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The RIXML Roster Updates Standard is a custom XML definition that provides a standardized, flexible, and lightweight mechanism for communicating updates to investment team rosters.

Standardizing the mechanism for communicating roster update data.

A standardized way to share roster updates

The RIXML Roster Updates Standard defines a common, machine‑readable way for investment research providers to communicate changes to their analyst and sales rosters, and for research aggregators and consumers to receive and process those changes automatically.

Standardized

A single format can be used to deliver roster updates to all clients and aggregators

Scalable

Adding clients and aggregators does not involve creating new mechanism for communicating roster updates

Flexible

A minimal number of required tags and a wide range of optional tags allows publishers to communicate the level of information that suits their needs

Interoperable

Uses the same tag sets as all standards in the RIXML Standards Suite

Background

When sellside firms make changes to their investment professional rosters, they must communicate this information to aggregation vendor partners and buyside firms. Aggregators and buyside firms rely on this data for multiple purposes, including regulatory compliance, broker vote processes, and database maintenance.

RIXML member firms recognized that by leveraging some of the tag sets used in the RIXML Research Standard, this information could be shared in a more streamlined, efficient manner. Because the standard was developed jointly by buyside firms, sellside firms, and vendors, it is designed to meet the requirements of all stakeholder groups.

The RIXML Roster Updates Standard provides publishers with a standardized structure for communicating analyst roster information to clients and aggregators. It leverages key components of the RIXML Research schema while introducing a new top-level framework to support the addition, update, and removal of organizations and individuals.

How does it work?

Leveraging the relevant tag sets from the Research Standard, the RIXML Roster Updates Standard provides a lightweight, standardized mechanism for sharing updates to investment teams' rosters.

The structured data in a RIXML roster update feed is designed to meet the needs of both the humans and the systems that will be using it. It includes information about the publishing firm and its investment teams and individuals. Because it leverages tag sets from the RIXML Research Standard, it streamlines the creation and maintenance of roster lists, facilitating content management and recordkeeping.

The tags and rules that define the standard are collected and described in the schema. The RIXML Roster Updates schema files are the actual set of .XSD files that represents the relationships and components defined within the object model. The schema files contain the detailed list of tags used in the RIXML Roster Updates Standard, the rules that govern them, and the list of terms that are valid for enumerated fields.

The Roster Updates Standard enables firms to:

Communicate personnel changes efficiently

Research providers can publish full roster lists and incremental updates using structured data to describe changes such as:

  • new analysts, salespeople, or other staff
  • departures or role changes
  • organizational changes (teams, regions, product focus)

Rather than sending PDFs, spreadsheets, or emails, these updates are delivered in the standardized RIXML format that systems can ingest directly.

Support automated processing

Because the updates are structured and standardized, receivers can:

  • automatically update internal directories
  • keep research, broker vote, entitlement, compliance, and CRM platforms in sync
  • reduce manual data entry and reconciliation
  • maintain accurate historical records of personnel changes

This is especially valuable for institutions that receive roster information from multiple providers.

Improve data accuracy, governance, and auditability

Using the standard helps firms:

  • reduce ambiguity about investment team personnel
  • communicate to or receive roster information from multiple sources
  • support audit, compliance, and regulatory requirements that depend on accurate analyst data

From development to implementation

The RIXML Roster Updates Standard is a custom XML standard developed by the member firms of RIXML to address the unique needs of communicating updates to investment team rosters. Firms use this standard to develop tools to transmit or receive roster updates. Updates can be published for individual changes or for entire rosters, and can be delivered to multiple clients in a standardized format. Wondering what the steps are in implementing the RIXML Roster Updates Standard into your workflow? Below are the key landmarks, how often they occur, and who is responsible:

Member firms define the requirements

FREQUENCY: every few years
CONDUCTED BY: RIXML member firms

Developed collaboratively by the buyside, sellside, and vendor firms that make up RIXML’s membership, the Roster Updates Standard provides a flexible, standardized framework for communicating and receiving changes to analyst and sales rosters.

Directors of Research, Supervisory Analysts, IT developers, taxonomists, compliance experts, and broker vote coordinators have worked together to develop this standard, and continue to work together to plan further enhancements.

The schema files provide the blueprint

FREQUENCY: When there's a new RIXML Roster Updates Standard release or when your firm's needs change
CONDUCTED BY: Firms creating tools to communicate or receive updates to investment team rosters

The structure and validation rules for the RIXML Roster Updates Standard are defined in a set of three XML Schema Definition (XSD) files. Together, these schema files act as the blueprint for RIXML Roster Update records, specifying which elements are permitted, how they relate to one another, and what values are considered valid.

Developers rely on these XSD files to build systems and tools that allow roster update data to be shared in a consistent and interoperable way. While end users never interact with the XSD files directly, the schema rules are embedded in the front end applications they use.

Delivering machine-readable updates to roster lists

FREQUENCY: Each time there is an update to a roster list
CONDUCTED BY: Sellside firms or others who need to communicate roster information

The tags and rules that define the standard are collected and described in the schema. The RIXML Roster Updates schema files are the actual set of .XSD files that represents the relationships and components defined within the object model. The schema files contain the detailed list of tags used in the RIXML Roster Updates Standard, the rules that govern them, and the list of terms that are valid for enumerated fields.

Standardized metadata simplifies communication

FREQUENCY: As scheduled or requested by buyside firms or aggregators
CONDUCTED BY: Sellside firms and other research publishers

Using the RIXML Roster Updates format eliminates the need for publishers to build and maintain bespoke solutions for each vendor and buyside partner. Instead, a single, standardized format can be used to distribute roster updates across firms.

Buyside organizations and vendors benefit by receiving updates content in the same format from all sellside partners, making it easier to aggregate and manage data from multiple sources.

In addition, all standards in the RIXML Standards Suite use a shared set of tags to describe people, companies, and other core reference information. This common vocabulary streamlines the process of linking detailed analyst data across coverage list, interaction record, and research usage feeds, which simplifies integration and supports downstream workflows such as the broker vote process and compliance verification.

Plan your implementation

Background

If you are new to RIXML or metadata in general, here are some resources you may find helpful:

Learn & plan

Wondering where to begin? Here are the steps involved in implementing the RIXML Roster Updates Standard:

Reach out for help

As you are developing your implementation, you may wish to:

  • Contact RIXML
    If you need basic assistance in getting started with the RIXML Roster Updates Standard or if you have a question that isn't covered in our documentation, feel free to reach out.
  • Become a member
    RIXML member firms work together to develop best practices, share insights and lessons learned, and develop the Interactions Standard. If your firm is using any of our standards, joining RIXML will connect you with other buyside firms, sellside firms, and vendors who are using it as well.

Current production version:

RIXML Roster Updates Standard v2.5

Released December 15, 2017

Documentation

The documentation for the RIXML Roster Updates Standard provides an easy-to-read description of the standard and every tag it includes. It is designed to be of use to use to both the business-side experts determining their firm's needs to the developers tasked with creating databases, feeds, and interfaces.

Schema files

The tag definitions for the Roster Updates Standard are provided in a set of three XSD files, two of which are used by all standards in the RIXML Standards Suite, and one of which contains the tags and framework unique to the Roster Updates Standard:

Reference links

COMING SOON

RIXML Standards Suite v3.0

The next major update to the RIXML Standards Suite will soon be available, featuring a streamlined structure and many enhancements designed to ensure that the standards continue to address the needs of all firms involved in the creation, distrbution, and consumption of investment research and interaction data.

KEY CHANGES

  • Streamlined tag structure
  • Improved consistency
  • Simplified entitlement options
  • Updated enumerations
  • Component-level tagging
  • Multi-audience support
  • More flexible connections
  • Robust disclosure options
  • Enhanced support of audio, video, and HTML files
Learn more

Using the RIXML Standards

The standards in the RIXML Standards Suite are free for use by any individual or firm. Membership in the RIXML organization is not required.

However, membership in RIXML allows your firm to guide development of the standards in the future, network with other member firms, and attend a wide range of topic-based meetings.

Explore membership