James E' Hartley

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Market Data Definition LanguageAn Overview of
MDDL for XBRL International
James E. Hartley Catalyst, Office of the Chief
Scientist23 October 2001 Sydney, Australia
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Market Data Definition Language and XBRL
Topics

• What is MDDL?
• Who is Involved?
• Why do WE Need MDDL?
• How is MDDL Developed?
• When is MDDL Released?
• Where is MDDL Available?
• MDDL and XBRL

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Market Data Definition Language and XBRL
What is MDDL?

• SIIA/FISD activity since January 2001
• Project Management and Coordination Mike Atkin
• Common data fields for
• Instruments/Assets (exchange traded or not)
• Corporate Events (affecting value trade)
• Indicators Economic Industrial
• Promotes Interoperability
• Standard definition(s) of terms
• Common use of fields
• XML!

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Market Data Definition Language and XBRL
Who is Involved?

• Providers Vendors
• Bloomberg L.P., Dow Jones Company, Financial
  Times Information, Reuters Ltd.
  (and acquired assets of Bridge Information
  Systems)
• Consumers Users
• Bear Stearns, Fidelity Investments, Goldman Sachs
  Co., Lehman Brothers, Merrill
  Lynch, Morgan Stanley Dean Witter
• Standards (interoperability under investigation)
• IPTC (NITF NewsML), XBRL, SWIFT, ISO 15022
• (note this list is indicative and not
  comprehensive)

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Market Data Definition Language and XBRL
Why do WE Need MDDL?

• Rationale
• Application Efficiency (user demand)
• Integrate data from multiple sources ? shift
  resources to data quality
• Product Functionality (data relationships)
• Standard data models
• Straight Through Processing (syntax is XML)
• Mission
• Promote data interoperability
• Field definitions for multiple classes
• Initially, end-of-day and snapshot
• With an eye on expanding

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Market Data Definition Language and XBRL
How is MDDL Developed?

• Open process all are invited!
• Steering Committee (overall strategy)
• Comprised of FISD/SIIA members

Steering Committee
Liaison Committee
Vocabulary Committee
Technical Committee
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Market Data Definition Language and XBRL
Vocabulary Development

• Defines individual terms in a glossary
• descriptors with modifiers (called properties)
• Products broken into three categories
• Instruments and Asset Classes
• Indicators and Averages
• Corporate Events and Actions
• Descriptive, Fundamental, Notification
• Subdivisions of Domain, Class, Subclass
• Define the basic products

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Market Data Definition Language and XBRL
Vocabulary Domains Instruments and Asset Classes
Included in 1.0
Annuity
Exchange Traded
Collective Investment Vehicle
Fund
Insurance
Contract
Trust
Money Market
Instruments and Asset Classes
Certificate
Debt
Mutual
Common
Equity
Umbrella
Depositary
Limited
Unit
Partnership
Shared
Preferred
Units
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Market Data Definition Language and XBRL
Vocabulary Domains Indicators Averages
Included in 1.0
Economic
Exchange Statistic
Financial Monetary Rate
Indicators Averages
Index Average
Industrial
Rating
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Market Data Definition Language and XBRL
Technical Development

• Data Model from Vocabulary Committee
• products - Domains, Classes, Subclasses
• Lower levels derived from properties
• Minimal structure defined
• Main mddl and optional header
• Major constructs (multiple) for grouping data
• snap for snapshot quotes
• timeseries for quotes (events) over time

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Market Data Definition Language and XBRL
Technical Development

• XML Schema and DTD supported
• Limits some functionality
• Leaves door open for future (schema)
• Element based approach
• Easier to expand
• Facilitates inherited properties
• Schema Adjunct Framework
• Provides glossary of definitions

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Market Data Definition Language and XBRL
Technical Development

• Controlled Vocabularies
• Registered lists of possible values
• EXTENSIBILITY IS KEY!
• Proprietary properties and products in
  other tag
• Concept of references lists
• Internal AND external common data

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Market Data Definition Language and XBRL
Brief Example of MDDL
ltmddl version"1.0-draft"gt ltheadergt
ltsourcegt ltmdStringgtPreviously Bridge
Information Systemslt/mdStringgt ltothergt
ltwhateverelementgtin St. Louislt/whateverelem
entgt lt/othergt lt/sourcegt lt/headergt
ltreferencesgt lt!-- common material or
externally referenced (by XPointer) --gt
lt/referencesgt
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Market Data Definition Language and XBRL
Brief Example of MDDL
ltsnapgt ltdataDateTimegt2001-09-20T123456Zlt/data
DateTimegt ltcurrency scheme"iso_scheme_for_cur
rency"gtUSDlt/currencygt ltequityDomaingtltcommonCla
ssgt ltinstrumentIdentifiergt ltcode
scheme"bridge_scheme"gtusIBMlt/codegt
lt/instrumentIdentifiergt ltaskgt
ltlastgt134.5lt/lastgt ltopengtltmdDecimalgt134.3lt
/mdDecimalgtlt/opengt lt/askgt
lt/commonClassgtlt/equityDomaingt lt/snapgt lt/mddlgt
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Market Data Definition Language and XBRL
When is MDDL to be Released?

• 1.0-beta available now
• Documentation being produced for 1.0-draft on
  16 October 24 October
• 1.0-final on 02 November 2001
• Common Equities, Indices
• Mutual Funds (subset of Collective Investment
  Vehicles)
• 1.1 not set but may include
• Deeper coverage of existing Classes or other
  specific products
• Expansion sensitive to globalization
• Support for Security Master (info necessary to
  close a deal)
• Query format or other types of data?

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Market Data Definition Language and XBRL
Where is MDDL Available?

• http//www.mddl.org/
• Being revised
• http//www.fisd.net/
• Sponsor

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Market Data Definition Language and XBRL
MDDL and XBRL

• MDDL defines Market Data
• AND RELATED DATA
• XBRL covers Financial Reporting (public and
  private)
• AND RELATED DATA
• Market Data and Financial Reporting overlap
• Some MDDL derived from XBRL and vice-versa
• Does anybody see the possibility (necessity) of a
  relationship?

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Market Data Definition Language and XBRL
MDDL and XBRL

• What data is common between MDDL and XBRL?
• How to provide interlinking between the
  specifications?
• Link to XBRL from MDDL and vice-versa (XBRL may
  have these mechanisms)
• Use tags from the other as appropriate
• MDDL is a single schema with ancillary data

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Market Data Definition Language and XBRL
Wrap-up
Any other questions?
THANK YOU!