In cooperation with the SIIA's Financial Information Services Division, the Market Data division of the New York Stock Exchange is developing a new formal structure for vendor fulfillment of billing and reporting obligations. The new Vendor Reporting Extensible Markup Language (VRXML) is "based upon the original VARS format but adds additional functionality and efficiency." Under the old system, vendors would send data files to TCB Data Systems, which would provide one level of processing and extraction, then disperse the files to the appropriate markets including NYSE Market Data. The teams are developing more efficient, industry-accepted data transfer methodologies to enable direct reporting via straight-through-processing. The new system also supports the transformation of an existing VARS file into a VRXML file. The June 2002 draft of Vendor Reporting Extensible Markup Language (VRXML) includes, in addition to prose specification, a conceptual model diagram in UML, an independent XML schema file defining standardized reporting and billing data elements, and sample XML instance. This draft "deals with NYSE reporting obligations but could be extended to cover a broader set of industry requirements."
Bibliographic information: Vendor Reporting Extensible Markup Language (VRXML). New York Stock Exchange, Inc. Market Data Division. Draft. June 2002. 9 pages. With acompanying conceptual model (UML), XML schema, sample XML instance.
Problem statement: "Multiple requirements/formats make reconciliation and payment processing difficult. The solution is to develop standard reporting/billing data elements (both content and format). NYSE has developed a Vendor Reporting eXtensible Markup Language (VRXML). The exchange is working with FISD to collect evaluation feedback from the global industry. We are particularly interested in how well the NYSE requirements match up with the requirements of the rest of the industry."
The XML structure is a new format that the Market Data division of the NYSE has developed. The working name of this new structure is Vendor Reporting eXtensible Markup Language (VRXML). The XML structure is based upon the original VARS format but adds additional functionality and efficiency. The capability to transform an existing VARS file into a VRXML file is a requirement... We would hope that this proposed Vendor Reporting eXtensible Markup Language (VRXML) schema will be available for use by the end of the year 2002. Working with the FISD, we wish to gather comments and feedback prior to our implementation."
About FISD: "The Financial Information Services Division (FISD) of the Software and Information Industry Association (SIIA) provides a balanced and neutral business forum for exchanges, market data vendors, specialist data providers, brokerage firms and banks to address and resolve business and technical issues related to the distribution, management, administration and use of financial information. Over 130 organizations, representing all segments of the information distribution chain, are active members of FISD. They use the forum to exchange ideas, build business relationships, establish new levels of mutual understanding and improve the business climate associated with the worldwide flow of financial information. Participants are responsible for their own strategic and commercial interests within FISD. Our role is to act as a neutral facilitator of the discussion and manager of the consensus agenda that emerges as a result."
- Vendor Reporting Extensible Markup Language (VRXML) Main Document. [cache]
- Appendix A: Conceptual Model of VRXML Vocabulary. UML. [cache]
- Appendix B: Draft XML schema [cache]
- Appendix C: Sample VRXML file [cache]
- VRXML contact: Michael Atkin, +1 202.789.4450
- SIIA Financial Information Services Division (FISD)
- Software and Information Industry Association (SIIA)
- TCB Data Systems, Inc.
- "Vendor Reporting Extensible Markup Language (VRXML)" - Main reference page