Gemini Systems, Inc. 61 Broadway New York NY 10006 Tel: 212.480.3960 Fax:: 212.480.3963 An Introduction to VRXML December,

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


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


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


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


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


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


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


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


Conceptual Model – Meta Data Elements


Conceptual Model – 1st Level Elements


Conceptual Model – 2nd Level Elements


Conceptual Model – Core Data Elements


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>


VRXML Uncovered (cont.)

<vrxml:inventoryEntry vrxml:VAN="0000I">

<vrxml:product vrxml:actionCode=“UPD">

<vrxml:productCode vrxml:codeOwner="VEN" vrxml:code="NYSEPRO" />

<vrxml:inventory>



<vrxml:comments />

</vrxml:inventory>

<vrxml:inventory>



<vrxml:comments />

</vrxml:inventory> </vrxml:product>

</vrxml:inventoryEntry>


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


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


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


Next Steps

• NYSE is accepting VRXML• FISD and GSI are prepared to help all parties

with the migration process• Pilot Vendors report


Questions

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

Documents

Gemini Systems, Inc. 61 Broadway New York NY 10006 Tel: 212.480.3960 Fax:: 212.480.3963 An Introduction to VRXML December,