SectorIndustry
RIXML 2.5 Element
Element for sector or industry classification with required code, classificationType, level, focusLevel, and primaryIndicator attributes. Level One excludes Rating and Weighting children. Must contain Name child element.
Strongly recommended. The sector or industry classification to which a security belongs, or about which the research product is written. GICS has been accepted as the official RIXML sector / industry classification scheme . Publishers are required to use this classification scheme to provide the correct GICS sector / industry for a research product. This gives consumers a standardized means of determining the sector / industry that a research product is written about. The GICS sector / industry classification must be provided for each primary security mentioned in the product. Should the product be focused on the sector / industry level, publishers must provide the GICS sector / industry classification that most closely matches what the product is written about. Publishers are also able to provide publisher defined sector / industry tags, giving them the flexibility to tag their research using their own industry classification scheme. However, should they do so, they must also provide the closest match from the GICS scheme to ensure consistency on the consumption side.
Usage
Optional element within ProductClassifications, can appear zero or more times. Must have all five required attributes and contain Name child when present.
Business Context
Essential for sector-focused research organization and discovery, enabling investment professionals to locate research by industry classification and hierarchical levels.
Specification Guide
Overview
SectorIndustry identifies a sector or industry classification relevant to a research product, security, or issuer, using a standardised classification scheme such as GICS. It is the primary mechanism in RIXML for categorising research by industry segment, supporting both single-company reports (where it describes the issuer's industry) and sector/industry-focused reports (where it identifies the sectors being analysed).
The element typically appears under ProductClassifications within Context, but the full schema also allows it as a child of Issuer and Security for entity-level classification. It carries a numeric code plus a classificationType that identifies the scheme (GICS, ICB, or a publisher-defined value via SectorIndustryClassificationTypeEnum), together with hierarchy and focus attributes. SectorIndustry elements may be nested to express the four-level GICS hierarchy (sector → industry group → industry → sub-industry).
Usage
Use SectorIndustry whenever research has a sector or industry dimension worth tagging:
- Company reports — tag with the sector/industry of the primary Issuer (sources: best-practices-guide p.24, data-dictionary-2.5.1 p.18).
- Sector/industry reports — tag with the sector(s) or industry/industries being analysed; at least one instance must be marked primary (see rules).
- Compilation reports — do not tag every mentioned company; use ProductFocus of Unfocused instead [data-dictionary-2.5.1 p.20].
The element is strongly recommended in the data dictionary, and at Level One it is optional (zero or more) within ProductClassifications (sources: data-dictionary-2.4 p.59, level-one-2.5 p.18).
Required attributes on every instance: code, classificationType, level, focusLevel, and primaryIndicator. From v2.3.1 onward, the element must also contain a single Name child carrying the human-readable sector/industry name (sources: level-one-2.4 p.19, level-one-2.5 p.19).
In the full schema, SectorIndustry may contain Rating and Weighting children to convey analyst views on the sector (these are not required by Level One). Nested SectorIndustry children are used to represent the hierarchical drill-down through GICS levels.
Multiple instances are allowed and expected when research crosses sectors. Use focusLevel together with ProductFocus to indicate which level of the hierarchy represents the product's main focus.
Rules
- MUSTPublishers must use the GICS classification scheme to provide the sector/industry classification for research products.[RIXML User Guide v2.3 p.43] [RIXML Research Data Dictionary v2.5.1 p.63]
- MUSTA GICS sector/industry classification must be provided for each primary Security mentioned in the product.[RIXML User Guide v2.3 p.43] [RIXML Research Data Dictionary v2.5.1 p.63]
- MUSTWhen a product is focused at the sector/industry level, the publisher must include the GICS classification that most closely matches the subject matter.[RIXML User Guide v2.3 p.43] [RIXML Research Data Dictionary v2.5.1 p.63]
- MUSTWhen a publisher uses a publisher-defined sector/industry tag (via PublisherDefined), the closest matching GICS classification must also be supplied to preserve consumer-side consistency.[RIXML User Guide v2.3 p.43] [RIXML Research Data Dictionary v2.5.1 p.63]
- MUSTWhen ProductFocus is set to SectorIndustry, at least one SectorIndustry element must have primaryIndicator set to
Yes.[RIXML User Guide v2.3 p.44] [Industry Report (Basic) Sample v2.4]↗ - MUSTSectorIndustry must contain a single Name child showing the full name of the sector or industry.[RIXML Level One Addendum v2.4 p.19] [RIXML Level One Addendum v2.5 p.19]
- SHOULDHierarchical classifications should follow the GICS four-level structure (level 1 sector → level 2 industry group → level 3 industry → level 4 sub-industry), with level set accordingly.[RIXML User Guide v2.3 p.43] [Industry Report (Advanced) Sample v2.4]↗ [Company Report (Advanced) Sample v2.4]↗
- SHOULDOnly company and sector/industry reports should be tagged with a sector/industry; tagging unrelated report types pollutes industry-focused searches.[Best Practices for Publishing RIXML p.24]
- MUSTCompilation reports must use ProductFocus of
Unfocusedand should not add a sector/industry tag for every mentioned company; only tag sectors that are themselves discussed in depth.[RIXML Research Data Dictionary v2.5.1 p.20] - INFORMATIVERating and Weighting children of SectorIndustry are not required by RIXML Level One; Level One implementations need not produce or consume them.[RIXML Level One Addendum v2.3.1 p.19] [RIXML Level One Addendum v2.5 p.19]
- INFORMATIVESectorIndustry as a child of Issuer or Security is not required by RIXML Level One; classification at ProductClassifications level is sufficient for Level One compliance.[RIXML Level One Addendum v2.2 p.19] [RIXML Level One Addendum v2.3.1 p.12] [RIXML Level One Addendum v2.3.1 p.14]
Relationships
- child-ofProductClassifications — SectorIndustry is an optional, repeatable child of ProductClassifications inside Context, where product-level sector tagging lives.
- child-ofIssuer — In the full schema, SectorIndustry may appear under Issuer to classify the issuer's industry directly.
- child-ofSecurity — SectorIndustry may also appear under Security for security-level classification (full schema only; not required by Level One).
- containsName — SectorIndustry must contain exactly one Name child providing the human-readable sector or industry name.
- containsRating — In the full schema, SectorIndustry may contain a Rating child expressing an analyst rating on the sector. Not required by Level One.
- containsWeighting — In the full schema, SectorIndustry may contain a Weighting child expressing recommended portfolio weighting for the sector. Not required by Level One.
- self-nestsSectorIndustry — SectorIndustry may contain nested SectorIndustry children to express the multi-level GICS hierarchy from sector down to sub-industry.
- requiresSectorIndustryClassificationTypeEnum — classificationType must take a value from SectorIndustryClassificationTypeEnum (GICS, ICB, or PublisherDefined).
- coordinates-withProductFocus — SectorIndustry is coordinated with ProductFocus: when ProductFocus is SectorIndustry, at least one SectorIndustry must be marked primary, and focusLevel indicates which level of the hierarchy is the main focus.
- entitlement-targetSectorIndustryEntitlement — Consumer entitlements to research by sector are expressed via SectorIndustryEntitlement, which references the same classification codes used here.
Where It Fits
Canonical Path
Children
Definition
| Type | SectorIndustryType |
| Namespace | http://www.rixml.org/2017/9/RIXML |
| Min Occurs | 1 |
| Max Occurs | 1 |
Attributes
codestring |
Identifies the sector under consideration. Refer to the RIXML sector-industry code document for a valid list of RIXML-defined codes. Publisher defined codes can be used in addition to, but not instead of, the RIXML-defined codes. requiredSince 2.1 |
levelstring |
Since sectors are organized in a hierarchical fashion, the level element indicates the level that a specific SectorIndustry element is at in this hierarchy. There are four levels within the GICS classification scheme, with level 1 referring to Sectors, level 2 to Industry Groups, level 3 to Industries and level 4 to Sub Industries. requiredSince 2.1 |
classificationTypeSectorIndustryClassificationTypeEnum |
Name of the classification method used. Options are GICS or PublisherDefined. requiredSince 2.1 |
sequenceinteger |
Used to indicate any meaningful ordering of the Products contained in this Research item. Particularly useful in publishing compendium products made up of multiple sub-products. Ordering is ascending. optionalSince 2.1 |
focusLevelYesNoEnum |
Indicates whether the current level is the main focus of the product being published. This tag is used in conjunction with the ProductFocus tag to determine the focus of a product. Example: a product focusing on the Entertainment sub-industry, would have the ProductFocus.focus tag set to SectorIndustry, and in the correct SectorIndustry element the following values would be set: SectorIndustry.classificationType = GICS SectorIndustry.level = 4 SectorIndustry.focusLevel = Yes SectorIndustry.primaryIndicator = Yes SectorIndustry.name = Entertainment. This allows a consumer to determine the exact focus of the product. requiredSince 2.1 |
primaryIndicatorYesNoEnum |
Indicates the primary SectorIndustry or SectorIndustries discussed in the product. If the product is focused on the SectorIndustry level (i.e. the ProductFocus tag is set to SectorIndustry), then at least one SectorIndustry must be marked as primary. required |
officiallyClassifiedYesNoEnum |
Indicates whether the specified SectorIndustry is an official classification. Specifically, if the classificationType is "GICS", then this value must be supplied and set to "Yes" to indicate a mapping that complies with the official GICS classification. Likewise, this value must be supplied and set to "No" if the related Issuer or Security is mapped only on a best-guess basis and is not part of the official GICS classification. If this optional attribute is not supplied and the classificationType is "GICS", the consumer should assume a value of "No". optionalSince 2.1 |
coverageActionCoverageActionEnum |
Highlights an action taken by the publisher. Indicates that the publisher is changing the coverage status of a Security. Example: a publisher initiates coverage of Security ABC. optionalSince 2.1 |
ratingActionRatingActionEnum |
Highlights an action taken by the publisher. Indicates that the publisher is changing their rating on a Security. Example: a publisher downgrades Security ABC. optionalSince 2.1 |
weightingActionWeightingActionEnum |
Highlights an action taken by the publisher. Indicates that the publisher is changing the weighting of the security type. optionalSince 2.1 |
Children
Rating(complex)0..unbounded |
optionalSince 2.1 |
Weighting(complex)0..unbounded |
optionalSince 2.1 |
SectorIndustrySectorIndustryType0..unbounded |
optionalSince 2.1 |
ShortNamestring0..1 |
A short name for the sector. Example: Pharma may be used for Major Pharmaceuticals. optionalSince 2.1 |
Namestring1..1 |
Indicates the name of the sector. requiredSince 2.1 |
Descriptionstring0..1 |
A textual description of the sector. optionalSince 2.1 |
Example
<SectorIndustry code="example"
level="example"
classificationType="Value"
focusLevel="Yes"
primaryIndicator="Yes">
<Name> ... </Name>
</SectorIndustry>Version History
Unchanged since introduction in RIXML 2.1
SectorIndustry has been part of RIXML since at least v2.2 and is essentially stable from v2.3 through v2.5, with refinements concentrated in Level One compliance scope and documentation:
- v2.2 — SectorIndustry as a child of Security was carved out of Level One to simplify security-level metadata [RIXML Level One Addendum v2.2 p.19].
- v2.3 / v2.3.1 — GICS was formally established as the mandatory classification scheme for primary securities and sector-focused products, with publisher-defined schemes permitted only alongside a GICS equivalent [RIXML User Guide v2.3 p.43]. Level One excluded Rating and Weighting children, as well as SectorIndustry under Issuer and Security (source: level-one-2.3.1, pp.12, 14, 19).
- v2.4 — Documentation expanded to clarify the required attribute set (code, classificationType, level, focusLevel, primaryIndicator) and to make the requirement for a single Name child explicit [RIXML Level One Addendum v2.4 p.19].
- v2.5 / v2.5.1 — Rules and usage guidance were consolidated; the working group considered downgrading GICS from required to optional but deferred the change to preserve schema consistency [RIXML Quarterly Update 2017 Q3 p.8]↗. Level One continues to omit Rating and Weighting children [RIXML Level One Addendum v2.5 p.19].
- v3 (draft) — Working-group minutes indicate that SectorIndustry is being renamed to Industry in the next major version, while preserving the existing sector/industry tree structure [RIXML All-Member Meeting January 2025 p.39]↗.
Business Rules
Compilation reports must use focus of Unfocused and should not add sector/industry tags for each mentioned company
Publishers are required to use the GICS classification scheme to provide the correct sector/industry information for research products
The GICS sector/industry classification must be provided for each primary security mentioned in the product
When products are focused on the sector/industry level, publishers must provide the GICS classification that most closely matches what the product discusses
When publishers provide publisher-defined sector/industry tags, they must also provide the closest match from the GICS scheme to ensure consistency
Publisher defined sector/industry codes can be used in addition to, but not instead of, the RIXML-defined codes
When a product is focused on the SectorIndustry level (ProductFocus tag set to SectorIndustry), at least one SectorIndustry must be marked as primary
When classificationType is GICS, the officiallyClassified attribute must be supplied and set to Yes for official GICS classifications or No for best-guess mappings
When using GICS classification type in SectorIndustryClassificationTypeEnum, the officiallyClassified attribute must be included and set to 'Yes' to indicate an official GICS classification
Level One compliance excludes Rating and Weighting elements as children of SectorIndustry
SectorIndustry element must contain single Name element showing the full name of the sector or industry
For company reports, all elements describing the primary company's characteristics (sector/industry, region, country) must have their primaryIndicator set to Yes
Sector/Industry reports must have a focus of SectorIndustry and set the primaryIndicator of the appropriate sector or industry to Yes
If the officiallyClassified attribute is not supplied when classificationType is GICS, consumers should assume a value of No
Design Decisions
Level One excludes Rating and Weighting elements as children of SectorIndustry
To simplify Level One implementations by removing complex analytical data from sector industry classifications
RIXML Level One Addendum v2.5, p.19
Required the officiallyClassified attribute to be set to 'Yes' when using GICS classification type
To distinguish between official GICS classifications and best-guess mappings, ensuring data quality and classification accuracy
RIXML Research Data Dictionary v2.5.1, p.104
GICS was established as the mandatory standard sector/industry classification scheme for RIXML, while allowing publisher-defined classifications as supplementary
GICS provides standardized sector/industry categorization that enables consistent consumption and comparison across different research providers, while publisher-defined schemes offer flexibility for specialized classifications
RIXML Research Data Dictionary v2.5.1, p.63
Publisher-defined sector codes were permitted as additions to RIXML-defined codes but not as replacements
This approach maintains standardization for interoperability while allowing publishers to include their proprietary classification systems for internal or specialized use cases
RIXML Research Data Dictionary v2.5.1, p.63
The level attribute was structured to support GICS four-level hierarchy with specific level mappings
The hierarchical organization enables precise classification granularity from broad sectors down to specific sub-industries, matching the established GICS framework that market participants already understand
RIXML Research Data Dictionary v2.5.1, p.63
The focusLevel attribute was made required to work with ProductFocus for determining exact product focus
This design enables consumers to precisely identify which hierarchical level of sector/industry classification represents the main focus of the research product, supporting accurate content categorization
RIXML Research Data Dictionary v2.5.1, p.64
The officiallyClassified attribute was designed to distinguish between official GICS classifications and best-guess mappings, with a default assumption of 'No' when not specified
This approach ensures transparency about classification confidence levels, allowing consumers to understand whether sector assignments are officially validated or approximated, which impacts the reliability of sector-based analysis
RIXML Research Data Dictionary v2.5.1, p.64
Semantic Relationships
Implies1 relationship
When an issuer is marked as primary, all related elements describing that issuer such as sector/industry, region, and country should also have their primaryIndicator set to Yes
RIXML Research Data Dictionary v2.5.1, p.17— When to set primaryIndicator to "Yes" and when to set it to "No"
Requires7 relationships
ProductFocus is used in conjunction with primaryIndicator fields in various elements like SectorIndustry to indicate the primary topic of the product
RIXML Research Data Dictionary v2.5.1, p.50— ProductFocus
Publishers are required to use the GICS classification scheme to provide sector/industry classification for research products
RIXML Research Data Dictionary v2.5.1, p.63— SectorIndustry
The focusLevel tag is used in conjunction with the ProductFocus tag to determine the focus of a product
RIXML Research Data Dictionary v2.5.1, p.64— focusLevel (Required, YesNoEnum)
When the product is focused on the SectorIndustry level, at least one SectorIndustry must be marked as primary
RIXML Research Data Dictionary v2.5.1, p.64— primaryIndicator (Required, YesNoEnum)
When classificationType is GICS, the officiallyClassified attribute must be supplied to indicate whether the mapping complies with official GICS classification
RIXML Research Data Dictionary v2.5.1, p.64— officiallyClassified (Optional, YesNoEnum)
When GICS classification is used, the officiallyClassified attribute must be set to Yes to indicate official classification status
RIXML Research Data Dictionary v2.5.1, p.104— GICS
Sector industry classification requires use of standardized classification systems like GICS to ensure consistent sector identification across different research providers
RIXML Implementation Guide v2.5.1, p.29— GICS codes
Constrains2 relationships
Publisher defined sector codes can be used in addition to, but not instead of, the RIXML-defined codes
RIXML Research Data Dictionary v2.5.1, p.63— Elements and Attributes
The SectorIndustry element must contain a single Name element showing the full name of the sector or industry
RIXML Level One Addendum v2.5, p.19— Research.Product.Context.ProductClassifications.SectorIndustry.Name