NYSE Launches New Vendor-Reporting System For Market Data - NYSE-Developed VRXML To Increase Efficiency And Serve As Industry Standard

The New York Stock Exchange announced today that the first vendor will begin this month using the newly developed Vendor Reporting eXtensible Markup Language ("VRXML") to report market data usage. The NYSE developed the protocol to ensure more accurate reporting, more efficient invoicing and to increase customer satisfaction.

VRXML will enable vendors that redistribute NYSE market data to report their total inventory as well as monthly changes such as new customers, new devices or new product subscriptions (e.g. NYSE OpenBook) with fewer errors and more accuracy.

"VRXML marks a philosophical change in how we track market data usage," said Ronald Jordan, NYSE vice president, Market Data. "By moving to a total inventory methodology, we're making the reporting and billing process more efficient and timely which we believe will translate into increased customer satisfaction." Currently most market data use is reported via the VARS format, which the NYSE developed in the mid 1980s.

Over the past year, the NYSE developed the VRXML standard and worked with the Financial Information Services Division of the Software and Information Industry Association, vendors and other market data experts to promote VRXML as an industry standard. The flexibility of VRXML will allow other exchanges, vendors and subscribers to adapt the protocol to suit their specific reporting requirements. New NYSE vendors will be required to submit their market data reports in VRXML format. Existing vendors will convert to VRXML over time.