Organization Structure

The consortium consists of buy-side financial services firms, sell-side financial services firms, and vendors who provide products and services for capturing investment interaction details and tagging and distributing investment research.

The individuals who represent their firms include both IT experts and business-side project managers who represent the analysts, portfolio managers, and others who both produce and consume investment research.


Deirdre Goldenbogen, Executive Director

Provides business leadership, project management, and independent evaluation to all of the organization's functional disciplines. Additionally, is responsible for increasing awareness of the RIXML standard via multiple channels - speaking engagements at industry conferences, industry workshops, website.


Jordan & Jordan, Administration & Program Office

Responsible for membership billing invoices, email infrastructure management, office location facilities, website administration, media relations, new members’ inquiries, and management.


Treasurer’s Office

Treasurer: Jay Clarke, Raymond James
Responsible for treasury function, budget, financial books, and records.

Committees & Working Groups

Steering Committee

Sets the overall organizational and membership direction and priorities. Advises the Executive Director and Program Office.

Standards & Technology Committee

Chair: Sal Restivo, Morgan Stanley
Facilitates introductions of new standards and changes and enhancements to existing standards as identified by the Steering Committee, recommends and implements changes to ensure that the standards work as intended.  Working Groups and Exploratory Groups are formed to address specific development directions, as needed.


Emerging Technologies Working Group

Chair: Deirdre Goldenbogen,
Responsible for exploring ways in which the RIXML standard can be leveraged (and potentially extended) to ensure that investment research content is packaged and delivered in ways that take advantage of the strengths of various new technologies.


Entitlements Working Group

Co-Chair: Michael Bassman, Barclays Capital
Co-Chair: Michelle Roxby, Citi
Responsible for investigating the feasibility of standardizing the authentication and entitlement process across providers. The addition of entitlement controls at the content element level of the specification will enable the appropriate content elements to be displayed to different user groups, facilitating a personalized experience. As an open standard, the RIXML specification is able to address one of the key challenges - entitlement synchronization across all distribution platforms to ensure a consistent user experience based on level of research access.


Linkbacks Working Group

Chair: Patty Lynch, Goldman Sachs
The Linkbacks Working Group seeks to understand and add value to the process of transitioning to digital content and areas to prioritize development of best practices and standards around the rollout and adoption of digital content. 


Environmental, Social, & Governance (ESG) Taxonomy Exploratory Group

Interest in ESG analysis is surging in the investment research marketplace, given the recent EU legislation around ESG metrics and disclosures, along with an increasing focus by many US wealth management firms. has formed an exploratory group to discuss ways the organization can add value to ESG analysis



Membership Info

Divider2 was formed when buy- and sell-side firms came together to discuss a common problem: the amount of investment research that was being distributed had outgrown the tools available to organize it. Working together, the member firms created a standard that addressed the needs of investment research creators, consumers, and aggregators.


In the 20 years since the RIXML Research Standard was released, the organization has created other standards to address the needs of the industry, including an analyst roster change standard and a coverage change standard. The newest standard, the RIXML Interactions Standard, enables firms to track interactions as required to comply with the EU’s MiFID II regulations. continues to develop the RIXML Standards Suite and is working to address other challenges the industry faces.


Who should join?

Membership in is open to:
Buy-side firms
and other investment content consumers

Sell-side firms
and other investment content creators

who create solutions for these firms

Participants include both business-side and technical representatives, to ensure that our solutions and standards work from both perspectives.


 Benefits of membership

RIXML benefits of membership


You can download our Benefits of Membership flyer for more information.

If your firm is interested in exploring membership in, contact us to set up a time to discuss RIXML in greater detail:


Deirdre Goldenbogen, Executive Director
Phone: 212-652-4470
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

Member Firms is a consortium of buy-side financial services firms, sell-side financial services firms, and vendors who provide products and services for distributing investment research. The goal of is to define an open protocol that enhances electronic research distribution by improving the process of categorizing, aggregating, comparing, sorting, searching, and distributing global financial research.  Our members include:



Bank of America





Capital Group

Citi Research

Deutsche Bank

Dodge & Cox



Fidelity Investments

Goldman Sachs


JP Morgan

Moody's Analytics

Morgan Stanley

Raymond James

RBC Capital Markets


S&P Global Intelligence

T. Rowe Price