A number of XMLbased
languages and ontologies have been developed and proposed as standards
for representing such semantic information in the financial services industry, but
most have struggled to achieve wide adoption. Examples include News Markup
Language (NewsML) (news), Financial products Markup Language (FpML) (derivatives),
Investment Research Markup Language (IRML) (investment research),
and the Financial Exchange Framework (FEF) Ontology (FEF: Financial Ontology,
2003; Market Data Markup Language, 2000). However, the Extensible Business
Markup Language (XBRL), an XML-derivative, has been emerging over the last
several years as an e-business standard format for electronic financial reporting,
having enjoyed early endorsement by such industry giants as NASDAQ, Microsoft,
Automat cally Extract ng and Tagg ng Bus ness Informat on for E-Bus ness Systems 0
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and PricewaterhouseCoopers (Berkeley, 2002). By 2005, the U.
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