Interactions Standard

In order to comply with the European Union’s revised Markets in Financial Instruments Directive (commonly referred to as MiFID II), the member firms of RIXML have collaborated to define a new standard – the RIXML Interactions Standard. This standalone standard leverages the existing RIXML Research Standard, re-using and adapting the relevant parts of the existing RIXML schema.

There are various types of interactions:

  • Some take place between one service provider and one service consumer (e.g. an onsite one-on-one meeting)
  • Some take place between one service provider and more than one service consumer (e.g., a conference call)
  • Some take place between one service provider, one or more service consumers, and a third party expert (e.g., a session at a conference)

In all of these cases, the service provider will provide a separate interactions record to each service consumer with information about the event, but it will include ONLY the attendee information that pertains to that consumer. The RIXML Interactions Standard accommodates both one-on-one interactions and more complex ones.

Current production release: Interactions Standard 2.0

The current production version of the RIXML Interactions Standard is version 2.0. It was released for public comment on July 18, 2019, and became the production version on September 5, 2019.

Responding to feedback from member firms and other interested parties, RIXML Interactions version 2.0 contains several enhancements designed to provide increased flexibility and usability. The most significant change is that the Interactions Standard will utilize tags and tag sets (simple and complex elements, attributes, and complex types) from the common schema currently utilized by the other RIXML standards, mainly the RIXML Research Standard. Initially, the Interactions Working Group felt that there was not significant overlap between the tags needed for interactions records and research content; however, the enhancement, change, and clarification requests that were received after the release of 1.0 revealed that there was more overlap than originally thought.

The other key changes include the following:

  • enumeration lists have been moved to the RIXML Datatypes schema file
  • the method of identifying the number and types of firms involved in an interaction has been improved
  • the tags used to identify the firms and individuals involved in an interaction have been reorganized
  • the ability to connect related interactions has been enhanced
  • the ability to connect related research content has been added
  • the mechanism to track the status of both the interaction itself and of each participant in the context of the interaction has been refined

In-depth information about these changes can be found in the RIXML Interactions 2.0 Data Dictionary, below.

Note that version 2.0 DOES break backward-compatibility with version 1.0. That is, a RIXML instance document that validates against version 1.0 will not also validate against version 2.0. The RIXML Interactions Working Group did not take this decision lightly, but we feel that the benefits outweigh the risks, and that making these changes now will be better than needing to potentially make them in the future.

 

Interactions Data Dictionary

The purpose of the Interactions Data Dictionary is to assist readers in their understanding of the RIXML Interactions Specification. It outlines the approach we took in creating the RIXML Interactions Standard and also explains some fundamental concepts such as XML, object modeling, schemas, etc. Diagrams of the RIXML Interactions object model are included, as are definitions for the elements and attributes.

Data Dictionary (.pdf)

Schema

The RIXML Interactions Schema is the set of actual XSD files that represent the relationships and components as defined by the object model. These files can also be used to validate instance documents to ensure they are RIXML-compliant. 
Download the RIXML Schema: Main Common Data Types (.xsd)