RIXML.org has released version 1.0 of the RIXML Interactions Standard. This new open standard was
developed by the RIXML Interactions Working Group that brought buy-side, sell-side, and vendor firms together to create an open standard for capturing the inter-firm interactions required under the second Markets in Financial Instruments Directive (“MiFID II”).
The RIXML Interactions Standard is designed to facilitate the process of capturing the data necessary to comply with MiFID II’s requirements for paying for advisory services. Jim Ulrich, Executive Director RIXML.org, notes that, “the industry and vendors came together in an unprecedented way to deliver a workable schema in record time to streamline the capturing of interaction data for MiFID II compliance.”
RIXML.org’s Interactions Standard Working Group, consisting of representatives from numerous RIXML.org member firms, developed this open standard to capture details of interactions, including interaction types, participant types, host and participant details, and location. It will be able to capture a wide range of interaction types, from one-off meetings to ongoing data feeds.
Fardeen Kahn, Director – Strategic Initiatives Global Research at RBC Capital Markets sees benefits for both content producers and content consumers. According to Kahn, “RIXML’s interactions standardization initiative will help level the playing field for the sell-side and simplify client data submissions to the buy-side.”
The final version of this standard has been made available on November 1, 2017, in order to give firms time to
implement before MiFID II’s January 3, 2018 effective date.