Microsoft Corp. and Bridge Information Systems Inc. demonstrated the results of joint work on an XML-based schema that allows the exchange of various real-time market data types, including stock pricing, pages, and company news and history. The XML schema for real-time market data will be proposed to the Microsoft Windows Distributed interNet Applications for Financial Services (Windows DNAfs) Advisory Council for adoption in the existing message set. Currently, the Microsoft Windows DNAfs architecture has a number of message schemas for composing orders, executions, allocations and settlement details that help bring application integration and interoperability to financial institutions. The adoption and support of standard interfaces provided by Windows DNAfs, combined with the use of XML as the data format, allow operations in portfolio management, order routing, risk management, portfolio accounting and now market data to be easily linked, ensuring integration across application domains in a cross-platform environment.,