RIXML.org -- Frequently Asked Questions

SPECIFICATION DEVELOPMENT AND GROWTH

Q: What steps did you take to develop the specification?

A: We began by working with our buy-side and sell-side participants to develop the real-life scenarios and use cases that face portfolio managers and analysts and where we would be able to leverage RIXML as a standard for research. We developed the scenarios by looking at the ways different firms worked with research both internally within their own firms and externally with their counterparties. These scenarios were further explored during Standards Committee workshops that reviewed and documented the research components that should be classified by the RIXML standard. The outcome of these workshops was captured in a draft document, which was then distributed internally within RIXML’s member firms for thorough review and feedback. The ultimate result of this process was the specification now available to the public at large.

Q: Can you explain the approach you took in categorizing investment research?

A: The RIXML Standards Committee, whose members have an extensive knowledge of research content and how it will be used — has been at the core of the RIXML development process. It identified the research components to be classified by the standard, and then delivered business requirements to the Technical Committee. The Technical Committee then decided how various components and characteristics that make up or describe a research product should be identified and tagged according to a common standard in order to facilitate a smooth electronic information exchange.

The primary goal of the RIXML specification was to provide extensive capabilities to be able to tag any piece of research content, in any media format, with enough information for buy-side firms to search, sort and filter through sell-side research and quickly provide relevant information to the decision makers.

Q: What is the high-level tagging schema you decided on? Can you give a basic example of how a research report might be tagged using RIXML?

A: On a high level, ‘Product’ is the top-level tag in a RIXML document. The term 'Product' is used in lieu of 'document', because document does not lend itself well when the delivered data is an audio file, video file or webcast. Each research product in turn is tagged using the RIXML standard for source, context, content description and legal disclosure requirements.

So for example, a research product would first be tagged with a unique identifier. The product would then be further tagged for its source (the publisher and analyst who produced the note), its content (the title of the document, the type of file, and so forth), the context (industry, sector, economic, company), and legal requirements, if any (copyright information, disclaimers, disclosures etc.).

There are various other sub-tags within each category that make up this overall framework, but this is the high-level approach we have taken. Examples of documents tagged with the RIXML schema can be found on our website www.rixml.org in the Specification section.

Q: Is the tagging scheme different for different document types or formats (Acrobat vs. pure HTML documents, e.g.)?

A: No. The RIXML standard tags cover all content regardless of the media type. File format is covered as a subcategory within the content class.

Q: How did you deal with different types of research products -- note vs. report vs. audio or video file?

A: The RIXML standard tags content regardless of the medium or format. The product media - such as HTML, PDF, video or audio - is considered a content attribute. This allows for more flexibility and a greater degree of filtering as users can indicate preferred product media if they so choose.

We have categorized content by its use or context, rather than its legacy name. Notes are short pieces of timely information, regardless of whether they are in Acrobat, Word, or HTML format. Similarly, a Webcast can be tagged as an Event, regardless of whether the publisher provides a link to a streaming feed, a textual transcript of the discussion, or the actual video file itself.

Q: What did you do to ensure that research will now reach the target audience within a particular firm?

A: Publishers can tag their research according to target audience using RIXML, and buy-side firms that set up their systems to read these tags will automatically distribute the material to the intended recipient or recipients within the firm. In addition, the context information provided in the tag set gives distribution systems the information necessary to deliver content to the appropriate parties.

Q: Can you give some specific examples of new ways that research will be utilized by the buy-side as a result of RIXML? How will research now be able to be filtered?

A: By standardizing a common set of tags for asset types, international identifier mappings, industries and sectors, ratings and recommendations, etc., customized filters of various kinds can be created, allowing for better management of the large amount of information currently being distributed. In addition, this advanced level of tagging and access to individual contextual elements allows for a new generation of alerting mechanisms, navigational frameworks and enhanced user interfaces, and delivery to mobile devices.

Q: How does the specification evolve and change?

A: Changes will be made to the specification as needed to address business and technology issues and additional versions of the specification will be released accordingly.

Each time an updated version of the specification is available we will post access to the specification on the RIXML.org website and encourage all market participants to respond with comments and suggestions within a 30-day period. We are very interested to hear from both buy- and sell-side users what additional content they would like to see tagged as well as what hurdles they saw for implementing RIXML or any other concerns they had regarding the specification. The purpose of industry feedback is to find out how we can enhance the RIXML protocol to further improve the process of categorizing, aggregating, comparing, and distributing global financial research.

Additionally, the RIXML.org Steering Committee meets monthly to discuss issues affecting the research space and potential impact to the specification.

Q: How does RIXML.org incorporate feedback from the industry and what are the criteria?

A: All feedback is reviewed by the RIXML.org Steering, Standards and Technical Committees, who review and prioritize the suggested changes. The revised specification is then used in proof-of-concept trials with research producers and buy-side users.

Q: Who are the decision-makers?

A: The RIXML.org Steering Committee.