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FOR IMMEDIATE
RELEASE - November 2, 2001
Contact: Rachel Haynes, SIIA PR, (202) 789-4461
SIIA/FISD
Launches Market Data Definition Language
MDDL
Promotes Interoperability and Defines a Standard Taxonomy for Market
Data
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(Washington,
DC) The Software & Information Industry Association's (SIIA) Financial
Information Services Division (FISD) today launched Market Data Definition
Language (MDDL) Version 1.0 in London at the 5th World Financial Information
Conference. MDDL is a publicly available standard that provides a generic
XML-based message format and glossary of fields needed to describe financial
instruments, corporate events, and market related indicators. The function
of MDDL is to promote data interoperability as well as to provide a standard
taxonomy for market data.
The MDDL Version
1.0 Specification is now available at www.mddl.org.
According
to Michael Atkin, Director of FISD "Our members wanted transparency
of market data content in a consistent format in order to solve two business
problems. The first was to enable the industry to shift resources from
low value-added and costly functions of normalizing multiple data formats
to higher value added functions of data applications. The second was to
develop a standard glossary of terms and definitions so that people working
with data delivered from multiple sources could understand what they were
working with as well as how it related to their specific applications."
Version 1.0
covers equities, mutual funds and indices. Future versions will be expanded
to include all financial information necessary to account, analyze, and
trade within a market. The initial use of MDDL is for end-of-day and snapshot
applications but it has been designed to be extensible to streaming, historical,
and other applications as appropriate.
Mark Hunt,
Director of XML Strategy at Reuters and member of the MDDL Steering Committee
commented "We are pleased to have been instrumental in the definition
of the MDDL V1.0 standard. It is an important milestone in the financial
services industry's use of XML, and will allow vendors and users alike
to make more of their data. Reuters is taking an active role in the development
of a range of XML standards, and combined with MDDL these hold the potential
to revolutionize the way the financial markets work."
The Financial
Information Services Division (FISD) provides a balanced and neutral business
forum for exchanges, market data vendors, specialists data providers,
brokerage firms and banks to address and resolve business and technical
issues related to the distribution, management, administration and use
of financial information. For further information, visit www.fisd.net.
The Software
& Information Industry Association (SIIA) is the principal trade association
for the software and digital content industry. SIIA provides global services
in government relations, business development, corporate education and
intellectual property protection to more than 800 leading software and
information companies. For further information, visit www.siia.net.
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