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.

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


No. of pages:
© 2008
Print ISBN:
Electronic ISBN:

About the editor

Martin Christopher Sexton

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