Introduction

The members of the RIXML Buyside Working Group have been meeting to discuss issues surrounding usage of their readership data and to develop a set of usage reporting standards that buyside and sellside firms can use to form their bilateral agreements. The members of this group worked with a number of sellside firms, including RIXML firms and others, to define a set of usage reporting standards that address the needs of both traditional static research content (PDFs, etc.) and the newer, more interactive research content. Significant progress has been made to understand the similarities and differences of the various delivery methods and to set standards that firms can choose to use as the basis of their agreements with their research partners.

Because the needs of all firms are unique, the goal of this initiative was not to create a boilerplate agreement; instead, the goal is to provide a set of standards that buyside and sellside firms can use as the basis for their discussions when developing bilateral agreements regarding how sellside firms can use buyside firms’ readership and content access data of research content. 

This document does not represent the views of any individual firm or of RIXML; instead, it is meant to identify the key usage reporting-related issues firms will need to discuss as they develop their bilateral agreements and to highlight areas where there seems to be broad consensus – and where there does not.

Final document

The final version of the RIXML Usage Reporting Standards document is now available.

You can access it here: RIXML Usage Reporting Standards v1.0

This document was finalized on July 2, 2024 and the content is unchanged from the version posted during our August 16 - September 15, 2024 comment period.

The RIXML ESG Working Group allows member firms to learn about various ESG-related issues regarding investment research, particularly regarding the types of ESG research being created and how best to tag that content to ensure findability.

During the development phase of the RIXML Research Standard v3.0 initiative, the ESG Working Group has been discussing the various ESG taxonomies that exist to determine which (if any) are best suited to become the default taxonomy for tagging ESG content.

At our quarterly all-member meetings, RIXML members discuss issues that affect all aspects of the investment research lifecycle, as well as issues regarding capturing information about interactions. We provide time at our quarterly meetings to discuss key topics, and host additional targeted meetings to provide educational opportunities and a forum for discussion.

PLEASE READ THE FOLLOWING CAREFULLY. THIS IS A LEGAL DOCUMENT GOVERNING YOUR USE OF THIS WEB SITE ("THE WEBSITE") AND THE RIXML SPECIFICATION DOCUMENT WHICH APPEARS FROM TIME TO TIME ON THIS WEBSITE ("THE SPECIFICATION") AND WHICH IS MADE AVAILABLE TO YOU BY RIXML.ORG LIMITED ("WE", "US", "OUR" OR "THE COMPANY"). IT ESTABLISHES A LEGAL AGREEMENT (THE "AGREEMENT") BETWEEN YOU AS A REGISTERED USER OF THE WEBSITE AND US.

1. CHANGES TO THIS AGREEMENT
We reserve the right to make changes to this Agreement from time to time. If we wish to do so, we will notify you of the proposed changes.
IF YOU CONTINUE TO USE THE REGISTERED USER AREAS OF THE WEBSITE AFTER YOU HAVE BEEN MADE AWARE OF ANY PROPOSED CHANGES, YOU WILL BE DEEMED TO HAVE ACCEPTED THOSE CHANGES.

2. CHANGES TO THE WEBSITE
2.1 We may make any changes to the Website that we feel appropriate from time to time (including, without limitation, changes to the layout or "look and feel" of the Website, or any products or information made available on it).
2.2 We may release new versions of the Specification. Whilst every attempt will be made to ensure future versions of the Specification are compatible with previous versions we do not guarantee that they will be.

3. CONTENT
3.1 Rights in the Website
All rights in the Website, the Specification, and in the other content published on the Website (other than Third Party Content) are owned either by us or made available to us under licence by third parties. The Website, the Specification and all other content published on the Website (other than Third Party Content) is protected by copyright in the United Kingdom and other countries. All trade marks and devices displayed on the Website (including any trade marks and devices included in any of the Third Party Content) are owned by us and/or our licensors, and may be registered in many jurisdictions across the world. Any use or reproduction of these trade marks and/or devices is prohibited. You may view the content published on the Website and you are welcome to print hard copies of material on it for your personal or internal business purposes.
3.2 Links to other web sites
You may be able to link to other web sites by means of hyperlinks published on the Website. These other web sites are owned and operated by third parties and we have no control over them or their content. The fact that we include hyperlinks on the Website does not mean that we approve of or endorse any third party web sites to which they will link you, the owners or operators of those web sites or the content of those web sites. We accept no liability for any statements, information, products (including, without limitation, software) or services that are published on or may be accessible through any web sites owned or operated by third parties. If you do make use of any hyperlinks on the Website, you should also be aware that different legal terms and conditions may apply to your use of and any products or services offered on those web sites. It is your responsibility to observe those other legal terms and conditions.
3.3 Content submitted by third parties
Registered users (including you) will be allowed to submit content and information to the Website ("Third Party Content"), some of which will then be published automatically on the Website. This facility is provided solely for the purpose of discussion regarding RIXML. We do not inspect or evaluate any Third Party Content before it is published on the Website and can give no warranties as to the accuracy, completeness, legitimacy, or appropriateness thereof. We do not approve of or endorse any Third Party Content, nor does any of it necessarily represent our views or opinions. Nothing contained on the Website constitutes investment advice or an investment recommendation. All third parties able to submit Third Party Content to the Website will be required to adhere to these terms and conditions and specifically, without limitation, the Acceptable Use Requirements of paragraph 3.4. We may, in our sole discretion, take such steps as we may deem appropriate to remove or restrict access to any Third Party Content which, in our reasonable opinion, contravenes any of the terms of this Agreement (including, without limitation, the Acceptable Use Requirements in paragraph 3.4). We undertake to use reasonable endeavours to investigate any complaints that any Third Party Content contravenes the provisions of this Agreement and, specifically (without limitation) the Acceptable Use Requirements set out in paragraph 3.4. To the extent that you submit any Third Party Content, you hereby: (i) grant us the right to publish the same on the Website and to allow third parties to have access thereto for so long as we deem fit; (ii) agree that we shall be entitled to remove any such Third Party Content where we are entitled or required to do so, either under this Agreement, at law or by a court or other establishment of competent jurisdiction; (iii) indemnify us against any loss, damage, claims or liability arising as a result of your breach of or failure to comply with the Acceptable Use Requirements set out in paragraph 3.4.
3.4 Acceptable use requirements
You may not upload, post or submit to or distribute or otherwise publish through the Website any content or information which: (i) restricts or inhibits any other user from using the Website; (ii) is threatening, abusive, defamatory, obscene, offensive, or otherwise unlawful (or which may be reasonably considered to be so); (iii) constitutes or encourages conduct that would constitute a criminal offence, give rise to civil liability or otherwise violate law; (iv) infringes the rights (including, without limitation, intellectual property rights such as copyright, trade marks and patents) of third parties; (v) contains a virus or other harmful component; (vi) contains advertising of any kind; or (vii) constitutes or contains false or misleading indications of origin or statements of fact. When you upload, post or submit to or distribute or otherwise publish through the Website any content or information, you shall use all reasonable endeavours to ensure that such content or information is accurate, complete and up-to-date. You may not use the Website for any illegal purpose. We may, if we become aware of become aware of any information or material on the Website which contravenes the above, we will be entitled to remove it immediately. YOU WILL INDEMNIFY US ON DEMAND AGAINST ANY LOSS, DAMAGE, COST, EXPENSE OR CLAIMS ARISING FROM YOUR BREACH OF THIS PARAGRAPH.
3.5 Access to the Website
If you are given access to areas of the Website on the basis of your affiliation with any party (e.g. where you obtain access to the Website because you are employed by a particular company) and that affiliation ceases to exist, you will immediately: (i) cease using the Website; and (ii) notify us of this, in which event we will withdraw access rights from your login name and password.

4. USE OF SPECIFICATION
4.1 Subject to the following part of this section 4, you may use the Specification for information purposes or to build systems that adhere to the criteria referred to in the Specification, and, for such use:
4.1.1 combine the Specification with or incorporate the Specification in any other programs; or
4.1.2 enhance or extend the Specification for such purpose.
4.2 Except as provided in clause 4.1, you may not alter or modify the Specification or attempt to do so or permit others to do so. In particular, you may not alter or delete any of the required fields of the Specification.
4.3 You may not charge for the use of the Specification or for use of parts of the Specification [unless prior permission is obtained from the Company].
4.4 You may make as many copies of the Specification as are reasonably necessary for the ordinary use of the Specification or for archival or back-up purposes. These copies are subject to these terms and conditions. You shall ensure that all of our trade marks and copyright and restricted rights notices are reproduced on these copies. You shall ensure that each copy correctly identifies the version of the Specification used.
4.5 You may permit the other members of your group to use and copy the Specification.
4.6 You may permit persons contracted to provide services to you or your group using or in relation to the Specification to use the Specification to the extent reasonably necessary to the provision of such services.
4.7 If you permit another person to use the Specification under clause 4.5 or 4.6 the restrictions on use and copying of the Specification set out in these terms and conditions shall apply to that person. You shall ensure that that person complies with those restrictions.

5. USE OF THE RIXML TRADEMARK
5.1 In these terms and conditions "RIXML Trademark" means any trade mark or trade names, whether registered or unregistered, or domain names, comprising or incorporating the trade name "RIXML" or any variant of the same.
5.2 You shall remove from the Specification, and shall not use in any way in relation to the Specification, the RIXML Trademarks if:
5.2.1 you have changed or deleted any of the required fields of the Specification or;
5.2.2 you have added values or datafields which do not comply with the Specification.
5.3 You may use the RIXML Trademarks in relation to the Specification only in accordance with our guidelines for the use of the RIXML Trademarks notified to you from time to time, or otherwise in accordance with our prior written consent. Whenver you use the RIXML Trademarks in relation to the Specification you shall clearly identify the relevant version of the Specification.
5.4 You shall not, without our written consent or in accordance with clause 5.2, alter, deface or remove in any manner any reference to the RIXML Trademarks, any reference to us or any other name attached or affixed to the Specification.
5.5 You shall not, at any time whilst we retain any right to the RIXML Trademarks, adopt, use or register without our prior written consent any word or symbol or combination of words and symbols which is confusingly similar to the RIXML Trademarks as a domain name or in relation to any goods or services similar to the Specification.
5.6 We make no representation or warranty as to the validity or enforceability of the RIXML Trademarks nor as to whether the RIXML Trademark infringe the rights of another person.
5.7 You acknowledge we do not vest any right, title or interest in the RIXML Trademark in you and that all goodwill resulting from the use of the RIXML Trademark in relation to the Specification (or any goods or documents similar to them) shall accrue to us.
5.8 You shall immediately bring to our notice any improper or wrongful use of the RIXML Trademark of which you become aware and you shall, if so requested by us, and at our cost, assist in taking all steps to defend our rights including the institution at our cost of any actions which we may deem necessary to commence for the protection of any of our rights.

6. MODIFICATIONS
6.1 You shall indemnify us against any claim that your enhancements or extensions to the Specification infringe the rights of another person.
6.2 The rights in such enhancements or extensions shall vest in you.
6.3 You are invited to notify us of enhancements or extensions made by you (or others) to the Specification. We may consider including such enhancements or extensions in future versions of the Specification.
6.4 Any of the Specification included in a combined work produced by you pursuant to clause 4.1 shall continue to be subject to the terms and conditions. Where the other programs are the property of another person you are responsible for obtaining all necessary consents to their use with the Specification. You shall indemnify us against any claim that the use of the Specification in combination with such other programs infringes the rights of another person.

7. SECURITY
You should be aware that the Internet, being an "open network", is not completely secure. If you choose to send any electronic communications to us by means of the Website or if you submit any content or information for publication on the Website (whether by means of e-mail or through forms made available on the Website), you do so at your own risk. We cannot guarantee that such communications will not be intercepted or changed or that they will reach the intended recipient safely. We will use all reasonable endeavours to ensure that the Website is reasonably secure. However, we cannot guarantee that any information displayed on the Website has not been changed or modified through malicious attacks. It is your responsibility to ensure that your password and login details remain secure and confidential. You must inform us as soon as reasonably practicable if you know or suspect that either your password or login or both are known by or available to any third party (including, without limitation, any of your staff or agents which accessed the Website on your behalf and who are no longer a member of your staff or one of your agents) by e-mailing This email address is being protected from spambots. You need JavaScript enabled to view it.. If you inform us of any suspected or actual loss or disclosure of your password and/or login details, we will withdraw access rights from your existing password and login details and you will have to register to use the Website again. YOU SHALL BE LIABLE FOR ANY USE OF YOUR LOGIN AND PASSWORD TO OBTAIN ACCESS TO THE WEBSITE, UNLESS WE HAVE ACTUAL KNOWLEDGE OF SUCH UNAUTHORISED USE OR ACCESS AND FAIL TO TAKE REASONABLE STEPS TO PREVENT THE SAME.

8. NO WARRANTIES
The Website and the Specification are provided "as is" and we give no warranties in respect thereof. Specifically, but without limitation, we do not warrant that:
8.1.1 you will be able to use the Website or the Specification or that they will continue to be made available in its current or any other form;
8.1.2 we own the rights in the Website, any Website content or the Specification, or that we have the right to grant you licences in respect of any or all of them;
8.1.3 the Website or any software or material of whatsoever nature available on or downloaded from it (including the Specification) will be free from viruses or defects, compatible with your equipment or fit for any purpose. It is your responsibility to use suitable anti-virus software on any software or other material that you may download from the Website and to ensure the compatibility of such software or material with your equipment; or
8.1.4 any content or information published on the Website is accurate or complete. Any warranties which would otherwise be implied by law (including, without limitation, warranties as to satisfactory quality, fitness for purpose or skill and care) are hereby excluded.

9. LIMITATION OF LIABILITY
It is a condition of our allowing you free access to the Website that we will not (subject only to the exclusion provisions below) be liable to you, whether for negligence, breach of contract or otherwise, for any loss or damage of whatsoever nature suffered by you (including, without limitation, direct loss or damage, indirect or consequential loss or damage, loss of goodwill, loss of business opportunity, loss of anticipated savings, loss of data or loss of profit), howsoever arising, and in particular arising from:
9.1.1 any computer virus or other malicious routine transmitted through the Website or the Specification;
9.1.2 your use or inability to use the Website or the Specification any time and any error in the provision of the Website or the Specification;
9.1.3 your use of and/or reliance on other web sites to which you have gained access by means of hyperlinks published on the Website;
9.1.4 any unauthorised use of your password or login details to obtain access to the Website, unless we have actual knowledge of such unauthorised use or access and fail to take reasonable steps to prevent the same;
9.1.5 any inaccurate information published on the Website; or
9.1.6 your reliance on any information published on the Website. You should note specifically that information published on the Website may not be appropriate for your specific purposes or circumstances, and you should always, before acting thereon, obtain independent, professional advice. Although we use reasonable endeavours to monitor information submitted to the Website at regular intervals, it is not practicable for us to do so on a continuous basis. You hereby acknowledge that we may not have actual knowledge of all information submitted to or made available through the Website at any given point in time. Nothing in these or any other terms and conditions governing your use of the Website shall operate to exclude or restrict our liability for (i) fraud; (ii) death or personal injury resulting from our, or our employees', negligence.

10. TERMINATION
We may terminate this Agreement with immediate effect at any time in which event we may also revoke your right to access and use the Website and the Specification. We will not be liable for any loss, damage, claims or liability arising as a result from such termination and your inability to use the Website and/or the Specification as a result thereof.

11. DATA PROTECTION ("PRIVACY")
When you visit the Website, we may collect information about you which may be helpful for improving the operation of the Website. Such information may be collected through "traffic data" and may entail the use of "cookies", "IP addresses" or other numeric codes used to identify your computer. We may also collect information from you through the Website when you order or request products and/or services from the Website or when you contact us for further information or assistance. The information which we collect through the Website will be processed for the purpose of responding to you. It may also be retained by us for general research purposes. We may, from time to time, send you further information relating to our or our group companies' and selected third parties' products or services which we feel may be of interest to you. You may notify us at any time if you wish to cease receiving this further information by contacting us at This email address is being protected from spambots. You need JavaScript enabled to view it.. As a means of processing information for the purposes set out above, we may, to the extent reasonably required, transfer the information which you provide to us to any other country in which we, any of our group companies or third parties do business from time to time. BY ACCEPTING THIS AGREEMENT YOU SPECIFICALLY CONFIRM THAT YOU CONSENT TO THE USES OF INFORMATION RELATING TO YOUR PERSONAL DATA SET OUT ABOVE.

12. GENERAL
If any part of the Agreement is determined by any competent authority to be invalid, unlawful or unenforceable to any extent, it shall to that extent be severed from the remainder of the Agreement, which shall continue to be valid and enforceable. You shall not assign or transfer or purport to assign or transfer any of your rights or obligations under this Agreement without our prior written consent. We shall be entitled to assign or transfer all or any of our rights and/or obligations under this Agreement to any of our associated companies located anywhere in the world without requiring any further consent from you. The failure to exercise or delay in exercising a right or remedy provided by this Agreement or by law does not constitute a waiver of the right or remedy or a waiver of other rights or remedies. No single or partial exercise of a right or remedy provided by this Agreement or by law prevents further exercise of the right or remedy or the exercise of another right or remedy. The Agreement is governed in accordance with the laws of England and Wales. The courts of England and Wales shall have non-exclusive jurisdiction over any dispute arising out of your use of the Website or the Agreement and you hereby submit to the jurisdiction of the courts of England and Wales.