MDDL and the Quest for a Market Data Standard - 1st Edition - ISBN: 9780750668392, 9780080551777

MDDL and the Quest for a Market Data Standard

1st Edition

Explanation, Rationale, and Implementation

Authors: Martin Christopher Sexton
eBook ISBN: 9780080551777
Hardcover ISBN: 9780750668392
Imprint: Butterworth-Heinemann
Published Date: 22nd August 2007
Page Count: 320
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Table of Contents

Ch 1 Introduction Audience of this book Structure of the book Conventions

Ch 2 What is Market Data?

Ch 3 Executive Summary Vision Linking MDDL to corporate goals The business Benefits of using MDDL MDDL opportunities

Ch 4 The financial XML landscape Industry Standards Market data is everywhere

Ch 5 Self-describing data and XML basics Elements, attributes and hierarchy

Ch 6 Evolution of MDDL MDDL Versioning Schemas, no longer Document Type Definitions

Ch 7 How MDDL works Synopsis of the MDDL hierarchy MDDL domains Classes and subclasses Containers Propoerties MDDL property types Industry standards used in content Creation of new types Classification f properties Controlled vocabulary Top-level wrappers Instance headers Inheritance MDDL extensions Naming convention Creating an extension schema Defining code lists (controlled vocabulary)

Ch 8 The life of a financial instrument Issuance Pricing and reporting General pricing Historical pricing Book management Trade reporting Time and sales Reconciliation Portfolio valuation

Ch 9 Regulatory adherence Reference data terms Best execution Regulatory reporting Data vendors and end of concentration rules

Ch 10 Reference data management Business entities Indices, rates and indicators Corporate action events Security definitions Security definition terms, an alternative solution Change mechanism

Ch 11 Industry standards - Mix and Match MDDL to FIX, FIX to MDDL MDDL and FIXml FpML RIXML XBRL SDMX ISO standards in the financial sector ISO 19312 and MDDL MDDL and ISO 20022

Ch 12 MDDL as payload MDDL and SOAP MDDL and FIX payload MDDL as ebXML or OAGIS payload

Ch 13 "Build-your-own" -MDDL equivalent schema

Ch 14 UML to XML schema generation

Ch.15 Undertaking a mapping exercise? Data mapping process Data mapping pointers

Ch. 16 Compression xtcMassage (fisdMessage) FASTS

Ch. 17 A Final tribute to John Castaing


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.

Key Features

First book to present the business case for MDDL adoption and implementation 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 from the text for systems analysts and provides comprehensive explanations of terms, context and deep hierarchical structure, thus enabling them to create MDDL compliant interfaces.


Primary audience: IT Directors, Business/Systems Analysts and IT Project Managers in the Financial Services Industry.


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© Butterworth-Heinemann 2008
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About the Authors

Martin Christopher Sexton Author

At 19, Martin was the youngest person ever to pass the Higher National Certificate in Computer Studies and Business Organisation with Distinction.

After spending a number of years as a Computer Games Designer, Martin was eventually lured by the bright lights of the “City”.

He is a Principal Consultant with over 15 years experience in the financial industry. Martin has been responsible for interface design and data feed developments at a number of large financial institutions, including Euronext.Liffe (the Pan-European Stock Exchange), Credit Suisse First Boston, Reuters and Cantor Fitzgerald International.

Having written White Papers on the deployment of MDDL and a number of articles published on industry standards Martin has put his years of experience into this publication.

Affiliations and Expertise

Director, Information Technology, London Market Systems Ltd, UK