gemini systems, inc. 61 broadway new york ny 10006 tel: 212.480.3960 fax:: 212.480.3963 an...
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Gemini Systems, Inc. 61 Broadway New York NY 10006 Tel: 212.480.3960 Fax:: 212.480.3963 http://www.gemini-systems.com
An Introduction to VRXMLDecember, 2002
Bryan Palmer
© 2002 Gemini Systems, Inc. Confidential
Presentation Contents
• Current Reporting Process• VRXML Objectives• NYSE’s Strategy• VRXML Timeline• VRXML Features• VRXML Uncovered• VRXML – The Business Case• Questions
© 2002 Gemini Systems, Inc. Confidential
Current Reporting Process
• Major disconnect between billing and reporting• Terminology/Vocabulary issues• Customer service issues• Tri-Party reconciliation
– Inaccurate reporting based on time differences– Intensive reconciliation problems
Vendor
Exchange Subscriber
© 2002 Gemini Systems, Inc. Confidential
Current Reporting Process (cont)
Indirect Bill
Exchanges
Subscribers
Vendors
Direct Bill
Exchanges
Report
Administrators
3b.2
b. R
epor
t
1. Data Feed
2. Device or oth
er D
ata Prod
uct
3a. R
epor
t
1. Data Fee
d
3b.2a. Report3b.1. Report for
Multiple Exchanges
3a. Report
© 2002 Gemini Systems, Inc. Confidential
Reporting Formats
Why create yet another Reporting Format?
• VRXML has the potential to turn > 100 different reporting formats into 1 standard format.
• Extensibility – The ability to add additional functionality or modify existing functionality without impacting the existing system functionality.
Other Reporting Formats
• VARS – effective but lacks extensibility and can lead to inconsistent data
• Excel
© 2002 Gemini Systems, Inc. Confidential
VRXML Objectives
• Keep things as simple as possible• Additional features to cover a wider spectrum
of reporting possibilities• Hardened but extensible• A “what is it that you would like to do”
interface
© 2002 Gemini Systems, Inc. Confidential
NYSE’s Strategy
• From Transaction to Inventory Reporting– Every product for each location is reported, not just
changes
– Less errors, more concise
– In essence, becomes monthly reconciliation
• Extensible technology• Full support for VARS• Poised to become an industry standard
© 2002 Gemini Systems, Inc. Confidential
VRXML Timeline
• February 2002 - Vision established• May 2002 - NYSE and GSI designs initial draft • June 2002 - NYSE through the FISD publishes V0.6• September 2002 – Pilot Vendor reports• October 2002
– NYSE through the FISD publishes V1.0 pre-release– Deutsche Boerse verbally commits to support– Several vendors commit to migrate
• November 2002 – FISD, NYSE, and GSI finalize version 1.0– FISD continues to gain industry acceptance
• December 2002 – Pilot Vendor(s) report• 2003 – On going transition for Vendors, Exchanges, and Users
with support from GSI and FISD
© 2002 Gemini Systems, Inc. Confidential
Efficient Communication Mechanism
• Explicit Reporting Actions– New Subscribers– New Locations– New Products– Address Changes– Billing Changes– Company Name Changes– Contact Changes
• Customer Service Options– Vendor Name Change Requests– Deactivating reportable products
• Upfront validation of files – eliminates bottlenecks in the overall process
© 2002 Gemini Systems, Inc. Confidential
VRXML Uncovered
<vrxml:vrxml
xmlns:vrxml="http://mds.nysedata.com/vrxml/2002/1.0"
xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance"
xsi:schemaLocation="http://mds.nysedata.cm/vrxml/2002/1.0 http://mds.nysedata.com/vrxml/2002/1.0/VRXML.xsd">
<vrxml:fileDescriptor vrxml:vendorId=“XYZ">…</vrxml:fileDescriptor>
<vrxml:inventoryEntry vrxml:VAN="0000I">
<vrxml:product vrxml:actionCode=“UPD">
<vrxml:productCode vrxml:codeOwner="VEN" vrxml:code="NYSEPRO" />
<vrxml:inventory>
<vrxml:effectiveDate>2002-12-01</vrxml:effectiveDate>
<vrxml:quantity>13</vrxml:quantity>
<vrxml:comments />
</vrxml:inventory>
</vrxml:product>
</vrxml:inventoryEntry>
<vrxml:vrxml>
© 2002 Gemini Systems, Inc. Confidential
VRXML Uncovered (cont.)
<vrxml:inventoryEntry vrxml:VAN="0000I">
<vrxml:product vrxml:actionCode=“UPD">
<vrxml:productCode vrxml:codeOwner="VEN" vrxml:code="NYSEPRO" />
<vrxml:inventory>
<vrxml:effectiveDate>2002-12-01</vrxml:effectiveDate>
<vrxml:quantity>13</vrxml:quantity>
<vrxml:comments />
</vrxml:inventory>
<vrxml:inventory>
<vrxml:effectiveDate>2002-11-01</vrxml:effectiveDate>
<vrxml:quantity>15</vrxml:quantity>
<vrxml:comments />
</vrxml:inventory> </vrxml:product>
</vrxml:inventoryEntry>
© 2002 Gemini Systems, Inc. Confidential
Obstacles
• Vendor / Exchange interpretation of VRXML– Each Exchange may have their own Business Rules
– Each Vendor may have their own Business Rules
• Possible learning curve / Technical resource availability
© 2002 Gemini Systems, Inc. Confidential
What will it take to implement VRXML?
• Inception - Acceptance and Knowledge • Elaboration
– Analysis of current reporting mechanism– Identification of requirements (where the data
comes from, data model modifications, architectural considerations)
• Construction - From a prototype to an engine• Transition - Validation and Deployment• Maintenance - Take advantage of new features
as VRXML matures• GSI’s VRXML FastTrack Program
© 2002 Gemini Systems, Inc. Confidential
Conclusion
• VRXML is absolutely appropriate• Significant cost savings (ROI)
– Modest upfront effort
– Reduction or elimination of data reconciliations
– Streamlined services, less time spent utilizing CSRs
– Ability to quickly take advantage of new features that also have the potential to save time and money
© 2002 Gemini Systems, Inc. Confidential
Next Steps
• NYSE is accepting VRXML• FISD and GSI are prepared to help all parties
with the migration process• Pilot Vendors report