Published on September 5, 2007
MDDLReady for Prime Time: MDDL Ready for Prime Time James E. Hartley Chief Technologist, FISD 04 February 2004 Topics: Topics What is MDDL? Suite of Specifications Web Services Trading/Market Data Cycle: Trading/Market Data Cycle Negotiation Trade Quote Indication Of Interest Reporting Settlement andamp; Clearing Analysis Trading Market Data Why MDDL?: Why MDDL? The Basic Problem Many data feeds means many translations Content compatibility (and between feeds) Extensibility required to alleviate maintenance User Firms (banks, brokerages, utilities) Precision andamp; transparency of data Different symbology Data sharing across applications… and companies What To Do…: What To Do… Common Definitions Removes confusion Fosters precision Common Format Standardizes processing Simplifies integration of multiple sources Extensible Structure Adaptable to new data Allows value-added features Reference Data & Pricing: Reference Data andamp; Pricing Market Data is… Everything necessary: setup, pricing, maintenance Reference Data is the Setup Side But also includes some historical and 'static' data Pricing Includes Realtime and End-of-Day As well as historical values Corporate Actions Affect Both Alters price going forward Changes structure/content of reference data MDDL Domains (Asset Classes): MDDL Domains (Asset Classes) CIV, Annuity CIV, Fund Exchange Traded Insurance Money Market Mutual Umbrella CIV, Trusts OEI Unit Equity Common Depositary Limited Partnership Shared Partnership Units Partnership Preferred CAE, Corporate Actions CAE, Corporate Events Entity, Issuer MDDL Domains (con’t): MDDL Domains (con’t) Derivative Certificate Forward Future Linked Option Right Swap Warrant Foreign Exchange Debt No subclasses Long list of attributes Combination defines type Index Interest Rate Indicators MDDL Current Status: MDDL Current Status MDDL 2.3-beta is Current Working Version Working with ISO TC68/SC4 (via WG11) Refinement Via Actual Applications Actively working with 3 Exchanges, 2 Data Vendors In discussions with banks, enablers, vendors Pending: Documentation, 'Prototype' of Capabilities MDDL Suite of Specifications: MDDL Suite of Specifications mddl The 'response' or data content mddlQuery Asks for market data Summary, search, individual stocks, etc. mddlService Web Service for exchanging request/response fisdMessage Extension for realtime streaming (w/compression) mddlService: mddlService 'Message' Type of Web Service Two functional interfaces (no RPCs) Input Defined By 'mddlQuery' Output Defined By 'mddl' SOAP and Security (remember to wash!) Nominal Market Data System: Nominal Market Data System What Is Missing With WS?: What Is Missing With WS? Standard WS for Standard Functions Sure, we can find a WS, but each is different… Experience/Agreement on Granularity When are WS appropriate? Which specifically? Realtime Streaming Capability High-volume, high-throughput But solutions exist for that… Where Do Web Services Fit?: Where Do Web Services Fit? The 'mddlService' Specification! 'mddlQuery' queries Session establishment Support Utilities Symbology Translation Reference Data Acquisition Anyplace Where Data May Be Provided Questions? Discussion?: Questions? Discussion?