Although it is unclear to what extent the buy side is ready to invest in technologies for organizing research, Thomson Financial and Multex are working on initiatives to distribute RIXML-tagged research to the buy-side. Thomson Financial is currently working on incorporating RIXML into two new products, Thomson Connect and the Research Workflow Solution (RWS). Multex is currently working with sell side firms to encourage them to incorporate RIXML into their research procedures.

Although it is unclear to what extent the buy side is ready to invest in technologies for organizing research, Thomson Financial and Multex are working on initiatives to distribute RIXML-tagged research to the buy-side. Thomson Financial is currently working on incorporating RIXML into two new products, Thomson Connect and the Research Workflow Solution (RWS). Multex is currently working with sell side firms to encourage them to incorporate RIXML into their research procedures.

This article announces the hiring of Desmond Quilty by researchsummary to help the firm meet the demand and request for outsourcing RIXML. Desmond states that “When RIXML started to be put together, there was a chance to make significant improvements.”

It is predicted that all major sell-side firms will be producing RIXML-compliant research, to solve the issue of information overload for the buy side, by the end of 2003. Although RIXML will be faced with many challenges, a recent TowerGroup study reports that the adoption of the RIXML standard will pick up speed in 2003. Once the buy side is able to make use of the protocol through RIXML-enabled vendor solutions, there will be more pressure on the rest of the industry to adopt the standard in order to keep up.

This article covers the growing trend toward the increasingly widespread Internet programming XML, for charting and comparing research and statistics for the Wall Street industry. RIXML is mentioned as a securities research standard with over 20 members, including top investment banks and buy-side firms.

This article announces the study released by TowerGroup that predicts all major sell-side firms will be producing RIXML compliant research by the end of 2003 to make equity research more organized and accessible. The report also suggests challenges that RIXML will face in this endeavor, such as the fall in technology initiatives with company’s revenues down and the miscommunication between the buy side and sell side’s main needs and wants for the industry, causing a deadlock scenario. TowerGroup is hopeful for the adoption though as RIXML is focusing on implementation before developing the schema, which should speed up the adoption process and meeting deadlines for compliance and new regulations should also free up resources in sell-side research departments, which can then look at adopting RIXML.

This article gives a general history and description of the RixML.org committee and organization. The article includes a quote from Jean-Paul Carbonnier, an analyst at TowerGroup, stating that RixML will bring value to investment research by eliminating information overload with an advanced tagging and categorizing system. Carbonnier adds that the great abundance of research that fund managers find everyday could be easily refined and organized with the RixML language, but the sell side and buy side need to be in agreement on the adoption of the RixML standard in order for it to excel.

This article announces that researchsummary.com released a conversion program in August that changes Microsoft Word documents into RIXML files. This new program will allow a Word document to be converted to a RIXML file with a single click on the Word toolbar. The program is available on a stand-alone or combined package with researchsummary’s NavigateDepth platform.

This article announces that Researchsummary.com has released Word2RIXML, which takes a Word document created with a specific template and outputs its content as a RIXML-compliant document.

This article announces that Bear Stearns will use researchsummary’s RIXML-based NavigateDepth software to tag Bear’s research with the RIXML protocol., allowing Bear Stearns’ equity and fixed-income analysts to convert research written in Microsoft Word into RIXML-adept documents so their clients will be able to interrogate multiple research documents. RIXML is well on its way to becoming the industry standard as sell-side firms are stepping up to fulfill the demands of the buy-side for RIXML-formatted research.

In hopes of simplifying asset managers’ tasks as they search through endless research reports, RIXML has a new and improved version of its research standard protocol. RIXML Version 2.0 has upgraded the fixed income and calendar aspects of the standard. As client demand for the standard builds, buy-side firms, such as T.Rowe Price and UBS Warburg, are in the process of reviewing systems and products for the upgrade. RIXML demand is currently evolving as it gains popularity and vendor support. Move to version 2.0 is not difficult, but a rather lengthy process, so RIXML has established The Implementation Working Group to help ensure a smooth transition.

This article announces researchsummary.com’s introduction of Word2RiXML, a software program that converts research documents using Microsoft Word into RIXML standard files. With this software, a Word file created with a specific template can be converted into a RIXML version 2.0-compliant file. Word2RiXML is available on its own or as part of researchsummary’s NavigateDepth platform.

This article covers the arrangement between researchsummary.com and Bear Stearns to promote the new RIXML version 2.0 standard, which improves upon the categorization, aggregation, comparison, sorting and distribution of global financial and investment research.

In order to improve research tagging and distribution and to promote RIXML version 2.0, Bear Stearns has entered into an arrangement with Researchsummary.com. Bear Stearns will offer RIXML-enabled research via the researchsummary.com Web site, while Bear Stearns’ clients will now be able to better navigate research and reduce unwanted information. Bear Stearns will be implementing researchsummary.com’s software to tag its entire research production flow with RIXML tagging protocol.

This article follows the announcement that Bear Stearns has signed up to use Researchsummary.com’s NavigateDepth tagging software that is compliant with the RIXML standard. This arrangement will provide Bear Stearns’ clients the ability to interrogate multiple research documents effectively. As part of the deal, Bear Stearns will begin contributing PDF and RIXML-enabled research to Researchsummary.com’s portal.

This article announces that Bear Stearns will go live with researchsummary’s RIXML-based software NavigateDepth, which will tag Bear Stearns’ research with the RIXML protocol and also promote RIXML 2.0. RIXML will enable Bear Stearns’ clients to specify and filter research materials and it makes it possible for Bear Stearns to formulate and immediately deliver requested research as well. This recent agreement helps to solidify RIXML as the investment research publishing standard of the future.

This article covers the announcement that Version 2.0 of RIXML has been placed online at: www.rixml.org for public comment.

This article, composed by RIXML co-chairs Andrew Ling and Dave Seibert, describes how RIXML solves the problem of finding ideas quickly and putting broker research into context with research from other sources, by using an XML-based schema for the tagging of research documents. The article also covers the release of version 2.0 on June 20 for a thirty-day public comment period. Version 2.0 focuses mostly on additions and support for corporate fixed-income research and events to benefit both the buy and sell sides.

This article recognizes that UBS Warburg is using the RIXML standard to communicate with buy-side clients, third-party vendors and internal staff. Some of UBS’ largest clients currently receive RIXML-tagged research and UBS is currently working with two vendors to enable them to accept RIXML-tagged research. The goal is that the entire distribution system will migrate to RIXML, instead of mapping the internal schema to external languages.

This article includes the announcement of RIXML.org’s version 2.0 being posted on the RIXML.org website for public comment through July 19th. Suggestions will be incorporated into the 2.0 standard. The article includes additions and changes that have been made to the version 2.0 from the previous 1.0 version in the fixed-income, globalization, financial data, distribution, and events components.

The article announces that Andrew Ling, from UBS Warburg has replaced Joe Sommer as sell-side steering committee co-chair of RIXML.org. He joins fellow co-chair David Lord, also from UBS Warburg and new to the committee. Deirdre Goldenbogen from Putnam Investments was reelected buy-side standards committee co-chair and Nick Narness joins the committee from Morgan Stanley as the new standards liaison co-chair.

This article announces that Joe Sommer and John Goeller have left Credit Suisse First Boston to relocate to UBS Warburg and Lehman Brothers, respectively. Sommer has stepped down from his position as co-chair of the RIXML Steering Committee as well, but he will remain involved in the organization.

This article covers RIXML.org’s release of version 2.0 for public comment, and it lists the new taxonomies in the following five areas: Fixed Income, Globalization/Localization, Financial Data, Distribution, and Events. The addition of McGraw-Hill Cos, Standard & Poor’s, and Communicator as RIXML Associate Members is also included.

The article announces RIXML.org has released version 2.0 of its XML-based research spec. Joe Sommer is quoted recognizing the need for a research data standard in the industry. He goes on to explain RIXML’s answer of research data categorization into 400 fields that help to precisely pinpoint information through an XML standard. The formal version of 2.0 is planned for the third quarter.

This article expresses the industry’s hope of coordinating efforts to build and adopt a standard around research data, following the announcement of MDDL.org’s upcoming beta testing of its version 2.0. RIXML.org is dedicated to the coordination effort and announced the release of their version 2.0 later this month, which will support research for fixed income.

The article highlights that RIXML version 2.0 will be released in June to coincide with the SIA Technology Management Conference. The release of version 2.0 was not expected until later in the year. Joe Sommer, RIXML Sell-Side Co-Chair is quoted.

Effort made by RIXML to improve investment research by addition of Oppenheimer Funds Inc to the Steering Committee and appointment of new committee CO-chairs within its organization. Joseph Sommer is quoted praising the position and development of RIXML. Also quoted is Bob Bonomo from Oppenheimer Funds supporting RIXML’s efforts of better distribution of investment research.

The overflow and biased research information on broker reports and analysis makes it difficult for fund manager to make accurate predictions for underlying trends in a stock or portfolio. Many investment banks have begun to try and collect equity research, combine new issue info., and provide direct links to other investment banks in services such as TheMarkets.com, Multex Express, WorldStreet Net and Research Exchange. This research is designed using RIXML, which is formed to create a user-friendly industry standard for electronic exchange, and which provides hope to the end of information overload.

RIXML 2.0 will appear in its final version by the end of July with the addition of coverage of fixed-income and international data. Version 2.0 has the purpose to introduce new elements and changes to the five areas denoted by groups. The RIXML.org site allows users to post feedback that may be incorporated into the 2.0 version. In addition to 2.0, OppenheimerFunds is added to steering committee and new co-chairs named.

RIXML is preparing to launch its specification, 2.0, which will add coverage of fixed income and international data to the original version. The five area research groups will have separate revisions and updates from the original 1.0 to the 2.0 standard. The article also mentions the addition of OppenheimerFunds to the steering committee and the appointment of new CO-chairs

Using the BlueMatrix Workflow & Distribution System, Robert W. Baird is publishing research notes and morning summaries in RIXML 1.0.

In order to produce research notes and summaries using RIXML, Robert Baird is utilizing BlueMatrix’s Research and Distribution System. Baird will now be able to broaden delivery options and produce and receive documents in XML or PDF format.

Robert W. Baird has begun producing research using the RIXML standard in order to make the transmission of research to the buyside easier. The sellside is adopting the standard in order to supply the demanding buyside with data from a variety of delivery modes.

With information overload, Researchsummary adds two new European banking institutions to their knowledge management portal. The portal will consolidate and organize the abundance of information into a range of subjects. RIXML helps control the chaos resulting from the multiple methods of electronic distribution of investment research.

In hopes of setting the standard for research delivery in the securities industry, RIXML has added Oppenheimer Funds to its steering committee. Multex has integrated RIXML 1.0, with version 2.0 expected later this year, in hopes that all tags will be provided so that fixed-income research can be transmitted more efficiently. RIXML 1.0 is certainly effective for transmitting a research report, and version 2.0 will also include information you may need about an event. RIXML is trying to create a specification so that each buy-side firm does not need a different XML spec for each sell-side firm.

Oppenheimer Funds added to RIXML’s Steering Committee in hopes of becoming the standard for research delivery in the securities industry. Multex has integrated RIXML 1.0 into its range of product offerings, and RIXML 2.0 is expected later this year. RIXML 1.0 includes an advanced level of tagging relevant research, access to individual research elements and the ability to deliver to mobile devices.

RIXML announces addition of OppenheimerFunds Inc. to the Steering Committee, and also reveals that new committee CO-chairs for selected committee seats within the organization have been named.

RIXML welcomes OppenheimerFunds to the Steering Committee and several new committee appointments are listed in the article.

RIXML has added OppenheimerFunds, the US fund management firm, to the steering committee and has appointed a new committee of co-chairmen. OppenheimerFunds has joined RIXML to participate in the development and adoption of the standard for the electronic exchange of investment research.

Microsoft has become the first technology company to publish its financial statements on the Internet using XBRL, an XML-based framework for financial reporting. RIXML welcomes OppenheimerFunds as a new steering committee member, bringing the total to 18.

As requests from buy-side firms for research in RIXML format increase, pressure builds on sell-side firms to switch to an XML format and let go of Word. Researchsummary is offering Navigatedepth, which transforms analysts Word documents into an XML-enabled template. Evolution is offering a similar conversion program, Clarity, which records in which format customers want to receive and then sent using RIXML.

Multex begins initial stages of upgrading system to utilize RIXML, due to its heavy domination by user firms unlike Multex’s former XML initiative, IRML, which was a more vendor-driven effort. Multex hopes to provide a channel of conversion for firms that have yet to make the jump to RIXML.

In May, Researchsummary.com will release the RS Pro, a RIXML-based information management portal, which allows buy-side users to tailor the content and delivery. Access will be provided to real-time investment research and tools via the RS Pro. With the use of RIXML, the RS Pro provides the sell-side provider with a standard research mechanism and eliminates custom research reports, and it also allows the fund manager to be the tailor. For the low price of $200 a year, RIXML provides the bonus of wireless capabilities for buy-side users to sign on and access research from all participating vendors.

In addition to XML-based contributions, Multex will now accept RIXML 1.0 due to the posted information from a number of large sell-side banks and the prediction of several other banks waiting to see investment trends. Multex will support both RIXML and non-RIXML contributions to provide the most accurate and complete research to clients. Multex expects to create a manual interface product that adds fixed income to RIXML’s coverage, in order to avoid converting different areas of Multex at different times.

Researchsummary Ltd., leading advocate of the RIXML standard for market data, is beginning a consulting unit targeting buy-and sell-side institutions to assist in managing both cost and information flow from research. The unit will further develop the XML-based search and retrieval application to connect investment banks, fund managers and brokerages to locate and distribute research notes.

FIXML initiatives, like the 1999 Merrill Lynch FIXML launch, rely on the markets response to the live FIX-compliant connection for its customers. Unless the buy side enforces the sell side to be XML-enabled, companies will use tag-value versions of FIX. With RIXML, the buy side standardizes the delivery of research by having the buy side deliver research to the sell side. The amount of money a firm can spend on IT will determine the success of standardization since a wealthy dealer can afford a variety of semantics for different clients, they will, and then a standard FIX or even electronic-delivery is difficult to support.

The primary task of XML is to store and move data. XML has been around over three years and within that time vendors have created a multitude of swift solutions of XML based applications & self-styled XML standards bodies. All the variations of XML. i.e., RIXML (research information), FpML (financial products) are just different flavors and the significance of the move towards XML.

In order to ensure a firm’s survival and make STP a reality, the collective use of common protocols is essential. The industry currently relies on FIX for electronic-transaction processing, but times are changing as the industry is pushing toward a one-day settlement cycle, and Javelin and other FIX frontier companies face competition. The industry recognizes more then one protocol is needed to support the different functions in a business, so FIX vendors will likely look to facilitate multi-protocol communication with standards such as RIXML, SWIFT, and MDDL.

ResearchSummary a UK based company is introducing an application that translates PDF equity research reports into RIXML files. RIXML uses the XML language to identify any piece of research in order for the user to search, sort & filter.

The Financial Information Services Division (FISD) of the SIIA has been has been creating the market data definition language (MDDL) is in the process of establishing formal links with other groups. "We have formalized our liaison activities – now we have something to liaise about," said the Mike Atkin, VP of the Washington D.C. – based FISD. According to Atkin the primary groups that FISD will be targeting for are FpML.org, NewsML;.org, RIXML.org, XBRL.org & the Statistical Data and Metadata Exchange (SDMX). The most important alliances will likely be with research standards group such as RIXML and information standards organization NewsML. "We’re interested in working with all the groups but the most immediately practical are RIXML and NewsML," Atkin said. "Both will be using MDDL."

The value of RIXML is spreading like wildfire. Portals like ResearchSummary.com, which provide access to executive summaries from investment banks, are beta-testing templates that translate PDF-formatted research into RIXML. RIXML allows buy-side and sell-side firms to communicate better because it is based on XML and uses tagging to help break down research information.

The majority agrees that the 2001 financial services industry was a rough one. Online brokers are now finding more cost effective ways to improve customer relationship management by integrating the Web into all distribution channels. And as far as the technology front goes, the adoption rate for the RIXML language and open protocol to improve the transmission of global equity research will rise in 2002. Other news, RIXML.org the combination of buy-side and sell-side firms released the first version of XML language and is simultaneously in the process of publishing a second version that allows for the delivery of fixed- income research. Industry professionals believe that this is the universal language & here is here to stay.

Top financial news information provider, Reuters, currently uses NewsML as its XML standard but wants to incorporate RIXML technology with their instant messaging system to allow users to navigate between news items and research.

XML is coming to a boil in the industry due to the brew of new standards and convergence. RIXML, MDDL, ebXML & XML enabled versions of FIX & ISO 15022 will all be in the forefront of the industry. A recent example of a merged XML standard is the combination of the investment research-based standards RIXML & IRML. Robert Pierre, VP of State Street Bank & member ISITC-IOA believes that XML is to stand firm regardless of the relative difficulty with the adoption of 15022 being the main driver. "We are getting more comfortable with XML as deployment. This will help develop our experience level with related technology."

RIXML is about to put the investment community on its head by changing the growing research information overload plaguing the investment industry. RIXML.org sell-side co-chair Salvatore Restivo says, "The RIXML tagging standard will make it easier for research consumers to form precise queries for research content, and for research producers to form relevant results. RIXML will make future portal services and search tools that are much more effective, particularly for the buy-side."