NU Online News Service, March 15, 11:18 a.m. – U.S. financial services companies spent about $195 billion on information technology in 2001, and they will probably spend about $985 million on XML technology this year, according to ZapThink L.L.C., Waltham, Mass., an XML market research firm.

Financial services companies could be spending about $8.3 billion a year on XML technology by 2005, ZapThink says.

XML is a set of rules for identifying bits of data in computer databases and setting up systems that can translate data from one format to another.