VRXML is an XML-based interchange format and common data dictionary on the fields needed for market data billing, reporting and inventory management. The initial draft was developed by the New York Stock Exchange and Gemini Systems to improve the quality, timeliness, and efficiency of reporting information from vendors. The objective of VRXML is to define and normalize all of the data elements required throughout the billing and reporting information chain with the objective of enabling all segments to produce, transmit, receive, and process invoices and reports in a common XML format.

VRXML Advantages

• The opportunity for reducing the number of reporting formats in use by exchanges and vendors on a global basis.
• The opportunity to standardize and normalize the terms and meanings of billing and reporting data elements. The creation of the global billing and reporting glossary is an essential element in ensuring data set consistency, producing electronic invoices and reports, and a core component of billing process improvement.
• The benefits of extensibility. VRXML should make it easier for the industry to incorporate existing and new business requirements into systems and reduce programming expenses.
• A leverage point for managing a host of additional business issues associated with industry-wide administrative improvements.