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Each vendor supplies a highly specialized application set for making the best use of their data. A primary goal of this implementation is to be flexible enough to carry data from any financial market data vendor, including, but not limited to, exchanges, brokerage houses, banks, and information vendors." Background to the MDML XML specification is described thus: "While all market data vendors carry largely overlapping sets of data, they have all developed different data models, protocols and symbologies. Jeremy Sanders envisions using the XML standard primarily for end-of-day and intra-day snapshot application feeds rather than for streaming data." An antecedent to the FISD working group effort is a draft Market Data Markup Language (MDML) Specification authored by Bridge, which "describes an implementation of XML to be used for distributing financial information. For that, the users need a standard protocol and common data format. The requirement is not for an individual trader who wants access to multiple sources of data, but rather for distributing information to disparate systems throughout the organization. If the industry is able to unify around a common size and scope definition, FISD is interested in (1) serving as the facilitator of the discussion to create a standard, (2) supporting and maintaining the standard as a permanent home and (3) coordinating with the other major financial industry XML standards efforts such as NewsML (news), FpML (derivatives), IRML (investment research) and XBRL (business reporting) as appropriate." According to the announcement, "user firms are interested in extracting information from a vendor's data feed ('vendor' defined as any information provider including exchanges and contributors) into common desktop applications. The XML Working Group will attempt "to consolidate industry efforts to define the parameters of the XML for market data discussion ( i.e., the fields needed to describe a security and its price).
#Pixy soft discussion v4 software#
A recent announcement from The Financial Information Services Division (FISD) of the Software and Information Industry Association (SIIA) describes the formation of an XML for Market Data Working Group.