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How MDDL works 49
tradingHaltedType www.mddl.org/mddl/scheme/tradingHalted
tradingRestrictionsType www.mddl.org/mddl/scheme/tradingRestrictions
tradingStatusType www.mddl.org/mddl/scheme/tradingStatusType.xml
trancheIDType www.mddl.org/mddl/scheme/trancheIDType.xml
underwritingFeesType www.mddl.org/mddl/scheme/underwritingFees
unitType www.mddl.org/mddl/scheme/unitType.xml
valuationType www.mddl.org/mddl/scheme/valuationType.xml
volatilityCalculationType www.mddl.org/mddl/scheme/volatilityCalculation
volatilityType www.mddl.org/mddl/scheme/volatilityType.xml
volumeType www.mddl.org/mddl/scheme/volumeType.xml
votingRightsType www.mddl.org/mddl/scheme/votingRights
yieldType www.mddl.org/mddl/scheme/yieldType
Finally, there is external controlled vocabulary; this consists of standards main-
tained by other organizations. In some cases a copy of these code lists may be kept
and maintained on the MDDL website. The external vocabularies maintained on the
MDDL website include:
ISO 3166 (two-alpha) Country codes
ISO 3166 (three-alpha) Country codes
ISO 4217 (three-alpha) Currency codes.
Others that are not maintained include:
ISO 6166 Securities Identification Numbering system (ISIN)
ISO 10962 Classification of Financial Instruments (CFI)
ISO 10383 Market Identifier Code (MIC).
There is the occasional exception where it may be considered inappropriate to
use a list for example, where a code list is a superset of one or more smaller lists.
An example of this is ISO 10962, the Classification of Financial Instruments, where
each digit of the six characters is used to represent a characteristic of a financial
instrument, and the meaning of each digit is affected by the setting of another.
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50 MDDL and the Quest for a Market Data Standard
Use of country codes (ISO 3166)
The International Standards Organization has defined a standard for country codes;
the financial industry has adopted the two-alpha code created by the United Nations.
The standard also supports three-digit numeric and three-digit letter codes.
Country Two-alpha
United States US USA 840
United Kingdom GB GBR 826
(With regard to these codes, Great Britain (GB) is an island off continental
Europe comprising England, Scotland and Wales. The United Kingdom is a superset
comprising Great Britain and Northern Ireland. Given that Northern Ireland does not
have a country code in its own right, it can be argued that the ISO country code of
GB, GBR is incorrect.)
The default schema in MDDL is the two-alpha coding; this can be overridden by
specifying a different scheme (see Figure 7.14).
<country scheme=” http://www.mddl.org/ext/scheme/iso3166-alpha-
Figure 7.14 Country code example
Use of currency codes (ISO 4217)
The ISO standard for currency codes is allocated by the maintenance agency under
an international identification scheme as described in the latest edition of the
international standard ISO 4217. These currency codes may be used within other
industry standards. The standard comprises three alphabetic characters, and has been
universally adopted as the de facto standard; however, it also provides the indus-
try with the little known alternative, a three-digit numeric coding. It’s also worth
noting that some countries require more than one currency code to support their
requirements. The following table provides examples of ISO currency codes.
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How MDDL works 51
Currency Three-alpha code Three-numeric code
Swiss Franc CHF 756
WIR Franc CHW 948
WIR Euro CHE 947
US Dollar USD 840
US Dollar (Same Day) USS 998
US Dollar (Next day) USN 997
The MDDL default scheme is the 3-Alpha code; however, this can be overridden
(please refer to the Country Code example as to how to achieve this by specifying
an alternative scheme).
Instrument identification
MDDL has been designed to support multiple instrument codes, from those defined
by the market (that are allocated by a specific exchange), those at national level
(normally allocated by one of the Association of National Numbering Agencies,
‘ANNA’), or those at international level. The following table provides an example
of instrument identification.
Instrument Local market identifier US ANNA (CUSIP) ISIN
Advanced Micro
Devices, Inc.
AMD (NYSE) 007903107 US0079031078
For uniquely identifying an instrument, where possible the International Secu-
rities Identification Numbering system (ISIN) is used. This standard is defined by
ISO 6166 and is composed of a two-character prefix representing the country of
issue, followed by the national security number (if one exists) and a check digit.
Each country has a national numbering agency that assigns ISIN numbers for secu-
rities in that country. The format is therefore defined as [A-Z]{2,2}[A-Z0-9]{9,9}
Describing the attributes of a financial instrument
Where there is uncertainty regarding precise instrument coding or type, organiza-
tions may wish to use financial instrument classifications such as ISO 10962 CFI

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