Q: What steps do firms need to take to implement the standard?

A: Check the Implementing RIXML section of the website and the User Guide for details.

Q: Will firms need to purchase software to implement RIXML?

A: No. RIXML is built using XML. See the User Guide for additional implementation information.

Q: What are the technology requirements for firms to use RIXML?

A: The only technology requirement for firms to publish RIXML is the ability to add XML tags to their research. To consume RIXML, firms can use any XML tools supporting the latest W3C recommendations.

Q: Who pays for RIXML?

A: members pay membership fees to support the development of the RIXML standard. The members of are listed on our Membership page. They recognize RIXML’s value and want to have input into designing specifications that will serve as the basis for an industry-wide standard.

Q: How much will it cost to implement RIXML?

A: As with any new standard, costs will vary on a firm-by-firm basis, depending on a firm’s already existing technological systems. We do not expect that the cost of implementing RIXML will be substantial.

Q: Will small brokers who cannot afford to implement the new standard be excluded from implementing RIXML?

A: No. As they do today, brokers who cannot afford the implementation costs will be able to rely on third-party vendors, some of whom have already adopted the standard.



Q: Does my firm need to join RIXML in order to use the specification? How much does a license cost?

A: No. The RIXML specification is open to anyone who agrees to abide by our Terms and Conditions. There is no fee to use the specification.

Q: Why should my firm join RIXML?

A: The key benefit of joining RIXML is that member firms decide on the direction the specification will take and help shape the specification.

Q: How do I become a member?

A: Memberships are open to all industry participants interested in the development and implementation of the RIXML standard. For additional information, including the benefits of membership and our contact information, please see the Membership Info page.

General Information

Q: What is

A: 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. is committed to the development and implementation of the first open standard for the tagging and delivery of investment research.

The members of developed a standard specification called RIXML, which stands for Research Information eXchange Markup Language. RIXML is an XML standard that provides a structure for categorizing and classifying investment research so that any user can access research content in any format through standard filtering criteria.

More information about the specification and the organization can be found in the About section of the website. The members of are listed on our Membership page.

Q: Why was formed?

A: was formed to define an open standard framework to improve the process of categorizing, aggregating, comparing, and distributing global financial research.

Q: What are the benefits of

A: The creation of RIXML as a common language provides a low-cost way to vastly improve the value of investment research. See the About section of the website for details.


Q: Are all versions of the specification backward-compatible?

A: No, not all versions of the RIXML specification are backward-compatible. By backward-compatible, we mean that an instance document that validates against the older schema version will also validate against the newer. We don’t expect that an instance document that validates against the newer schema version and incorporates any newly released functionality will validate against the older, across any release transition. Our general guideline is to have minor releases maintain backward compatibility (e.g. 2.1, 2.2, 2.3, 2.3.1, 2.4), while major releases are not limited by backward-compatibility considerations (e.g. 1.0, 2.0, 3.0). Note that we broke our own guidelines with the v2.0 to v2.1 release. V2.1 should have been v3.0 since we changed the way the schema handles ratings in a non-compatible way.

Q: Is the tagging scheme different for different document types or formats (Acrobat vs. HTML documents, e.g.)?

A: No. The RIXML standard tags cover all content regardless of the media type. File format is covered as a subcategory within the content class.

Q: How did you deal with different types of research products -- note vs. report vs. audio or video file?

A: The RIXML standard tags content regardless of the medium or format. The product media - such as HTML, PDF, video or audio - is considered a content attribute. This allows for more flexibility and a greater degree of filtering as users can indicate preferred product media if they so choose.

We have categorized content by its use or context, rather than its legacy name. Notes are short pieces of timely information, regardless of whether they are in Acrobat, Word, or HTML format. Similarly, a Webcast can be tagged as an Event, regardless of whether the publisher provides a link to a streaming feed, a textual transcript of the discussion, or the actual video file itself.

Q: What did you do to ensure that research will now reach the target audience within a particular firm?

A: Publishers can tag their research according to target audience using RIXML, and buy-side firms that set up their systems to read these tags will automatically distribute the material to the intended recipient or recipients within the firm. In addition, the context information provided in the tag set gives distribution systems the information necessary to deliver content to the appropriate parties.

Q: How does the specification evolve and change?

A: Changes will be made to the specification as needed to address business and technology issues and updated versions of the specification will be released accordingly.

Each time a new version of the specification is available we will post access to the specification on the website and encourage all market participants to respond with comments and suggestions within a 30-day period. We are very interested to hear from buy- and sell-side users and vendors regarding enhancements or changes they would like to see, as well as what hurdles they encountered for implementing RIXML. The purpose of industry feedback is to determine how we can enhance the RIXML protocol to further improve the process of categorizing, aggregating, comparing, and distributing global financial research.

Additionally, the Steering Committee meets quarterly to discuss issues affecting the research space and potential impact to the specification.

Q: How does incorporate feedback from the industry and what are the criteria?

A: All feedback is reviewed by the Steering and Technical Committees, who review and prioritize the suggested changes.