fixtrading.org/mmt/
I am currently looking at v4.1 and its levels 1 and 2 Market Mechanisms. In any case, I think the term Market Mechanism is clearer than Venue Type
We still need to consider, that we also have a "Self-executing" Mechanism, that is, "whatever it says on your meter"
| Level | Full Name | Display Code | | |
| | |
| 1 | | | | |
| Central Limit Order Book | "LB" | | |
| Quote Driven Market | "QB" | | |
| Dark Order Book | "DB" | | |
| Off Book (including Voice or Messaging Trading) | "OB" | | |
| Periodic Auction | "PA" | | |
| Request for Quotes | "RQ" | | |
| Any Other, Including Hybrid (original ESMA definition in RTSs 1 & 2) | "AH" | | |
| Hybrid System (revised ESMA definition, replacing 'Any Other, Including Hybrid') | "HS" | | |
| Any Other, Excluding Hybrid (revised ESMA definition, replacing 'Any Other, Including Hybrid') | "AO" | | |
| Level | Full Name | Display Code | | |
| | |
| 2 | | | | |
| Undefined Auction | "AU" | | |
| Scheduled Opening Auction | "OA" | | |
| Scheduled Closing Auction | "CA" | | |
| Scheduled Intraday Auction | "IA" | | |
| Unscheduled Auction | "UA" | | |
| On Demand Auction (Frequent Batched Auction) | "OD" | | |
| Continuous Trading | "CT" | | |
| At Market Close Trading | "AC" | | |
| Out of Main Session Trading | "OT" | | |
| Trade Reporting (On Exchange) | "ON" | | |
| Trade Reporting (Off Exchange) | "OF" | | |
| Trade Reporting (Systematic Internaliser) | "SI" | | |
This is an important topic for the next meeting