Operating MIC
Operating Market Identifier Code
A MIC code that identifies the market operator responsible for managing a trading venue.
Operating MICs identify the entity that operates multiple trading venues or market segments under a single organizational structure. This level of identification is crucial for regulatory reporting and market surveillance where authorities need to understand the operational structure behind trading venues. Operating MICs help distinguish between venues operated by the same entity versus those operated by different organizations. Under MiFID II, reporting requirements often specify the need for both operating MIC and segment MIC to provide complete venue identification. This hierarchical structure enables better market analysis and regulatory oversight by showing both the operational control and the specific venue where trades occur.
Example
NYSX (NYSE markets operator) covering XNYS, XASE, ARCX segments