Occurrences

Paper

../papers/02-05-03/02-05-03.html

Date of Presentation

Tuesday, 21 May

Time of Presentation

14.00

Presentation Level

High-Level

Abstract

In September 2000, ISO/TC68 (i.e. the Technical Committee representing the financial sector) created a new Working Group with the following mission: 'Evolve ISO 15022 (a messaging standard in securities -- see www.iso15022.org) to permit migration of the securities industry to a standardised use of XML, guaranteeing interoperability across the industry and with other industry sectors, particularly but not restricted to the financial industry.' End 2001 the Working Group submitted the resulting standard (ISO 15022, second edition) as a Committee Draft to ISO. Rationale behind ISO 15022, second edition 1. In order to achieve interoperability across the securities industry, the standard takes into account existing industry message standards like the first edition of ISO 15022, the FIX standard and others. The new standard offers a solution that can cover the functionality of all these industry message standards and also a way to support interoperability (short term) and convergence towards a single standard (medium term). 2. In order to achieve interoperability with other industry sectors, the new version takes into account the current status and the evolution of standards in other sectors. To this end the Working Group has closely monitored the outcome and evolution of the ebXML-project (the joint initiative of UN/CEFACT and OASIS delivering a number of technical specifications and recommendations for the use of XML in e-business applications). 3. In order to limit the impact of further technological evolution on the standard, the new edition focuses on defining a way to isolate technology-dependent aspects of the standard from the rest of the standard. Components of ISO 15022, second edition The standard contains following components: 1. A standards development process that is based on a modelling methodology. This makes it possible to capture, analyse and describe standardised business processes and message definitions in a syntax-independent way. This approach offers a way to cover the functionality of all relevant industry message standards. This approach is also in line with the approach of organisations like UN/CEFACT and ebXML. 2. A set of syntax specific design rules, making it possible to convert the syntax independent message definitions into a standardised XML representation. These design rules guarantee a consistent set of XML-messages and make it possible to automate the generation of XML-messages. Any future evolution of syntax will only impact this set of design rules and will have no impact on the syntax-independent description of the message standard. 3. A reverse engineering approach, describing a way to capture information from existing industry message standards and to create equivalent ISO 15022 compliant message standards. This approach also provides documentation that supports interoperability and convergence between the original industry message standard and the new ISO 15022 message standard. 4. A central electronic repository (the ISO 15022 Repository), serviced by a Registration Authority, offering the industry participants access to: A Business Process Warehouse containing the description of the business model, the business processes and the message definitions, including the XML Schemas. A Data Dictionary containing all reusable elements used in business processes and message definitions.