MDDL is an emerging standard in our industry for Market Data being driven by the Financial Information Services Division (FISD) division of the SIIA organization. FISD/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.
Michael Atkin, vice president, said, "Since STP begins with reliable and accurate reference data, all back-office applications depend on accurate and timely product information in order to automate the processing, settlement and reporting of securities transactions. TowerGroup reported this last September that around 45% of all automated trades are rejected because of inaccurate reference data. Currently most firms have reference data in multiple databases across the enterprise which only adds to the problem of inaccurate data."
Jeffry E. Metter, CEO, Access International said, "Access International is very proud to have been recognized by the industry for its advanced XML schemas used for our Global Product Suiteâ¢ offering. Metter continues, "We believe this initiative is a forthcoming necessity and early adopters of the MDDL's standards will be able to advance quickly in a market place where everything is currently at a standstill."
Access International provides real-time, multi-currency application software that delivers straight-through processing (STP) capabilities across many areas of back office securities processing systems, including reference database applications, trade processing, settlement & clearance, and risk management & financial reporting.