Introduction was formed when a number of buy- and sell-side firms came together to discuss a common problem: the amount of investment research that was being distributed had outgrown the tools available to organize it. The consumers of investment research needed better ways to access the precise research they needed, and the creators of investment research needed a better way to ensure that their research was seen by those who would benefit from it.

More on the consortium.

The RIXML Research Standard was developed to address the needs of:

  • Investment research end users such as analysts and portfolio managers
  • The IT departments that support these end users
  • Vendors and others who create products used by these end users

The primary objective of the RIXML Research Standard is to provide extensive capabilities for enhancing any piece of financial research content, in any form or media, with sufficient tagging (also called metadata) to allow research users to search, sort, commingle, parse, and filter the published research in order to deliver highly relevant information to decision-makers.

Since the Research Standard was released, the organization has created other standards to address the needs of the industry, including an analyst roster change standard and a coverage standard. The newest standard, the RIXML Interactions Standard, enables firms to track interactions as required to comply with the EU’s MiFID II regulations.

The Result

RIXML is a set of tags used to describe a research document or other research product, formed into an XML schema, along with a set of enumeration lists that provide the terms that are allowed to be used for certain tags and the set of rules created to guide their implementation.


  • the tagging that describes a document, not the document itself
  • a set of components, rules, lists, and recommendations that enable clear description of investment research, other investment data, coverage lists, analyst roster changes, and interactions
  • a standardization of terms used to describe certain aspects of research and investment interactions, such as security type, region, etc.
  • an open standard, with no license fees


  • a search engine
  • a data repository
  • a subject thesaurus
  • a piece of software
  • a definition of format or content of documents (resources) themselves
  • a standardization of the types or formats of resources (documents, audio files, etc.) allowed
  • a standard to define how data is to be transmitted