Imported from previous forum
I have heard a lot about MDML a DTD designed by Bridge / Microsoft for transmittal of Market Data messages. I was wondering to what extent would the XML version of the Market Data templates in FIX 4.2 overlap or supersede MDML. Actually I wanted to glance at MDML, not sure where it could be found.
[ original email was from Ryan Pierce - rpierce@taltrade.com ]
> I have heard a lot about MDML a DTD designed by Bridge / Microsoft for transmittal of Market Data messages. I was wondering to what extent would the XML version of the Market Data templates in FIX 4.2 overlap or supersede MDML. Actually I wanted to glance at MDML, not sure where it could be found.
I have heard of MDML but never seen any specifics on how it operates.
The Market Data FIX messages were designed primarily for high volume, realtime market data feeds. It is my opinion that the added overhead of XML processing, and the significant extra bandwidth required to send it makes it impractical for high volume, realtime market data feeds.
XML would be fine if you just wanted, for instance, a single realtime quote on just one stock, where processing overhead or bandwidth don’t really matter.
While as a matter of principle I suspect the entire library of FIX application messages (except possibly the Business Message Reject as that’s a hybrid between session and application layers) will have a FIXML version, I would guess that for any realtime feeds (i.e. not just snapshots as defined in the Market Data message), you’d pretty much have to use tag=value format.