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Q: What is

A: a consortium of buy- and sell-side global market leaders committed to the development and implementation of the first open standard for the tagging and delivery of investment research. is a group of people. It is not a technical system, platform, or product.

The individuals in developed a standard specification, "RIXML" (or, Research Information eXchange Markup Language). RIXML is based on "XML" (or, eXtensible Markup Language), which is the emerging global standard for data sharing between Internet applications. RIXML provides a structure for categorizing and classifying investment research, so that any user can access research content in any format through standard filtering criteria.

The members of are listed on our Membership page.

Q: Why did you choose XML?

A: An acronym for Extensible Markup Language, a specification developed by the World Wide Web Consortium, XML is a pared-down version of SGML, designed especially for Web documents. It allows designers to create their own customized tags, enabling the definition, transmission, validation, and interpretation of data between applications and between organizations. XML promises to standardize the way information is searched, exchanged, and presented electronically.

Q: Why was formed?

A: was formed to define an open standard framework to improve the process of categorizing, aggregating, comparing, and distributing global financial research.

Q: What asset classes are covered by RIXML?

A: Currently, the specification covers equities and fixed income research. As the need for RIXML continues to grow, subsequent versions will tackle additional asset classes, such as Commodity and Foreign Exchange research, and so forth.

Q: Why is a standard like RIXML needed?

A: Currently, financial services firms publishing research content are using their own proprietary solutions to classify and distribute content. An industry-wide standard will facilitate smoother exchange of information. Research consumers will be able to find what they are looking for more quickly and easily.

Q: Who uses RIXML?

A: The investment community is in the process of implementing RIXML, and different firms both buy- and sell-side are at various stages of implementation. Users include: brokers, asset managers, third-party content providers, vendors and other interested parties in the financial research domain.

Q: Are all members committed to implementing the standard?

A: Yes. All members have made commitments to adopt the standard and, in fact, many members are in various stages of implementation projects.

Q: What are the benefits of RIXML?

A: The creation of RIXML as a common language provides a low-cost way to vastly improve the value of investment research.

In using RIXML as the standard, research content providers (e.g. the sell-side) benefit because RIXML:

  • Maximizes the value of research by making it more accessible
  • Enables transmission of new content types such as thematic research or earnings models
  • Enhances branding
  • Increases efficiency of distribution

For asset managers (buy-side), the RIXML standard offers the following benefits:

  • The ability to filter information
  • Enhanced search tools
  • Commingling of research from all sources
  • Personalization
  • Increased relevancy to their own portfolios

Currently, financial services firms that publish research are using their own proprietary solutions. This industry-wide standard will facilitate a smoother exchange of information from producer to consumer, whether the information flows directly or via a third party aggregator or vendor.