Securities industry consortium IRML.org has announced plans to publish a proof of concept prototype of its proposed standard for the electronic exchange of investment research.
The IRML consortium is comprised of over 30 firms representing major banks, brokerages, relevant third parties and buy side institutions. It has been established to develop an XML-based standard for the creation and exchange of electronic financial investment research, dubbed Investment Research Markup Language (IRML).
"XML is the leading standard for the publishing of data and documents on the Internet, and will be key to future efforts to deliver investment research across wireless platforms and other next-generation technologies," says Craig Goulding, global CIO for equity research, Dresdner Kleinwort Benson.
IRML says it will release a working prototype early in 2001. Several brokerage houses have already committed to outputting research content into this draft standard, which will be evaluated for its utility by a panel of Buy Side representatives.
The organisation also unveiled its three initial working groups. A technical specification working group, chaired by Stuart Berwick of DrKB, has been charged with execution and building of the XML standard. A strategy working group will manage bigger-picture issues and business strategies and a liaison working group will coordinate with other relevant standards bodies within the community.