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MDDL Working Meetings Report

May 7-8, 2001


This is a report from the combined MDDL Vocabulary and Technical Committee meetings that occurred on May 7 and 8 in NYC.

Participating Organizations

Bank of New York, Bloomberg, Clearnet, Bridge Information Systems, DTCC, Dow Jones, Fidelity, FISD, Jordan & Jordan, Lehman Brothers, Merrill Lynch, Money Line, Nasdaq Stock Market, Reuters, SIAC, Standard & Poor’s Corporation, SWIFT, Thor Technologies, USONIA

Vocabulary Committee

Progress was made on the development of the MDDL vocabulary. The updated vocabulary domain and descriptor documents have been posted to the web and include:

  • An expanded definition of the data elements to be included in corporate actions and events
  • A detailed analysis of interest rates and other measures
  • A definition of the spectrum of local market codes used for market identification
  • An initial definition of measures of volatility

Assignments were accepted in the following areas:

  • A first draft of standard definitions of the descriptor/domain categories
  • Identification of the universe of exchange and proprietary distribution vendor codes for inclusion within the issue identification category
  • Identification of the universe of data elements contained within a typical quote/trade

Still required for completion of the MDDL Schema/DTD

  • Market data domain field map to identify which data elements are mandatory for every domain covered by the MDDL standard
  • Identification of the parent/child data relationships included in the data dictionary for analysis by the technical committee

The Vocabulary Committee proposes the formation of specialist groups (in each domain area) to review the specific domain requirements and to help develop the sub-classes needed to complete the data dictionary.

Technical Committee

The objective of the Technical Committee meeting was to review the preliminary approaches to the MDDL design based on the example developed during the April meeting (http://dpg.bridge.com/MDDL/MDDLex1.htm) –- containing a mix of instruments, countries, sources and currencies.

Four approaches were submitted and evaluated as part of the meeting. During the discussion there was:

  • Support for the concept of reference lists to eliminate redundancy in the design of the standard
  • Support for the concept of a parent/child relationship within the architecture as well as the notion of inheritance
  • Support for the idea that all processing instructions will be defined as attributes
  • A recognition that the critical concept of extensibility has not yet been fully addressed
  • Agreement that many of the design concepts presented during the meeting could be aggregated and merged into a new hybrid example
  • Recognition of the necessity of having a technical committee representative participate in all meetings of the vocabulary committee now that the standard is beginning to take shape

The Technical Committee is ready to begin design of the draft Schema/DTD. They intend to present a first draft at the June 6 meeting and to have the refined version ready for evaluation by the June 22 meeting. The Vocabulary Committee is working to have a complete data dictionary and a detailed data object map finalized for US equities, mutual funds and indexes ready for evaluation by the June 6 meeting.

 

 

 

 

 

 

 



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