MDDL (Market Data Definition Language) MDDL’s Role in Market Data Delivery

1. MDDL (Market Data Definition Language)MDDL’s Role in Market Data Delivery XML on Wall Street 20 November 2001, New York, U.S.A.

2. MDDL (Market Data Definition Language)MDDL’s Role in Market Data Delivery James Hartley Catalyst, Reuters Group Co-Chair, MDDL Technical and Liaison Committees

3. Definition MDDL is an XML-based specification to enable the interchange of information necessary to account for, to analyze, and to trade financial instruments of the world’s markets. Sponsor: Financial Information Services Division Software & Information Industry Association http://www.fisd.net/ or http://www.mddl.org/

4. 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)

5. Market Data Without Standards • Proprietary Vendor Formats • Each Requires Significant Resource Investment • Differ Within Vendor - Acquisitions or Product Changes • Non-standard Query/Delivery Mechanism • Complicates Normalized Process for Acquisition • Reduces Choice and Flexibility

6. MDDL for Vendor Data Feeds • Standardized Data Format • Single Application for Different Feeds and Vendors • Standardized Vocabulary Set • Third Party Tools • Off-the-shelf processing tools for MDDL format

7. Building Blocks of MDDL Vocabulary • Domains • Discreet Elements That Form Content • example - stocks, bonds, rates, indexes • Descriptors • Cross Domain Terms Applicable to Market Data • example - name, ID number or code, price, currency

8. Building Blocks of MDDL Vocabulary • Controlled Vocabularies • Set of Values That Further Modify Descriptors • “trading status” Descriptor May Be Qualified With “normal,” “delayed,” “resumed”, or Others

9. Vocabulary Domains – Instruments & Asset Classes Included in 1.0 Annuity Exchange Traded Collective Investment Vehicle Fund Insurance Contract Trust Money Market Instruments/Asset Classes Certificate Debt Mutual Common Equity Umbrella Depositary Limited Unit Partnership Shared Preferred Units

10. Vocabulary Domains – Indicators & Averages Economic Included in 1.0 Exchange Statistic Financial & Monetary Rate Indicators & Averages Index & Average Industrial Rating Others [domain] [class] [subclass] indexes/averages equity exchange stats new highs economic consumer credit industrial auto sales

11. Vocabulary Domains – Corporate Actions Domains • Notification • Descriptive • Fundamentals [domain] [class] [subclass] notification dividend cash descriptive company profile fundamentals earnings • See http://www.mddl.org/ for the complete list of domains…

12. Instrument Identification Issuer Identification Valuations Measures Statistics Dates & Times Currency Locations Holdings Loads and Fees Industry Asset Class Source Status Indicators Features Vocabulary Structure - Descriptors • Components Modified by Text/Numeric Values • Organized Into Hierarchical List of Descriptors

13. Vocabulary Structure – Controlled Vocabularies • MDDL will maintain most, including: • open • close • change • instrument status • market status • Some will be anchored to ISO or other groups: • country code • exchange identifier • currency

14. Technical Development • Data Model from Vocabulary Committee • “products” - Domains, Classes, Subclasses • “properties” Derived From Descriptors and Modifiers • Minimal Structure Defined • Main “mddl” and Optional “header” • Major “constructs” (multiple) for Grouping Data • “snap” for Snapshot Quotes • “timeseries” for Quotes (“event”s) Over Time

15. Technical Development • XML Schema and DTD Supported • Limits Some Functionality • Leaves Door Open for Future (Schema) • Element based approach • Easier to Expand • Facilitates Inherited Properties • Schema Adjunct Framework • Provides Glossary of Definitions

16. Technical Development • “Controlled Vocabularies” • Registered Lists of Possible Values • EXTENSIBILITY IS KEY! • Proprietary “properties” and “products” in “other” Tag • Concept of “references” Lists • Internal AND External Common Data

17. Where is MDDL Available? http://www.mddl.org/ http://www.fisd.net/

18. MDDL and Other Initiatives • Extensible Business Reporting Language (XBRL) • Disclosures and Accounting Reports of Corporate Entities • NewsML and News Industry Text Format (NITF) • International Press Telecommunications Council (IPTC) • Research Information Exchange Markup Language (RIXML) • Research Reports on Corporations • Financial Products Markup Language (FpML) • (OTC) Derivatives and Forex Options Transactions

19. When is MDDL to be Released? • “1.0-draft” available on website now • Documentation to be produced • “1.0-final” released on 02 November 2001 (going to website) • Common Equities, Indices • Mutual Funds (subset of Collective Investment Vehicles) • “1.1” not set but may include • Deeper coverage of existing “classes” or other specific “products” • Expansion sensitive to globalization • Support for Security Master – STP! • Query format or other types of data?

20. Where is MDDL Available? Questions? Thank You!