Some vendors that resell market data have already started working on their own XML-based formats for reporting to the stock exchanges.
Reuters, in particular, has already developed its own XML-based reporting output for the New York Stock Exchange that covers its E-commerce-related businesses. "In our current drive to deliver great services across our entire organization, we recognize the benefits that XML brings, not only to client delivery, but also to our back-office service operations in our role as a vendor of exchange data," says Aiden Murphy, head of global reporting and audit in the content-acquisition and rights-management group at the news service.
Reuters has been in further discussions with the NYSE on the Vendor Reporting Extensible Markup Language initiative, Murphy says. It's interested in partnering with the exchange to drive new standards for the industry.