The first fruits of the Market Model Typology industry project, intended to form the basis for a consolidated European market data service have appeared with the availability of the official MMT 1.0 mapping release.

A broad spectrum of the industry, Federation of European Stock Exchange members, the London Stock Exchange, BATS Chi-X Europe, Markit Boat and market data vendors - Thomson Reuters, Bloomberg, Fidessa, NYSE Technologies and SIX Telekurs - have built on the trade reporting standards for Over the Counter trade reporting initiated by a joint industry working group under the auspices of the Committee of European Securities Regulators,now European Securities and Markets Authority.

MMT provides a translation between legacy trade reporting flags to a newly defined single market standard. The translation is being adopted by MMT participating vendors on behalf of investors who seek clarity in monitoring market activity.

The MMT translations have been developed and are being maintained by MMT exchanges and trade reporting venues on behalf of market participants until these standards are adopted natively by each venue. T

This MMT initiative provides an immediate solution for users of consolidated data from the participating Regulated Markets and MTF's through the various applications provided by the participating data vendors.

Already underway are further efforts by exchanges to adopt MMT natively within their datafeeds allowing direct feed users to benefit and to avoid market data vendors having to apply MMT translations on behalf of users. Future announcements on native adoption progress by FESE members will be communicated in due course.

According to the CESR Joint Industry Working Group the most significant remaining work involves the definition and implementation of trade reporting requirements for OTC market participants. This, the group says, is necessary work that was not accomplished by the working group within the mandated timeframes. "This effort requires the industry and regulators to work together to ensure that the standards for trade data are consistently applied during trade reporting by OTC market participants and validated by trade reporting venues," said a FESE statement announcing the progress. "FESE will participate actively in these efforts and FESE members who operate trade reporting platforms will also support these efforts and develop the necessary validation capabilities. Further updates will be posted on our website."