ISO/TR 22126-5:2022

Financial services - Semantic technology - Part 5: Mapping from FIX Orchestra to the common model

This document reports on a study to map messages defined using FIX Orchestra into the ISO 20022 model.

Titre manque — Partie 5: Titre manque

General Information

• Status: Published
• Publication Date: 25-Aug-2022
• ICS: 03.060 - Finances. Banking. Monetary systems. Insurance
• ICS: 35.240.40 - IT applications in banking
• Technical Committee: ISO/TC 68/SC 9 - Information exchange for financial services
• Drafting Committee: ISO/TC 68/SC 9/WG 1 - ISO 20022 Semantic Models
• Current Stage: 6060 - International Standard published
• Start Date: 26-Aug-2022
• Completion Date: 26-Aug-2022

Overview

ISO/TR 22126-5:2022 is a Technical Report from ISO/TC 68 that documents a study mapping FIX Orchestra message and workflow definitions into the ISO 20022 common model. The report describes a tool-based approach to convert FIX Orchestra XML schema artifacts into an Ecore metamodel, transform that model into a semantic representation (RDF/OWL), and identify mapping gaps. It focuses on practical interoperability between FIX (as published in FIX Orchestra) and ISO 20022 for comparative analysis, ontology generation and protocol harmonization.

Key topics and mapping considerations

• Mapping approach: Generate an Ecore model from the FIX Orchestra XML schemas (repository and interfaces) using the Eclipse Modeling Framework (EMF), then programmatically transform Ecore instances to a common semantic model encoded in RDF/OWL.
• Class correspondences: Many Orchestra classes were aligned with ISO 20022 metaclasses (for example, Message → MessageDefinition, Field → MessageElement, CodeSet → CodeSet), enabling reuse of converters to produce a standardized ontology.
• Behavioural and workflow gaps: FIX Orchestra supports state machines, actor state variables and unidirectional message flows; these behavioural constructs have no direct equivalent in the ISO 20022 metamodel and require metamodel enhancements or supplementary representations.
• Datatype and constraint issues: FIX defines its own datatypes and a domain-specific language (Score) for constraints; ISO 20022 relies on XML Schema datatypes and different constraint mechanisms, so datatype and constraint interoperability is partial.
• Identifiers and presence semantics: Differences exist in identifier generation and in semantics such as FIX’s Presence enumeration (Required, Optional, Forbidden, Ignored, Constant) versus ISO 20022 cardinality models.
• Incomplete mappings: The report documents features that are partially mapped or unmatched (e.g., Flow, StateMachine, external state representation), and recommends enhancements to the ISO 20022 model to better describe FIX and similar protocols.

Practical applications and users

Who benefits:

• Financial institutions and trading firms implementing or integrating FIX Orchestra and ISO 20022
• Standards bodies and implementers seeking protocol harmonization or common-model analysis
• Developers of mapping tools, ontologies and test-case generators (EMF/Ecore, RDF/OWL pipelines)
• Architects working on message conversion, protocol comparison, and interoperability projects

Practical uses:

• Generating an RDF/OWL ontology from FIX Orchestra for semantic analytics
• Comparing multiple messaging protocols against the ISO 20022 common model
• Informing extensions to ISO 20022 to support behavioural models, state machines and richer datatype/constraint mappings
• Automating parts of protocol migration, validation and test-case generation

Related standards

• ISO 20022 metamodel and message definition artifacts
• FIX Orchestra specification (FIX Trading Community; Orchestra serialized as XML)
• ISO/TR 22126 series (other parts that address semantic technology for financial services)

Keywords: ISO/TR 22126-5:2022, FIX Orchestra, ISO 20022, semantic technology, mapping, Ecore, EMF, RDF/OWL, financial services, message model, interoperability.

Standards Content (Sample)

TECHNICAL ISO/TR
REPORT 22126-5
First edition
2022-08
Financial services — Semantic
technology —
Part 5:
Mapping from FIX Orchestra to the
common model
Reference number
© ISO 2022
All rights reserved. Unless otherwise specified, or required in the context of its implementation, no part of this publication may
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or ISO’s member body in the country of the requester.
ISO copyright office
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Website: www.iso.org
Published in Switzerland
ii
Contents Page
Foreword .iv
Introduction .v
1 S c op e . 1
2 Nor m at i ve r ef er enc e s . 1
3 Terms and definitions . 1
4 M apping FIX Orchestra . 2
4 .1 F I X O r c he s t r a . 2
4.1.1 General . 2
4.1.2 Relationship to FIX . 2
4.2 I SO 20022 model . 2
4 . 3 M appi n g appr o ac h . 3
4.3.1 G eneral . 3
4.3.2 E core model creation . 3
4 .4 Mo del t r a n s f or m at ion . 3
4 . 5 I nc omple t e m appi n g s. 4
4 . 6 F i nd i ng s . 4
4.6.1 General . 4
4 . 6 . 2 B eh av iou r a l mo del . 4
4.6.3 Datatypes . 5
4 . 6 .4 C ons t r a i nt s . 5
Bibliography . 6
iii
Foreword
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ISO collaborates closely with the International Electrotechnical Commission (IEC) on all matters of
electrotechnical standardization.
The procedures used to develop this document and those intended for its further maintenance are
described in the ISO/IEC Directives, Part 1. In particular, the different approval criteria needed for the
different types of ISO documents should be noted. This document was drafted in accordance with the
editorial rules of the ISO/IEC Directives, Part 2 (see www.iso.org/directives).
Attention is drawn to the possibility that some of the elements of this document may be the subject of
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expressions related to conformity assessment, as well as information about ISO's adherence to
the World Trade Organization (WTO) principles in the Technical Barriers to Trade (TBT), see
www.iso.org/iso/foreword.html.
This document was prepared by Technical Committee ISO/TC 68, Financial services, Subcommittee SC 9,
Information exchange for financial services.
A list of all parts in the ISO 22126 series can be found on the ISO website.
Any feedback or questions on this document should be directed to the user’s national standards body. A
complete listing of these bodies can be found at www.iso.org/members.html.
iv
Introduction
FIX Orchestra is a standard issued by FIX Trading Community to exchange message structures,
workflow choreographies and application behaviours between trading counterparties. FIX Orchestra is
currently Version 1.0 Draft Standard and is published as a specification with an XML Schema.
A study was conducted to map FIX message definitions, as encoded in the FIX Orchestra schema, to
semantic terms consistent with the ISO 20022 metamodel. The objective was to map multiple financial
protocols, including FIX, to ISO 20022, a common model, so that they can be compared, and for
commonalities to be identified. Any deficiencies of the model discovered will be rectified so that its
capacity to support other financial industry protocols can be improved in future versions.
v
TECHNICAL REPORT ISO/TR 22126-5:2022(E)
Financial services — Semantic technology —
Part 5:
Mapping from FIX Orchestra to the common model
1 S cope
This document reports on a study to map messages defined using FIX Orchestra into the ISO 20022
model.
2 Normat ive references
There are no normative references in this document.
3 Terms and definitions
For the purposes of this document, the following terms and definitions apply.
ISO and IEC maintain terminology databases for use in standardization at the following addresses:
— ISO Online browsing platform: available at https:// www .iso .org/ obp
— IEC Electropedia: available at https:// www .electropedia .org/
3.1
actor
peer in a messaging system
3.2
code set
datatype that constrains message values to one member of a finite set
3.3
component
predefined part of a message that may be reused in many message types
3.4
datatype
context-free data domain
3.5
field
smallest unit of business semantics
3.6
presence
property that specifies whether the member is required
3.7
repeating group
group component with many-to-one cardinality
3.8
workflow
exchange of message types between actors
4 Mapping FIX Or chestra
4.1 FIX Orchestra
4.1.1 General
FIX Orchestra was designed to provide a distributable model of message definitions as well as workflow.
Its motto is “machine readable rules of engagement”. FIX Trading Community uses Orchestra to publish
the FIX standard. Firms may use it to publish their rules of engagement, typically a modified subset of
the FIX standard. The final rules of engagement are determined by agreement between counterparties.
Orchestra is serialized as XML, and is controlled by XML schemas, but consideration has been given to
using RDF/OWL in the future.
Orchestra has two XML schemas: repository and interfaces. The repository schema defines message
structures and workflow. FIX Orchestra incorporates a message model, but unlike ISO 20022 the
message definitions are not traced to a formal business model or metamodel.
Elements of an Orchestra repository file include the following:
— Message definitions, including their reusable parts: components, repeating groups and fields. In FIX,
message types are often overloaded for multiple use cases, so message scenarios refine me
...