MDDL – Architecture, Process, Rules James E. Hartley – Chief Technologist, FISD

1. MDDL – Architecture, Process, Rules James E. Hartley – Chief Technologist, FISD Presented by Tony Coates, London Market Systems ISO/TC68/WG4, London, 2005/12/05

2. A Quick Note From James…Regrets for not attending first day • I regret I have been unable to attend this first day of deliberations on ISO/TC68/WG4. • As well, I am excited about the ramifications I hope this group will have on ISO 20022! • I have delivered this presentation to Tony with short notice but I hope it outlines the principles that were paramount in the development of MDDL – Market Data Definition Language Hartley/Coates, MDDL for WG4, London, 05 December 2005

3. Market Data Is…(at least from MDDL’s point of view) All information necessary to account, to analyze, and to trade financial instruments of the world's markets Hartley/Coates, MDDL for WG4, London, 05 December 2005

4. Let’s Clarify That Scope…As it is not JUST about Instruments • MDDL includes ALL asset classes • Or at least all that are known by us  - expect new ones someday • Descriptive (reference data), ALL pricing, maintenance • And related data – market info, instructions, agents • MDDL includes other types of information… • Indicators, Indices, Statistics, Analytics, Commodities • MDDL is about reporting quotes, trades, actions • As such, it does not deal in transactions or Corp. Act. processing • Except as it relates to reporting them Hartley/Coates, MDDL for WG4, London, 05 December 2005

5. Brief Timeline of MDDLAnd plans for the near future… • December 2000 - FISD General Meeting • Topic discussed, membership engaged • January 2001 – Kickoff meeting • 30+ firms agreed to MDDL and gave it a name • “Technical” group led by James Hartley & Tony Coates • “Vocabulary” group led by Dow Jones & Rich Robinson • November 2001 – 1.0 released (equities, funds, indices) • July 2002 – 2.0 released (debt instruments) • September 2002 – Hartley hired full-time from Reuters/Bridge • May 2005 – SMWG formed for final push to completion • November 2005 – 2.5 released (continued development) • March 2006 – 2.7 released (finished????) then promote to 3.0 Hartley/Coates, MDDL for WG4, London, 05 December 2005

6. Two “Unique” ConceptsInheritance and Shorthand • Inheritance: • Properties inherit qualifiers from parent elements • The “classification” identifies necessary qualifiers • Helps make doc smaller and simplifies human read • Shorthand: • If all qualifiers are inherited, atomic type is omitted • Atomic type is read from schema anyway • Helps make doc smaller and simplifies human read Hartley/Coates, MDDL for WG4, London, 05 December 2005

7. InheritanceCertain attributes come from above… <trade> <last> <mdDecimal>103.32</mdDecimal> <currency>USD</currency> </last> <open> <mdDecimal>103.00</mdDecimal> <currency>USD</currency> </open> </trade> • Becomes: (note: “last” is a price which needs a currency) <trade> <currency>USD</currency> <last> <mdDecimal>103.32</mdDecimal> </last> <open> <mdDecimal>103.00</mdDecimal> </open> </trade> Hartley/Coates, MDDL for WG4, London, 05 December 2005

8. ShorthandObsolete(??) attempt to abbreviate <trade> <currency>USD</currency> <last> <mdDecimal>103.32</mdDecimal> </last> <open> <mdDecimal>103.00</mdDecimal> </open> </trade> • Becomes: (note: doc must be “exploded” to be processed) <trade> <currency>USD</currency> <last>103.32</last> <open>103.00</open> </trade> Hartley/Coates, MDDL for WG4, London, 05 December 2005

9. Lessons Learned(particularly Inheritance and Shorthand) • Two schemas are necessary • The fully flexible schema which is humongous • And CAN be used to validate any document (slow) • The “base” schema sans inheritance and shorthand • Only schema suited for automatic processing • Thus, the recipient should “explode” any doc • And wouldn’t that be lovely as an open source freebie… • Auto code generators only work on the “base” schema Hartley/Coates, MDDL for WG4, London, 05 December 2005

10. Lessons LearnedThings omitted the first time around… • MDDL uses scripts to generate W3C Schema • Uses a “data model” document – that’s GREAT • Elements reused thus context sensitive descriptions • Currently being added… • MDDL strove for “all possible content” • Lost the actors and usage requirements along the way • Sought complete content before implementation • But due to be completed in March 2006 Hartley/Coates, MDDL for WG4, London, 05 December 2005

11. Lessons LearnedMarketing and PR… • As mentioned – went for all content first • Should have done a complete simple implementation • Would include web service, query/response language • And would have THOROUGH DOCUMENTATION • Including all data/actor/usecase artifacts of UML • Sought to provide complete picture for realtime • Which boggled many a potential implementer • But is still serviceable with implementations underway Hartley/Coates, MDDL for WG4, London, 05 December 2005

12. Concerns for ISO 20022From an MDDL point of view… • All messages should have all relevant UML! • Including actors in use case diagrams • Including object relationships in a (large) data model • The notion of a “synonym” is very silly • One way to do each unique concept – and only one way • The notion of submitting JUST messages • A data model is implied WHICH MUST BE INTEGRATED WITH THE OTHER MODELS AND MESSAGES • Build the MODEL, illuminate with ACTORS (or vice-versa), then build the MESSAGES. Duh!???! Hartley/Coates, MDDL for WG4, London, 05 December 2005

13. Contact Information: James E. Hartley Chief Technologist, SIIA/FISD jhartley@siia.net, +1 303.322.1393 http://www.fisd.net/ http://www.mddl.org/ Tom Davin Director, SIIA/FISD tdavin@siia.net, +1 202.789.4465 Hartley/Coates, MDDL for WG4, London, 05 December 2005