MIC
Market Identifier Code
An ISO standard four-character code that uniquely identifies securities markets and trading venues.
MIC codes, defined by ISO 10383, provide standardized identification for trading venues, regulated markets, and multilateral trading facilities worldwide. The four-character alphanumeric codes help distinguish between different trading venues, even for the same security. This is particularly important for best execution reporting, transaction cost analysis, and regulatory compliance under regimes like MiFID II. MICs are essential for identifying where trades occur, supporting market fragmentation analysis and regulatory oversight. The system covers stock exchanges, bond markets, derivatives exchanges, and alternative trading systems. MIC codes are maintained by national authorities and coordinated internationally through ISO.
Example
XNYS (NYSE), XNAS (NASDAQ), XLON (London Stock Exchange), XPAR (Euronext Paris)