The initiative is the latest step in the technology strategy needed to provide platform-independent financial information to its customers.
Reuters is calling the project MarketsML. The company is already involved in other XML initiatives such as NewsML, FpML, XBRL and IRML.
Mark Hunt, director of XML strategy at Reuters, said, "At present, to access information traders must examine five or six vertical systems. Using XML allows traders to cut across these vertical systems to access news and video feeds, validate business, trade faster and settle accounts within 24 hours."
The use of XML is expected to enable the company to integrate data from its systems at a cheaper cost than was previously possible.
Andrew Tanner-Smith, programme manager at research firm Frost and Sullivan said: "It's not surprising that companies such as Reuters have many XML projects on the go, as the use of the language is still at the proof of concept stage. There is no doubt that XML works, but there is still a lot of work required to verify that it's the best way to solve problems such as those experienced in financial markets."
Glossary of XML terms:
FpML: Financial products markup language
IRML: Industry research markup language
NewsML: News markup language
XBRL: Extensible business reporting language
XML: Extensible markup language