MDDL and the Quest for a Market Data Standard

MDDL and the Quest for a Market Data Standard

Explanation, Rationale, and Implementation

1st Edition - August 22, 2007

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  • Author: Martin Christopher Sexton
  • eBook ISBN: 9780080551777

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Description

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

Readership

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
    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

Product details

  • No. of pages: 320
  • Language: English
  • Copyright: © Butterworth-Heinemann 2007
  • Published: August 22, 2007
  • Imprint: Butterworth-Heinemann
  • eBook ISBN: 9780080551777

About the Author

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

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