Market Data Language to Become Standard
Byline: Melanie Wold
Market Data Definition Language (MDDL) is gaining ground as a standard for data vendors seeking true automation for straight-through processing.MDDL, which is an Extensible Markup Language (XML)-based language, was created by a working group of data vendors, users and technology experts under the direction of the financial information services division of the Software and Information Industry Association in the US.
Corporate actions, one of the few areas of securities-processing areas yet to be fully automated, are hard to crack and software vendors have developed technology packages to work around the lack of standardisation.
Nat Sey, manager for delivery and infrastructure at FT Interactive Data, says: "I believe automation will happen. There is a huge amount of risk involved in processing data, especially corporate actions. If you remove a large part of that risk, there is a lot less to worry about."
MDDL was designed as the standard to address accuracy in reporting market data; it clearly specifies the data's content, its source and relationship to other data.
Sey says vendors realise they need to help create the solution, instead of adhering to proprietary standards that they have thought gave …
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Publication information: Article title: Market Data Language to Become Standard. Contributors: Not available. Newspaper title: Financial News. Publication date: May 25, 2003. Page number: Not available. © Not available. COPYRIGHT 2003 Gale Group.
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