Bank of England Says Industry Needs Common Standards Like XML

MARKET DATABASE

LONDON--Extensible Markup Language (XML) may make it easier for market participants to adopt common standards, says a report in the Bank of England’s Quarterly Bulletin.

The report, written by Bob Hills of the Bank of England’s infrastructure division, states that straight through processing can be achieved only if participants use common message standards to exchange data electronically. It adds that XML has potentially profound implications for the standardization of electronic messages.

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