XML

XML provides standardized document structure for financial messaging, regulatory reporting, and data exchange between systems. Financial industry uses XML for various applications including SWIFT messages, regulatory reports, trade confirmations, and corporate actions processing. XML schemas enable data validation, ensuring consistency and accuracy in financial communications. The format supports complex nested structures, attributes, and namespaces suitable for detailed financial information. Industry-specific XML standards include FpML for derivatives, XBRL for financial reporting, and ISO 20022 for payment messages. While more verbose than JSON, XML offers robust validation capabilities and comprehensive metadata support important for regulatory compliance and audit requirements.