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MDDL Defining the Market Data Genome. Mark Hunt MDDL Steering Group Member Director, XML Strategy Reuters Group Email: mark.hunt@reuters.com. Is this a 21 st Century Tower of Babel?. The evolution of content. NewsML. Many XML Standards. <nitf>. MDDL: What is it?.

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mddl defining the market data genome

MDDLDefining theMarket Data Genome

Mark Hunt

MDDL Steering Group Member

Director, XML Strategy

Reuters Group

Email: mark.hunt@reuters.com

slide4

NewsML

Many XML Standards

<nitf>

mddl what is it
MDDL: What is it?
  • Market Data Definition Language
  • An open XML-based standard interchange format and common data dictionary for financial market data
  • Market data:
    • financial instruments (exchange traded or otherwise)
    • corporate events affecting value and tradability
    • market-related, economic and industrial indicators
  • The principal function of MDDL is to allow entities to exchange market data by standardizing formats and definitions.
who is involved
Who is involved?
  • Sell Side Firms
    • Merrill, Lehman, Goldman, Morgan Stanley
  • Buy Side Firms
    • Fidelity, State Street, Fleet
  • Vendors
    • Bridge, Reuters, Dow Jones, Telekurs, S&P, SIAC, FT-ID, Bloomberg
  • Exchanges
    • NASDAQ, CBOT, Island, other Non-US Exchanges
  • Standards (interoperability under investigation)
    • IPTC (NITF & NewsML), XBRL, SWIFT, ISO 15022

(note: this list is indicative and not comprehensive)

xml mddl why should you be interested
XML/MDDL: Why should you be interested?
  • Efficiency
    • Faster trade processing, less overhead
      • STP, T+1, Business Process Management
    • Trading B2B
    • Easier collection, integration & distribution
  • Usefulness
    • Integration & interoperability
    • Manipulation (analytics, value-add)
    • Packaging of content & publishing
    • Re-purposing of content (wireless, multi-media)
    • Tools
why is reuters interested
Why is Reuters interested?
  • Evolution of content
  • Web standards model changes things
    • Consortia & interest driven, users, vendors, integrators coming together over a business issue
  • Commitment to open standards
  • Content and trading are changing
    • Enhancing the utility of content (Reuters & users)
    • Richness, depth & interoperability across content and trading assets
  • Standing on the shoulders of giants
    • Re-use standards as part of a bigger model
  • The X in XML is for extensible
    • Service differentiation still possible/attractive
  • Data format only one of a number of differentiators
    • Quality, timeliness, value, integration etc.
what happens now
What happens now?
  • Evaluate MDDL V1.0
  • Discussions with users over application areas
    • Initially snapshot, end of day type applications
  • Doesn’t mean that current vendor formats are obsolete, far from it
  • At the moment want to know what users think, where it can be of value
  • Supporting community with tools for evaluation
    • Reuters demonstration website available shortly covering
      • Reuters market data
      • Bridge market data