Sources
Primary and secondary sources referenced throughout the NDD Glossary. All factual claims are traceable to these or comparable authoritative sources.
Regulatory Publications
Official regulatory guidance, rules, and consultations from financial authorities.
FCA (UK Financial Conduct Authority)
Best execution rules, MiFID II implementation, order execution policies.
ASIC (Australian Securities and Investments Commission)
Market integrity rules, CFD product intervention orders, best execution guidance.
CySEC (Cyprus Securities and Exchange Commission)
CIF regulations, execution quality reporting requirements.
SEC (U.S. Securities and Exchange Commission)
Rule 606 order routing disclosures, market structure analysis, PFOF regulations.
ESMA (European Securities and Markets Authority)
MiFID II/MiFIR technical standards, best execution reporting, product intervention.
BIS (Bank for International Settlements)
Triennial FX survey, FX Global Code of Conduct, market structure reports.
Protocol & Technical Specifications
Technical standards that define how trading systems communicate and operate.
FIX Trading Community
FIX Protocol specifications (4.2, 4.4, 5.0), FIXML, FIX Performance Session Layer.
ISO 10383 (Market Identifier Codes)
Standard venue identification used in FIX routing and regulatory reporting.
FpML (Financial products Markup Language)
OTC derivatives messaging standards referenced in swap and settlement contexts.
Academic & Research Sources
Peer-reviewed research on market microstructure, execution quality, and order routing.
Journal of Finance
Market microstructure theory, price discovery mechanisms, liquidity measurement.
Journal of Financial Markets
Order flow analysis, execution quality measurement, venue competition.
The Review of Financial Studies
High-frequency trading impact, market maker behavior, information asymmetry.
Market Microstructure in Practice (Lehalle & Laruelle)
Comprehensive reference on order routing algorithms, SOR logic, and TCA methodology.
Trading and Exchanges (Harris)
Foundational textbook on market structure, order types, and execution mechanics.
Industry & Market Data
Industry reports, market data providers, and exchange documentation.
CME Group
FX futures specifications, market data, co-location documentation.
Cboe Global Markets
FX platform documentation, market quality statistics.
EBS (CME)
Interbank FX liquidity venue, last-look disclosures.
Refinitiv (LSEG)
FX matching platforms, deal flow analytics, market data services.
Greenwich Associates / Coalition Greenwich
Institutional FX market structure surveys, LP ranking data.
Source note: This list represents the principal categories and examples of sources used. Individual entries may reference additional specialized sources not listed here. See the editorial policy for detailed sourcing requirements.