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RIXML Releases Draft 2.3 of Schema for Comment Period

New schema for RIXML puts in place best practices around tagging investment research.

RIXML.org said it has released a draft 2.3 of its schema for a 30-day public comment period, according to a release by the consortium of buy-and sell-side and vendor firms committed to implementation of the first open standard for investment research.

The schema is a basic data structure or taxonomy to more clearly define the actual research itself, explained Jack Roehrig, executive director, RIXML.org. Roehrig compares the schema to a UPC bar coding whereby the publisher’s research is “bar coded” to make the content more relevant for contextual purposes and for tracking purposes, wrote Roehrig in an email. This can only improve the publisher-to-consumer model, he said.

“The new version of RIXML helps put into place best practices around the tagging where it helps the publishers not stray from the tagging standard and the buy-side consumers get the most relevant research they need given their search requirements,” wrote Roehrig in the email.

“With all the business challenges and issues around the future of research and how much it costs and how much it gets paid for, there is actually more emphasis these days around tagging,” said Roehrig. “If the content is not tagged properly, that is an opportunity cost to the publisher and it could also be an idea (trading, research, etc.) that the consumer never has the chance to put to use.”

RIXML version 2.3 is principally motivated by the desire to improve clarity and respond to lessons learned from using the schema in production over an extended period of time, noted the release. Member firms provided “feedback from implementation projects and lessons learned from using the schema in production and substantial exposure to real instance documents produced worldwide.

“We’ve improved the definitions of more than 120 of the enumerated values governing restricted tags throughout the scheme,” stated Sal Restivo, Credit Suisse and chairman of the Technical and Standards Committee, RIXML.org. “We hope this will reduce confusion and corral the breadth of interpretations for these values we’ve seen in the field,” further stated Restivo in the release.

Schema version 2.3 does not break backward compatibility with version 2.2. A RIXML instance document that validates against version 2.2 will also validate against 2.3.

Ivy is Editor-at-Large for Advanced Trading and Wall Street & Technology. Ivy is responsible for writing in-depth feature articles, daily blogs and news articles with a focus on automated trading in the capital markets. As an industry expert, Ivy has reported on a myriad ... View Full Bio

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