ISO/DIS 15022-1

Banking, securities and other financial services -- Scheme for messages

Banque, valeurs mobilières et autres services financiers -- Schéma des messages

Standards Content (sample)

DRAFT INTERNATIONAL STANDARD ISO/DIS 15022-1
ISO/TC 68/SC 4 Secretariat: SNV
Voting begins on Voting terminates on
2002-11-28 2003-04-28

INTERNATIONAL ORGANIZATION FOR STANDARDIZATION • МЕЖДУНАРОДНАЯ ОРГАНИЗАЦИЯ ПО СТАНДАРТИЗАЦИИ • ORGANISATION INTERNATIONALE DE NORMALISATION

Banking, securities and other financial services — Scheme
for messages —
Part 1:
Overall methodology and format specifications for inputs and
outputs to/from the ISO 15022 repository
[Revision of first edition (ISO 15022-1:1999) and its Corrigendum 1:1999]
Banque, valeurs mobilières et autres services financiers — Schéma des messages —

Partie 1: Méthodologie et spécifications de format globales pour les entrées et les sorties vers le/du dépôt ISO 15022

ICS 03.060

In accordance with the provisions of Council Resolution 15/1993 this document is circulated

in the English language only.

Conformément aux dispositions de la Résolution du Conseil 15/1993, ce document est

distribué en version anglaise seulement.

To expedite distribution, this document is circulated as received from the committee

secretariat. ISO Central Secretariat work of editing and text composition will be undertaken at

publication stage.

Pour accélérer la distribution, le présent document est distribué tel qu'il est parvenu du

secrétariat du comité. Le travail de rédaction et de composition de texte sera effectué au

Secrétariat central de l'ISO au stade de publication.

THIS DOCUMENT IS A DRAFT CIRCULATED FOR COMMENT AND APPROVAL. IT IS THEREFORE SUBJECT TO CHANGE AND MAY NOT BE REFERRED TO

AS AN INTERNATIONAL STANDARD UNTIL PUBLISHED AS SUCH.

IN ADDITION TO THEIR EVALUATION AS BEING ACCEPTABLE FOR INDUSTRIAL, TECHNOLOGICAL, COMMERCIAL AND USER PURPOSES, DRAFT

INTERNATIONAL STANDARDS MAY ON OCCASION HAVE TO BE CONSIDERED IN THE LIGHT OF THEIR POTENTIAL TO BECOME STANDARDS TO WHICH

REFERENCE MAY BE MADE IN NATIONAL REGULATIONS.
© International Organization for Standardization, 2002
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ISO/DIS 15022-1:2002
1 Contents

2 1 Scope ................................................................................................................................1

3 2 References........................................................................................................................1

4 3 Terms and definitions........................................................................................................1

5 4 Methodology for the development of ISO 15022 compliant Message Sets.........................6

6 4.1 Overview ...........................................................................................................................6

7 4.2 Business Analysis..............................................................................................................7

8 4.3 Requirements Analysis......................................................................................................7

9 4.4 Logical Analysis................................................................................................................8

10 4.5 Logical Design...................................................................................................................8

11 4.6 Technical Design...............................................................................................................9

12 4.7 Reverse Engineering .........................................................................................................9

13 5 Repository Contents......................................................................................................... 10

14 5.1 ISO 15022 Repository Structure ....................................................................................... 10

15 5.2 Data Dictionary................................................................................................................ 12

16 5.2.1 Overview ......................................................................................................................... 12

17 5.2.2 List of Dictionary Items.................................................................................................... 13

18 5.2.2.1 Business Concepts........................................................................................................... 13

19 5.2.2.2 Data Types....................................................................................................................... 13

20 5.2.2.3 Message Concepts........................................................................................................... 14

21 5.2.3 Dictionary Item Registration Status ................................................................................. 14

22 5.2.4 Dictionary Items Description Information......................................................................... 14

23 5.2.5 Data Dictionary Life Cycle ............................................................................................... 15

24 5.2.6 Dictionary Item Release .................................................................................................. 15

25 5.3 Business Process Warehouse .......................................................................................... 16

26 5.3.1 Overview ......................................................................................................................... 16

27 5.3.2 List of Warehouse Items.................................................................................................. 16

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ISO/DIS 15022-1:2002

28 5.3.3 Warehouse Item Registration status................................................................................ 17

29 5.3.4 Warehouse Item Description Information ........................................................................ 17

30 5.3.5 Business Process Warehouse Releases........................................................................... 17

31 5.4 Character Sets, naming conventions, languages............................................................ 18

32 6 Repository input .............................................................................................................. 18

33 6.1 Submission Request Types.............................................................................................. 19

34 6.2 Submission Format.......................................................................................................... 19

35 6.3 Submission Media ........................................................................................................... 19

36 7 Repository Output............................................................................................................ 20

37 7.1 Repository Output Types.................................................................................................. 20

38 7.2 Output Format ................................................................................................................. 20

39 8 Evolution of ISO 15022..................................................................................................... 20

40 8.1 Relation with ISO 15022, first edition............................................................................... 20

41 8.2 Relation with ISO 15022:1999 Message Set...................................................................... 21

42 8.3 Initial population of the ISO 15022 Repository................................................................. 22

43 8.4 Future evolution of the ISO 15022 standard..................................................................... 22

44 8.4.1 The documents................................................................................................................ 22

45 8.4.2 The syntax....................................................................................................................... 22

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ISO/DIS 15022-1:2002
47 Foreword

48 ISO (the International Organization for Standardization) is a world-wide federation of national standards bodies

49 (ISO member bodies). The work of preparing International Standards is normally carried out through ISO

50 Technical Committees. Each member body interested in a subject for which a Technical Committee has been

51 established has the right to be represented on that committee. International organizations, governmental and

52 non-governmental, in liaison with ISO, also take part in the work. ISO collaborates closely with the International

53 Electrotechnical Commission (IEC) on all matters of electrotechnical standardization.

54 Draft International Standards adopted by the Technical Committees are circulated to the member bodies for

55 voting. Publication as an International Standard requires approval by at least 75 % of the member bodies

56 casting a vote.

57 Technical Committee ISO/TC 68, Banking, securities and other financial services, Subcommittee SC 4,

58 Securities and related financial instruments prepared this second edition of ISO 15022. It aims at replacing the

59 first edition (1999).

60 The principles for the co-existence of the editions 1 and 2 during a temporary transitional period as well as the

61 principles for the migration from edition 1 to this edition 2 are outlined in Part 1 section 8 of this second edition.

62 The second edition of ISO 15022 consists of the following parts, under the general title Scheme for messages:

63 · Part 1: Overall Methodology and Format Specifications for Inputs and Outputs to/from the ISO 15022

64 Repository;
65 · Part 2: Role and Responsibilities of the Registration Bodies
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ISO/DIS 15022-1:2002
67 Introduction

68 In the mid-1990s, it was felt strongly that the international standard for communication between securities

69 industry participants required an urgent review aiming at (1) reducing the time taken to deliver new standardized

70 Message Sets to the market place and (2) improving “straight through processing” capabilities.

71 The first edition of ISO 15022 set the principles necessary to provide the different communities of users with

72 the tools to design Message Definitions to support their specific information flows. These tools consisted of:

73 · a set of syntax and message design rules;

74 · a Data Field Dictionary uniquely identifying Business Elements to be communicated and their

75 technical representation; and

76 · a Catalogue of Messages built by the industry with the above-mentioned fields and rules.

77 To address the evolving needs of the industry as they emerge, the Data Field Dictionary and the Catalogue of

78 Messages had been kept outside the standard though maintained according to it. They were made available by

79 a Registration Authority, which updated them as necessary upon the request of industry participants.

80 The early 2000s saw the wide spread growth of IP (Internet Protocol) networking and the emergence of XML

81 (eXtensible Mark-up Language) as the “de facto” open technical standard for electronic communications. It was

82 felt that ISO 15022 needed to be extended to offer the whole financial industry a common platform for the

83 development of messages in a standardized XML syntax. At the same time, to shield the platform from further

84 syntax changes, it was felt necessary to better split messaging into its business dimension, on one hand, and

85 its technical representation, on the other hand. Therefore, while capitalizing on the original ISO 15022 tool set,

86 this second edition of ISO 15022 proposes:

87 · to use a modelling methodology (e.g. based on formal notation such as UML --Unified Modelling

88 Language--) to capture, analyze and describe in a syntax-independent way the Business Processes,

Even though ISO 15022 deals with the standardisation of the communication between financial industry

players, it should be clear that this standard doesn’t deal directly with any of the seven layers of the ISO Open

Systems Interconnect model (OSI model). In fact, one could state that ISO 15022 starts where the OSI-model

ends, i.e. ISO 15022 standardises the content of the “file” (i.e. the message content) that is transported in the

OSI Application Layer.

The standardisation of the message content deals itself with two separate layers:

1. The “syntax layer” i.e. the standardisation of the physical representation of the information that is

transported. This layer deals with aspects related to the use of XML, Enhanced 7775, EDIFACT or other

syntaxes.

2. The “semantic layer”, i.e. the standardisation of the meaning of the information that is transported.

Whereas these layers were already covered in the first edition of ISO 15022, the second edition makes the

standardisation of these layers more formal and makes the separation between both layers more explicit

and complete. The introduction of this formal approach has a significant impact on the resulting standard but

improves (1) the interoperability and convergence across existing Industry Message Sets, (2) the reusability

across business domains and market practices and (3) the stability of the standardized Message Sets.

Another important factor in this second edition is the introduction of open syntaxes, such as XML, which

removes the necessity to describe the technical specification of a particular syntax (such as Enhanced

7775 in the first edition).
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ISO/DIS 15022-1:2002

89 Business Actors, Business Roles, Business Information and associated Message Definitions which

90 allow the industry to exchange the information required to achieve its business objectives;

91 · to define the design rules to be used to convert Message Definitions described in a modelling notation

92 into a standardized syntax representation. At the moment of the publication of this standard the

93 preferred syntax for all electronic documents (including the subset of electronic STP-messages) is

94 XML (as defined by the World Wide Web Consortium (W3C)). On request of the financial industry, the

95 design rules can later be extended to cover other future open syntaxes.

96 Under this approach, which is in line with the messaging developments undertaken by other industries, the

97 complete models and the derived syntax output are stored in a central Repository (the ISO 15022 Repository),

98 serviced by the Registration Authority. The ISO 15022 Repository offers industry participants access to:

99 · a financial Business Process Warehouse, containing:
100 · the description of the financial Business Model;

101 · the description of financial Business Processes, including Message Definitions;

102 · the Message Schemes represented in an agreed syntax (such as ISO 15022 XML);

103 · a financial Data Dictionary, containing:

104 · Business Concepts, Data Types and Message Concepts used in Business Processes and in

105 Message Definitions.

106 It is expected that this flexible framework will allow communities of users to build Message Sets according to

107 an internationally agreed approach and to migrate to the use of a common syntax (such as ISO 15022 XML). If

108 the existing set of Business Processes and Message Definitions stored in the ISO 15022 Repository does not

109 address their requirements, the communities of users can agree on the use of other Business Processes and

110 Message Definitions and design them from the items registered in the Data Dictionary. They can submit these

111 Business Processes and Message Definitions to the Registration Authority. The Registration Authority, with

112 the support of Standards Management Groups, will validate the requests and update the ISO 15022 Repository

113 as necessary and generate the corresponding ISO 15022 syntax output using the agreed ISO 15022 Syntax

114 Design Rules for XML or for other future open syntaxes.

115 Agreement of common financial Business Models and Message Definitions, which address the business

116 requirements of the communities of users and include a common syntax solution (such as ISO 15022 XML),

117 facilitates end-to-end straight through processing. Furthermore, the agreed Business Models and Message

118 Definitions serve as a reference to migrate to an agreed ISO 15022 syntax (such as ISO 15022 XML). Indeed,

119 communities using another syntax may link the content of their Industry Message Sets to items already

120 existing in the ISO 15022 Repository. The relation between these items could be provided to the communities

121 of users as “Convergence Documentation”. It is expected that this new, dual split of business standard and

122 technical standard will facilitate the convergence and the development of any required conversion mechanisms.

123 ISO 15022 contains:
124 · the overall description of the modelling approach;
125 · the overall description of the ISO 15022 Repository contents;

126 · a high-level description of the input to be accepted by the Registration Authority to feed/modify the

127 Repository’s Data Dictionary and Business Process Warehouse;

128 · a high-level description of the Repository output to be made publicly available by the Registration

129 Authority;

130 · the responsibilities, service levels and procedures for the Registration Bodies, including the role of

131 Standards Management Groups and the supervision by a Registration Management Group and ISO.

132 The ISO 15022 Registration Authority keeps the following supporting documents publicly available outside of

133 the standard:
134 a) ISO 15022 Modelling Guidelines
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ISO/DIS 15022-1:2002

135 This document provides a description of the method to be used to construct ISO 15022 compliant

136 Message Sets.
137 b) ISO 15022 Syntax Design Rules

138 This document provides detailed specifications on the conversion rules applied by the ISO 15022

139 Registration Authority to translate an ISO 15022 compliant Message Definition into an ISO 15022 syntax

140 solution. The actual supporting document will specify a particular syntax (such as “ISO 15022 XML Design

141 Rules” for the production of ISO 15022 XML Message Schemes and ISO 15022 XML Message instances).

142 Note: The Syntax Message Schemes published by the Registration Authority for the Message Definitions

143 registered into the ISO15022 Business Process Warehouse constitutes the reference against which Syntax

144 Message Schemes generated by proprietary implementations of the ISO 15022 syntax design rules can be

145 compared in order to validate the compliance of those implementations with the design rules.

146 c) Reverse Engineering for the ISO 15022 Repository

147 This document provides guidelines on how to extract relevant information from existing Industry Message

148 Sets in order to prepare the submission to the ISO 15022 Registration Authority of equivalent ISO 15022

149 compliant Message Sets.

150 d) Submission Templates to the Data Dictionary and Business Process Warehouse

151 The set of templates to be used when submitting requests to the Registration Authority for inclusion into

152 the ISO 15022 Repository.

153 Those documents remain outside of the ISO 15022 standard since their contents might be subject to

154 modification due to external standardization work in the modelling and syntax domain and improvement due to

155 the acquired experience into the Repository population. Any significant modification(s) to those above listed

156 documents shall require approval by the ISO 15022 Registration Management Group.

157 The initial ISO 15022 Repository will cover the business functionality of the ISO 15022:1999 Message Sets

158 designed under ISO 15022:1999 and stored in the current Data Field Dictionary and Catalogue of Messages. It

159 will also cover the business functionality of the FIX v4.3 Message Sets, designed by the FIX Protocol Limited.

160
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ISO/DIS 15022-1:2002
Banking, securities and other financial services — Scheme
161
for messages —
162
163 Part 1:
164
Overall methodology and format specifications for inputs and
165
outputs to/from the ISO 15022 repository
166 1 Scope
167 This part of ISO 15022 consists of:
168 · the overall description of the modelling approach ;
169 · the overall description of the ISO 15022 Repository contents;

170 · a high-level description of the input to be accepted by the Registration Authority to feed/modify the

171 Repository’s Data Dictionary and Business Process Warehouse;

172 · a high-level description of the Repository output to be made publicly available by the Registration

173 Authority;

174 ISO 15022 compliant Message Sets can be used for electronic data interchange amongst any industry

175 participants (financial and others), independently of any specific communication network. Network dependent

176 rules, like message acknowledgement and message protection are outside the scope of ISO 15022.

177 2 References

178 The following standards contain provisions which, through reference in the text, constitute provision of the ISO

179 15022 standard and its supporting documents. All standards are subject to revision, and parties to agreements

180 based on ISO 15022 are encouraged to investigate the possibility of applying the most recent editions of the

181 standards listed below. All mentioned versions are the versions that were valid at the time of publication of this

182 standard.

183 · UML (Unified Modelling Language), Version 1.4 – Object Management Group – http://www.omg.org

184 · XML (Extensible Markup Language) 1.0 (Second Edition) W3C Recommendation 6 October 2000 – World

185 Wide Web Consortium - http://www.w3c.org
186 3 Terms and definitions

187 For the purposes of this part of ISO 15022, the following terms and definitions apply. Note that these terms and

188 definitions do not necessarily fully reflect the UML specific terminology.

Note that Figures 5-1, 5-2 and 5-3 may be helpful for a better understanding of several terms in this section.

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189 Business Actor

190 A physical business user (i.e. person, organisation or infrastructure), playing one or more Business Roles in a

191 particular Business Process.

192 Business Actors are a category of Business Concepts. They are stored in the Data Dictionary.

193 Example: Bank, Corporate
194 Business Area

195 A set of strongly related business activities, that provide a self-standing business value to a set of Business

196 Actors. A Business Area may contain other Business Areas (i.e. hierarchical structure). At the lowest level it

197 will contain a set of Business Processes.
198 Business Areas are stored in the Business Process Warehouse.
199 Example: Securities Pre-Trade, Payment Initiation
200 Business Association
201 A relation between two Business Components.

202 Business Associations are a category of Business Concepts. They are stored in the Data Dictionary where

203 they are linked to their two related Business Components. Their meaning can only be described

204 unambiguously in combination with these two Business Components.

205 Note that there can be several Business Associations between two particular Business Components.

206 Example: a Party services an Account
207 Business Component

208 A representation of a (part of a) key business notion and characterised by specific Business Elements.

209 Business Components are a category of Business Concepts. They are stored in the Data Dictionary.

210 Note that a Business Component may have one or more Business Associations with other Business

211 Components.
212 Example: Account, Trade, Party
213 Business Concept

214 Dictionary Item with a business meaning, i.e. Business Actor, Business Role, Business Component, Business

215 Element, Business Association or Rule (when defined in the scope of a Business Component).

216 Business Element
217 A business characteristic of a Business Component.

218 Business Elements are a category of Business Concepts. They are stored in the Data Dictionary where they

219 are linked to their owning Business Component. Their meaning can only be described unambiguously in

220 combination with this Business Component.
221 Example: Account Status, Deal Price, Trade Date and Time
222 Business Information

223 A generic name covering Business Components, Business Elements and Business Associations.

224 Business Information Diagram

225 A diagram that shows a set of Business Components, Business Elements and Business Associations.

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226 Business Model

227 An abstract description of a (part of a) Business Area showing the main Business Processes and Business

228 Concepts relevant to this (part of a) Business Area.
229 Business Process

230 A main business activity within a Business Area that yields an observable result to one or more industry

231 participants and that allows the industry to achieve its business objectives. A Business Process may contain

232 other Business Processes (i.e. hierarchical structure).
233 Business Processes are stored in the Business Process Warehouse.
234 Example: Securities Ordering, Trade Matching
235 Business Process Diagram

236 A diagram that shows a set of Business Processes, Business Actors and Business Roles in a particular

237 Business Area.
238 Business Process Warehouse

239 The part of the ISO 15022 Repository that contains all Business Process related items (i.e. from the Business

240 Area down to the Message Definitions and their physical implementation).
241 Business Role

242 A functional role played by a Business Actor in a particular Business Process.

243 Business Roles are a category of Business Concepts and are stored in the Data Dictionary.

244 Example: Account Owner, Buyer
245 Code

246 One possible value in an exhaustive enumeration of all possible values of a Data Type assigned to a Business

247 or Message Element.

248 Codes are stored in the Data Dictionary where they are linked to their owning Data Type. Their meaning can

249 only be described unambiguously in combination with this Data Type.

250 Example: “INDI” is a possible value for the Data Type “Rate Status Code” and represents an indicative rate

251 Convergence Documentation

252 Documentation set showing relations between ISO 15022 Message Definitions, Message Components,

253 Message Elements, Business Components, Business Associations and/or Business Elements and items

254 defined in other Industry Message Sets (including the ISO 15022:1999 Message Set).

255 Data Dictionary

256 The part of the ISO 15022 Repository that contains all items that can be reused during business process

257 modelling and message definition activities. The Data Dictionary therefore contains Business Concepts,

258 Message Concepts and Data Types.
259 Dictionary Item
260 An item that is stored in the Data Dictionary.
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261 Data Type

262 A Data Type unambiguously specifies the set of valid values of a Business Element or of a Message Element.

263 The set of valid values may be defined via a format specification (e.g. text pattern) or via an exhaustive

264 enumeration of all possible values (e.g. a list of Codes or a reference to a standarised coding scheme).

265 Data Types are stored in the Data Dictionary.
266 Example: BIC (Bank Identifier Code, ISO-9362)
267 Data Type Representation

268 A Data Type Representation is a category of Data Types, characterised by a set of technical information

269 required for implementation and processing.

270 The full list of valid Data Type Representations is registered in the ISO 15022 Data Dictionary.

271 Example: Code, Text, Amount, Identifier
272 Diagram

273 A graphical representation of information, complementing a textual description. It can be used during the

274 development of ISO 15022 compliant Message Sets to clarify the meaning of specific information in the ISO

275 15022 Repository.
276 Industry Message Set

277 A Message Set that is defined and used by a representative part of the (Financial) Industry.

278 Example: the set of FIX v4.3 messages
279 ISO 15022 compliant Message Set

280 A Message Set that is constructed according to the rules defined in the second edition of ISO 15022.

281 ISO 15022:1999 Message Set

282 A Message Set that is constructed according to the rules defined in the first edition of ISO 15022 and that is

283 stored in the ISO 15022 Catalogue of Messages.
284 ISO 15022 Repository

285 The repository that is composed of the Data Dictionary and of the Business Process Warehouse.

286 Note that the ISO 15022 Repository is NOT identical to the ISO 15022 Data Field Dictionary and Catalogue of

287 Messages, as defined in ISO 15022:1999. As explained in Section 8, all information that is contained in the

288 ISO 15022:1999 Data Field Dictionary and Catalogue of Messages will be transferred to this ISO 15022

289 Repository.
290 Market Practice

291 A set of Rules that are derived from specific (usually regional) business or regulatory agreements and common

292 practices. A Message Definition covering a specific Message Functionality may differ slightly in function of the

293 Market Practice. This means that there may be some variation in the structure and/or the set of Rules related

...