ISO 15022 XML
Focus: Securities Processing
DTD or Schema: Not yet available
Website: http://www.15022.org/
Contact: ddoscas@exchange.ml.com, ISO15022ra@iso15022.org, or standards.international@bsi-global.com.
Founding & Key Members:
· International Organization for Standardization (ISO) as the ISO 15022 XML Working Group (WG 10)
WG Participants include:
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FIX Protocol
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SWIFT
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GSTPA
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ISITC-IOA
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SMPG
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Thomson
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FinXML
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FpML
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Telekurs
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Instinet
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DTCC
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Euroclear
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CREST
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Clearstream
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Salomon Smith Barney
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Merrill Lynch
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BoNY
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ING
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State Street
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Morgan Stanley
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Deutsche Bank
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Goldman Sachs
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Citigroup
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Northern Trust
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Barclays
Organization: ISO 15022 XML is being developed by the Working Group 10 of the International Standards Organization (ISO), a non-governmental organization established in 1947 with the aim of promoting the development of standardization throughout many industries.
WG10 is a working group that was created in 2000 by ISO/TC68 (for banking, securities and other related services) to look at the impact of XML on the existing ISO 15022 standard for securities messaging.
WG10 consists of a steering committee, which is responsible for the overall functioning of WG10, and comprises eight members with Credit Suisse First Boston’s John Goeller as convenor.
The group also includes three project teams, which are responsible for the timely delivery of specific parts of the ISO 15022 standard. The design project team focuses on the standards development methodology; the reverse engineering project team concentrates on the integration of existing standards in the repository; and the repository project team focuses on the definition of the process that will be used by the Registration Authority to maintain the ISO 15022 repository.
Background: In July 2001 the FIX Protocol and Society for Worldwide Interbank Financial Telecommunications (SWIFT) organizations announced plans to work together to converge their respective messaging protocols into an XML format, under the guise of the ISO’s Working Group 10.
The WG10 is tasked with development of the ISO 15022 XML standard, which is to be a superset of existing protocols such as FIX, the current ISO 15022, Global Straight Through Processing Association (GSTPA), and the Financial products Markup Language (FpML). These various protocols will be reverse-engineered using business modeling techniques to create an XML Schema-based representation.
Specifically, FIX Protocol is contributing its expertise in the pre-trade/trade execution domain, and SWIFT will provide post-trade domain expertise to the ISO 15022 XML efforts. SWIFT is also acting as the Registration Authority. In this capacity, it maintains the Data Field Dictionary/Catalogue of Messages, supports the Registration Management Group, and monitors the Registration Authority.
The aim is to migrate the securities industry to a standardized use of XML to ensure interoperability across the financial industry.
FIX is working with the Standards division within the non-commercial arm of SWIFT. Both organizations have worked on their own XML initiatives – FIXML and SWIFTML – and these will continue to be developed until the new standard is completed and members are ready to adopt it.
ISO 15022 XML will be developed on three layers. The "business layer" focuses on understanding the business domain and business requirements. The second layer is the "logical layer", which focuses on the definition of a syntax-independent standard solution for the identified business requirements. And the third layer is the "technical layer", which focuses on the physical representation of the standard solution including the messaging and relevant software.
The main deliverables for WG10 will be to produce the basic standard consisting of an overview document, the description of inputs and outputs of the repository and the repository maintenance process for the Registration Authority.
WG10 will also make available supporting documents outlining the modelling guidelines, reverse engineering guidelines, and the UML to XML conversion rules.