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MDDL Overview FISD General Meeting. James E. Hartley Chief Technologist, FISD 03 September 2003. Topics. The World & MDDL MDDL 2.2 & 2.3 – Content & Plan New Projects (Technical Requirements): mddlQuery – Query and Response mddlService – Static Messaging ala Web Services initially

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Mddl overview fisd general meeting

MDDL OverviewFISD General Meeting

James E. Hartley

Chief Technologist, FISD

03 September 2003


Topics
Topics

  • The World & MDDL

  • MDDL 2.2 & 2.3 – Content & Plan

  • New Projects (Technical Requirements):

    • mddlQuery – Query and Response

    • mddlService – Static Messaging

      • ala Web Services initially

    • mddlMessage – Dynamic Messaging

  • 6th WFIC Demonstration

    • FISD XTC Toolkit


Trading market data cycle
Trading/Market Data Cycle

Trade

Negotiation

Settlement

& Clearing

Trading

Reporting

Market Data

Indication

Of Interest

Quote

Analysis


The world mddl
The World & MDDL

  • PreTrade to Settlement are Normalizing

    • Ala FIX, SWIFT -> ISO15022 Version 2!

  • Reference Data is in the Forefront

    • To Save the Costs of Failed Trades

  • MDDL is a Critical Piece of the Whole Story

    • Quote/Trade Reporting Feeds the Cycle

    • Standard Setup Reduces Error, Facilitates SPA


Iso tc68 sc4 wg11
ISO TC68/SC4/WG11

  • International Standards Organization

    • Technical Committee 68, Sub Committee 4, Working Group 11 to address “Reference Data and Corporate Actions” business model and standardized terms and relationships

    • FISD is the liaison organization to TC68/SC4 for this content (as of 2003/06/01)

    • MDDL is moving forward to expedite the effort


Mddl adoption is real
MDDL Adoption IS REAL

  • Kudos to:

    • London Stock Exchange - SEDOL MasterfileTM Provides MDDL Output

    • FT Interactive Data - Developing a “Datafeed” Service Using MDDL

  • Up and Coming:

    • Barclays Global Investors, Bear Stearns, Financial Information Inc.

    • And 10 other “silent” parties…


Mddl specifications
MDDL Specifications

  • mddl

    • The Market Data Content Specification

    • For “broadcast” or “response”

  • mddlQuery

    • Standardized Query Mechanism

  • mddlService

    • Transport for mddl and mddlQuery

  • mddlMessage

    • Streaming MDDL – realtime updates


Mddl releases
MDDL Releases

  • 2.1-beta (15 May) “The Setup Release”

    • Forming “Vocabulary Review Committee”

    • Basis for New Release Strategy

  • 2.2-beta (18 August)

    • Fill Out Some Basic Pricing

    • Support for “mddlQuery”

  • 2.3-beta (September - imminent)

    • Support for “mddlService”

    • Corporate Actions and Events!

    • Support for “mddlMessage” (Streaming MDDL!!)


The roadmap
The Roadmap

  • Immediately

    • “Beta” releases of new specifications

    • MDDL 2.3 with Corporate Actions

  • Through This Year

    • Fill out all new specs

    • mddl – Risk & Portfolio Management

  • Next Calendar Year

    • Detailed implementations, Documentation

    • Certification program

    • Development of toolkits


Mddlquery query language
mddlQuery – Query Language

  • Open Standard Within MDDL

    • Available for all to use!

  • Standardized Query Mechanism

    • Sensitive to MDDL application needs

    • i.e. “Give me what you have on this stock”

    • And/Or “I need setup info for this stock”

    • And/Or “I want realtime pricing on this stock”

    • Must Have Support In “Response”


Mddlservice description
mddlService – Description

  • Open Standard Within MDDL

    • Available for all to use!

  • Description of Standard MDDL Services

    • ala Web Services

  • Defines Features of an MDDL Service

  • Specifies Session Protocol

    • For querying data and receiving response

  • An INTERFACE Standard (NOT Content)


Emerging mddl toolkits
Emerging MDDL Toolkits

  • Several Components – Several Toolkits

    • Basic Validation of MDDL Documents

    • Explosion/Implosion of Shorthand/Inheritance

    • Sample mddlService – a Web Service

    • Simple Elements of “mddlQuery”

    • Streaming aspects of “mddlMessage”

    • NOT A SOLUTION – but a tool

  • Highlights Need for “Certification”

    • To ensure implementations are valid


Inheritance and shorthand
Inheritance and Shorthand

  • This:

    <ask>

    <last>

    <mdDecimal>102.34</mdDecimal>

    <currency>USD</currency>

    </last>

    <high>

    <mdDecimal>103.95</mdDecimal>

    <currency>USD</currency>

    </high>

    </ask>


Inheritance and shorthand con t
Inheritance and Shorthand (con’t)

  • Becomes (inheritance):

    <ask>

    <currency>USD</currency>

    <last>

    <mdDecimal>102.34</mdDecimal>

    </last>

    <high>

    <mdDecimal>103.95</mdDecimal>

    </high>

    </ask>


Inheritance and shorthand con t1
Inheritance and Shorthand (con’t)

  • Then (shorthand):

    <ask>

    <currency>USD</currency>

    <last>102.34</last>

    <high>103.95</high>

    </ask>


Mddlmessage streaming xml
mddlMessage – Streaming XML

  • Open Standard Within MDDL

    • Available for all to use!

  • Standardized Protocol for Data Exchange

  • Dynamic Version of mddlService

    • Similar Session Establishment Requirements

  • Implementation of XML Compression

    • Unique for Market Data (like) applications

    • Viability of MDDL for Streaming


2 party data flow
2-Party Data Flow

  • Map Source Content to MDDL

  • Stream MDDL to Application and Display

MDDL Message – Basic Functionality

Source

Datafeed

Display

Application

Encode

Decode

Query (secondary data flow)

Response (primary data flow)


6 th wfic demonstration
6th WFIC Demonstration

  • World Financial Information Conference

    • 14-16 October 2003 in Washington, D.C.

  • Demonstration (on the 15th at 5:30 p.m.)

    • Recent MDDL Projects in Action

    • “mddlQuery” for Requesting MDDL Content

    • “mddlService” Web Services for MDDL

    • “mddlMessage” Realtime Streaming of MDDL


Demonstration data flow

Datafeed

Redistributor

Demonstration Reference System

Application Display

Datafeed

Realtime Data

System Headend

Relay Node(s)

Database Reference Data

Application Datafeed

Query (secondary data flow)

Processing Node

Response (primary data flow)

Demonstration Data Flow


Outline of demonstration
Outline of Demonstration

  • “Reference Data” Source

    • Database or similar

  • “Realtime Data” Source

    • Vendor datafeed (with playback)

  • “Processing” Node

    • Simple Calculation Engine

  • Combination and Streaming Example

    • Using the applicable MDDL specifications


Byproduct fisdxtc
Byproduct - fisdXTC

  • XML Transmission Compaction

    • Streaming aspects of “mddlMessage”

    • FISD’s implementation of the spec

    • Supported on multiple platforms

    • NOT A SOLUTION – but a tool

  • Foundation for Reference Implementation

    • Sample Apps Demonstrate Basic Functionality



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