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MDDL Overview FISD General Meeting

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

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  1. MDDL OverviewFISD General Meeting James E. Hartley Chief Technologist, FISD 03 September 2003

  2. 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

  3. Trading/Market Data Cycle Trade Negotiation Settlement & Clearing Trading Reporting Market Data Indication Of Interest Quote Analysis

  4. 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

  5. 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

  6. 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…

  7. 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

  8. 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!!)

  9. 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

  10. 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”

  11. 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)

  12. 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

  13. Inheritance and Shorthand • This: <ask> <last> <mdDecimal>102.34</mdDecimal> <currency>USD</currency> </last> <high> <mdDecimal>103.95</mdDecimal> <currency>USD</currency> </high> </ask>

  14. Inheritance and Shorthand (con’t) • Becomes (inheritance): <ask> <currency>USD</currency> <last> <mdDecimal>102.34</mdDecimal> </last> <high> <mdDecimal>103.95</mdDecimal> </high> </ask>

  15. Inheritance and Shorthand (con’t) • Then (shorthand): <ask> <currency>USD</currency> <last>102.34</last> <high>103.95</high> </ask>

  16. 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

  17. 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)

  18. 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

  19. 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

  20. 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

  21. 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

  22. More Discussion?

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