Imported from previous forum
[ original email was from John Park - john.park@real.lu ]
We are looking at using a messaging standard(s) as a means of receiving / generating messages to interface to / from our banking system, IBSY, with:
Other applications running at a bank (e.g. Midas),
Counterparties’ systems,
External systems (e.g. Electronic Brokering Service, Reuters 3000) and
Other external suppliers (e.g. market data providers - Bloomberg, Reuters, Telekurs).
Is this feasible and achievable?
I have concluded from my initial analysis of the numerous messaging standards (e.g. GSPTA / STPML, FpML, MDDL, FIX, FIXML, ISO 15022, SWIFTML) that exist that there is considerable effort being made in the market place to move to one messaging standard to support pre and post trade, namely ISO 15022 XML. But it appears that this standard is likely to be completed mid 2003 or later. Do you agree with my conclusion and the timing of ISO 15022 XML?
The dilema is to decide what standard we should use while we wait for the ISO 15022 XML standard to be agreed and adopted by market participants. My logic at the moment is:
If a standard exists in ISO 15022 XML, then use it
If not, then if a standard exists in FIXML, then use it
If not, then if a standard exists in ISO 15022, then use it
If not, then if a standard exists in FIX, then use it
Otherwise use a proprietary standard (e.g. FpML)
Does this seem like a reasonable approach?
As a first step in undertaking more detailed analysis, I am looking at market data -
Descriptive information for securities - equities and bonds (e.g. for issuer, par value / face value, stock exchange where traded, min. trading qty),
Market data (e.g. securities prices - bid, ask, close, FX rates, interest rates),
Corporate actions
Entitlements (e.g. dividends, rights)
Do you know where I can find more info on what message standards the market data providers (e.g Bloomberg, Reuters, Telekurs) will support?
Or will they be using more proprietary type messages such as
MDML (Market Data Makup Language)
MDDL.org (Market Data Definition Language)
Or will they only use their own proprietary standards?
Ideally I would like to be able to complete this table:
Information Provider
Message Standards Supported (e.g. FIX, FIXML, ISO 15022 XML)
Specific Messages Used (e.g. FIXML – Market Data, Market Data Request)
for each of
Bloomberg
Financial Times (?) – Extel
Financial Times – Exshare
FT Interactive Data
Reuters
Telekurs
Wertpapier Mitteilungen
Thanks very much for your time
[ original email was from John Goeller - jgoeller@lehman.com ]
> We are looking at using a messaging standard(s) as a means of receiving / generating messages to interface to / from our banking system, IBSY, with:
> Other applications running at a bank (e.g. Midas),
> Counterparties’ systems,
> External systems (e.g. Electronic Brokering Service, Reuters 3000) and
> Other external suppliers (e.g. market data providers - Bloomberg, Reuters, Telekurs).
>
> Is this feasible and achievable?
>
At the present time, I don’t believe there is a single industry standard that covers what you are trying to achieve.
> I have concluded from my initial analysis of the numerous messaging standards (e.g. GSPTA / STPML, FpML, MDDL, FIX, FIXML, ISO 15022, SWIFTML) that exist that there is considerable effort being made in the market place to move to one messaging standard to support pre and post trade, namely ISO 15022 XML. But it appears that this standard is likely to be completed mid 2003 or later. Do you agree with my conclusion and the timing of ISO 15022 XML?
Mid 2003 is the current timetable.
Regarding WG 10 and ISO 15022 XML, two activties have to happen:
- The revised ISO 15022 standard has to be approved by the ISO members.
- The Reverse Engineering work of the Pre-Trade Project Team (ie FIX) and Post-Trade Project (GSTPA, OMGEO, SWIFT, FIX, etc) needs to be completed.
>
> The dilema is to decide what standard we should use while we wait for the ISO 15022 XML standard to be agreed and adopted by market participants. My logic at the moment is:
> If a standard exists in ISO 15022 XML, then use it
This is work in progress.
> If not, then if a standard exists in FIXML, then use it
The XML format of FIX Protocol version 4.3 does exist but may not cover your scope.
> If not, then if a standard exists in ISO 15022, then use it
If XML is your chosen format the current ISO 15022 has a different syntax. It’s been used mostly in the post-trade area.
> If not, then if a standard exists in FIX, then use it
Again, standard does exist but it is in FIX’s traditional tag=value format and may not cover your complete scope.
> Otherwise use a proprietary standard (e.g. FpML)
>
I don’t consider FpML a proprietary standard as it was developed by an industry group. I usually reserve the term for message formats developed by vendors. FpML for complex financial products (Swaps, FRAs, etc).
> Does this seem like a reasonable approach?
>
Most of these standards have different areas of focus so I don’t think you could use only one.
> As a first step in undertaking more detailed analysis, I am looking at market data -
> Descriptive information for securities - equities and bonds (e.g. for issuer, par value / face value, stock exchange where traded, min. trading qty),
> Market data (e.g. securities prices - bid, ask, close, FX rates, interest rates),
> Corporate actions
> Entitlements (e.g. dividends, rights)
>
> Do you know where I can find more info on what message standards the market data providers (e.g Bloomberg, Reuters, Telekurs) will support?
>
> Or will they be using more proprietary type messages such as
> MDML (Market Data Makup Language)
> MDDL.org (Market Data Definition Language)
>
Most of the vendors you referenced are involved in the MDDL intiative so it probably a good place to start.
> Or will they only use their own proprietary standards?
>
> Ideally I would like to be able to complete this table:
I chaired a group for the SIA on the standards landscape for T+1. We wrote a report that includes an appendix on the different message formats. See the follwing link:
http://www.sia.com/t_plus_one_issue/pdf/Standards_Sub-Committee_Report_V2.0.PDF
Hope this helps.
>
> Information Provider
> Message Standards Supported (e.g. FIX, FIXML, ISO 15022 XML)
> Specific Messages Used (e.g. FIXML – Market Data, Market Data Request)
>
> for each of
>
> Bloomberg
> Financial Times (?) – Extel
> Financial Times – Exshare
> FT Interactive Data
> Reuters
> Telekurs
> Wertpapier Mitteilungen
>
> Thanks very much for your time
>
>