As part of MIKE2.0, we believe we are presenting a unique perspective in the area of standards development. Our approach is to create a collaborative community for the development of standards for Information Management, including those that apply to Capital Markets.

Some interesting work around open source and open standards is developing in relation to market data:

• Market Data Definition Language (MDDL) is an extensible Markup Language (XML) derived specification, which facilitates the interchange of information about financial instruments used throughout the world’s markets. A community is build around MDDL, including a wiki-based development environment.

• FAST (FIX Adapted for Streaming data) protocol is emerging standard used for the distribution of market data. Some of the steps being discussed with the open sourcing of FAST could be seen be particularly beneficial to this standard as it continues to evolve.

With open content and collaborative technologies, it’s easy for these projects to work together and we’ve starting doing this through MIKE2.0 with references to these projects.