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XML Uses in Finance

As custom solution provider, it is important to have common interchange formats that work across projects. The key uses of XML in present world finance includes format for report dissemination (XBRL, RIXML), transactions (FpML, FIX), and market data exchange (MDDL). A model optimizer can be fed with MDDL feeds, generating current parameter set used to drive risk management and trading activities. Reports generated can have attached contexual metadata to aid filtering and retrieval.

Promotion and regulatory pressure is behind the wide adoption of XBRL, especially in Europe, and it can have similar effects for many of the other schemas we see as building blocks. Refreshingly, Thailand's SEC has been quick to embrace these standards and already has a public working draft acknowledged for XBRL taxonomy for Thailand GAAP.

An example of financial B2B uses of XML below is from PolarLake.

PolarLake system

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