What is a Market Identifier Code (MIC)?
How Does a Market Identifier Code (MIC) Work?
MICs always begins with the letter 'X,' followed by a combination of three additional letters and/or numbers. A MIC appears in the details for securities trades and indicates the market in which the trade occurred. For example, XNYS is the market identifier code for the New York Stock Exchange (NYSE).
Why Does a Market Identifier Code (MIC) Matter?
MICs are a standardized system of market identification recognized in multiple markets. Worldwide efforts to implement efficient straight-through processing (STP) for securities trades rely heavily on MICs.