Market Identifier Code (MIC)

What it is:

A market identifier code (MIC) is a four-letter or digit abbreviation that represents a specific stock market.

How it works/Example:

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 it Matters:

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.

Best execution refers to the imperative that a broker, market maker, or other agent acting on behalf of an investor is obligated to execute the investor's order in a way that is most advantageous to the investor rather than the agent.