The recommendations from the group aim to identify where the trade was issued, in what currency, and where it was executed, down to the nearest microsecond.

They have been developed in conjunction with the Market Model Typology (MMT) programme, initiated by a consortium of exchanges and technology suppliers to address data standards for trade reporting codes.

The MiFID review identified the need for market participants to gain a complete view of European equity market activity, through the consolidation of post-trade data feeds. Various attempts at data consolidation have been made since the original MiFID requirements were implemented, however the lack of common standards and guidelines has impeded progress.

Jim Kaye, co-chair of the FPL w3orking group and a director of European Execution Services at BofA Merrill Lynch says: "The availability of well-defined standards for data and trade reporting presents a significant step forward for the trading community. History has taught us that standards breed innovation and competition, as data quality increases and standards become the norm, the industry will benefit from being able to select their Consolidated Tape provider based on the strength of their offering."