HyperFeed Technologies has become the first company to use the new VRXML reporting standard to transmit market data.
The SIIA's Financial Information Services Division (FISD) has been working with the New York Stock Exchange and Gemini Systems to convert VRXML into an industry-wide standard for market data billing and reporting. The goal is to eliminate the amount of resources needed to control billing and data usage information, and increase data consistency among the end user, data provider and exchange.
The move to live transmission began with output comparisons and data cleansing on the parts of both Nyse and HyperFeed to ensure that both started out with consistent information. Nyse then gave HyperFeed access to the schema it was using, and over several weeks this was migrated to the VRXML standards using the vendor's exchange-compliant Neosphere data management system, part of its newly launched Managed Exchange Platform Services (MEPS).
Mike Atkin, vice president of FISD, says: "The use of VRXML is an important first step toward enhancing the efficiency of market data administration and gives the industry a leverage point for additional improvements."