MDDL and the Quest for a Market Data Standard

Explanation, Rationale, and Implementation


  • Martin Christopher Sexton, Director, Information Technology, London Market Systems Ltd, UK

The aim of this book is to provide an objective vendor independent assessment of the Market Data Definition Language (MDDL), the eXtensible Mark-up Language (XML) standard for market data. Assuming little previous knowledge of the standard, or of systems networking, the book identifies the challenges and significance of the standard, examines the business and market drivers and presents decision makers with a clear, concise and jargon free read. Technical material is set off so that Systems Analysts are provided with an explanation to the standard’s business terms, context and deep hierarchical structure thus enabling them to create MDDL compliant interfaces. In this way, the book confers the knowledge to enable business and technology professionals to converse comfortably regarding financial systems integration.
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Primary audience: IT Directors, Business/Systems Analysts and IT Project Managers in the Financial Services Industry.


Book information

  • Published: August 2007
  • ISBN: 978-0-7506-6839-2

Table of Contents

Ch 1 Introduction Audience of this bookStructure of the bookConventionsCh 2 What is Market Data? Ch 3 Executive Summary VisionLinking MDDL to corporate goalsThe business Benefits of using MDDLMDDL opportunitiesCh 4 The financial XML landscapeIndustry StandardsMarket data is everywhereCh 5 Self-describing data and XML basics Elements, attributes and hierarchyCh 6 Evolution of MDDL MDDL VersioningSchemas, no longer Document Type DefinitionsCh 7 How MDDL worksSynopsis of the MDDL hierarchyMDDL domainsClasses and subclassesContainersPropoertiesMDDL property typesIndustry standards used in contentCreation of new typesClassification f propertiesControlled vocabularyTop-level wrappersInstance headersInheritanceMDDL extensionsNaming conventionCreating an extension schemaDefining code lists (controlled vocabulary)Ch 8 The life of a financial instrumentIssuancePricing and reportingGeneral pricingHistorical pricingBook managementTrade reportingTime and salesReconciliationPortfolio valuationCh 9 Regulatory adherenceReference data termsBest executionRegulatory reportingData vendors and end of concentration rulesCh 10 Reference data managementBusiness entitiesIndices, rates and indicatorsCorporate action eventsSecurity definitionsSecurity definition terms, an alternative solutionChange mechanismCh 11 Industry standards - Mix and MatchMDDL to FIX, FIX to MDDLMDDL and FIXmlFpMLRIXMLXBRLSDMXISO standards in the financial sectorISO 19312 and MDDLMDDL and ISO 20022 Ch 12 MDDL as payloadMDDL and SOAPMDDL and FIX payloadMDDL as ebXML or OAGIS payloadCh 13 "Build-your-own" -MDDL equivalent schemaCh 14 UML to XML schema generation Ch.15 Undertaking a mapping exercise?Data mapping processData mapping pointersCh. 16 CompressionxtcMassage (fisdMessage)FASTSCh. 17 A Final tribute to John Castaing