SIIA signs with Foliage Software for MDDL toolkit

SIIA signs with Foliage Software for MDDL toolkit

The Software & Information Industry Association (SIIA) has signed an agreement with Massachusetts-based Foliage Software Systems to develop a toolkit to help developers write code that conforms to Market Data Definition Language (MDDL) specification.

MDDL is an XML specification designed specifically for financial services companies. The goal is to make it easier and cheaper for exchanges, vendors and financial firms to trade, analyse and account for various securities.

The Financial Information Services Division (FISD), a unit of the SIIA, has worked with its members to develop MDDL, which is currently being tested. The FISD recently released the beta version 2.2 of MDDL.

Mike Atkin, vice president, FISD, says while the MDDL specification has advanced quickly, a developer toolkit has yet to be created: "The goal is to facilitate adoption of MDDL and make it easier for developers to write compliant code. Specifically, the toolkit will perform basic validation, make MDDL document manipulation easier, and provide a sample application."

Foliage Software Systems says the toolkit will accelerate the acceptance of MDDL and help financial firms increase operational efficiency in working with market data.

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