MIC stands for Market Identifier Code. The MIC is a code of four alphanumeric characters randomly allocated to identify entities such as exchanges, trading platforms, regulated or non-regulated markets and trade reporting facilities as sources of prices and related information.
There are two types of MIC codes:
1. The operating MIC identifies the entity operating an exchange, trading platform, regulated or non-regulated market or a trade reporting facility in a specific country; it is the primary MIC
2. The market segment MIC identifies a division of one of the entities covered by the code that specializes in one or more specific instruments or is regulated differently. Market segment MICs were brought in to improve accuracy
MIC Codes for the Luxembourg Stock Exchange:
- Regulated Market : Market Segment MIC = XLUX / Operating MIC = XLUX
- Euro MTF Market: Market Segment MIC = EMTF / Operating MIC = XLUX
A market segment MIC is created if there is a need to identify this specific market segment. It can happen that none or only specific segments of a market are identified with a market segment MIC. It is important to note that that only the organisation itself is allowed to apply for a MIC. This is done by submitting a MIC creation request to the Registration Authority.