ISO/DTR 7340

Reference data distribution in financial services

Distribution de données de référence dans les services financiers

General Information

• Status: Not Published
• ICS: 03.060 - Finances. Banking. Monetary systems. Insurance
• Technical Committee: ISO/TC 68/SC 9 - Information exchange for financial services
• Drafting Committee: ISO/TC 68/SC 9 - Information exchange for financial services
• Current Stage: 5020 - FDIS ballot initiated: 2 months. Proof sent to secretariat
• Completion Date: 24-Oct-2022

Standards Content (sample)

FINAL
TECHNICAL ISO/DTR
DRAFT
REPORT 7340
ISO/TC 68/SC 9
Reference data distribution in
Secretariat: AFNOR
financial services
Voting begins on:
Voting terminates on:
RECIPIENTS OF THIS DRAFT ARE INVITED TO
SUBMIT, WITH THEIR COMMENTS, NOTIFICATION
OF ANY RELEVANT PATENT RIGHTS OF WHICH
THEY ARE AWARE AND TO PROVIDE SUPPOR TING
DOCUMENTATION.
IN ADDITION TO THEIR EVALUATION AS
Reference number
BEING ACCEPTABLE FOR INDUSTRIAL, TECHNO­
ISO/DTR 7340:2022(E)
LOGICAL, COMMERCIAL AND USER PURPOSES,
DRAFT INTERNATIONAL STANDARDS MAY ON
OCCASION HAVE TO BE CONSIDERED IN THE
LIGHT OF THEIR POTENTIAL TO BECOME STAN­
DARDS TO WHICH REFERENCE MAY BE MADE IN
NATIONAL REGULATIONS. © ISO 2022
---------------------- Page: 1 ----------------------
ISO/DTR 7340:2022(E)
COPYRIGHT PROTECTED DOCUMENT
© ISO 2022

All rights reserved. Unless otherwise specified, or required in the context of its implementation, no part of this publication may

be reproduced or utilized otherwise in any form or by any means, electronic or mechanical, including photocopying, or posting on

the internet or an intranet, without prior written permission. Permission can be requested from either ISO at the address below

or ISO’s member body in the country of the requester.
ISO copyright office
CP 401 • Ch. de Blandonnet 8
CH­1214 Vernier, Geneva
Phone: [phone]
Email: [e-mail]
Website: www.iso.org
Published in Switzerland
© ISO 2022 – All rights reserved
---------------------- Page: 2 ----------------------
ISO/DTR 7340:2022(E)
Contents Page

Foreword ..........................................................................................................................................................................................................................................v

Introduction .............................................................................................................................................................................................................................. vi

1 Scope ................................................................................................................................................................................................................................. 1

2 Normative references ..................................................................................................................................................................................... 1

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

4 Principles ..................................................................................................................................................................................................................... 2

4.1 General ........................................................................................................................................................................................................... 2

4.2 Compatibility ............................................................................................................................................................................................ 2

4.3 Data accuracy .......................................................................................................................................................................................... 2

4.4 High availability .................................................................................................................................................................................... 2

4.5 Extensibility .............................................................................................................................................................................................. 2

4.6 Security ......................................................................................................................................................................................................... 3

4.7 Maintainability ....................................................................................................................................................................................... 3

5 Related technology ............................................................................................................................................................................................ 3

5.1 Fintech ........................................................................................................................................................................................................... 3

5.2 WebSocket .................................................................................................................................................................................................. 3

5.3 AJAX .................................................................................................................................................................................................................. 3

5.4 RMI .................................................................................................................................................................................................................... 4

5.5 Blockchain .................................................................................................................................................................................................. 4

5.6 P2P ..................................................................................................................................................................................................................... 4

6 Business model ...................................................................................................................................................................................................... 4

7 Logical model ........................................................................................................................................................................................................... 5

7.1 Logical model ........................................................................................................................................................................................... 5

7.2 Distribution process .......................................................................................................................................................................... 6

7.3 Domains and topics ............................................................................................................................................................................ 6

7.4 Publisher module .................................................................................................................................................................................. 7

7.5 Subscription module ......... .................................................................................................................................. ............................... 7

8 Physical model ...................................................................... .................................................................................................................................. 7

8.1 Broker­based ............................................................................................................................................................................................ 7

8.2 Non­broker ................................................................................................................................................................................................. 8

8.2.1 Multicast .................................................................................................................................................................................... 8

8.2.2 P2P .................................................................................................................................................................................................. 8

8.3 Interactions ............................................................................................................................................................................................... 8

8.3.1 General ........................................................................................................................................................................................ 8

8.3.2 Publisher view ...................................................................................................................................................................... 8

8.3.3 Subscriber view ................................................................................................................................................................... 8

8.3.4 Smart contract ...................................................................................................................................................................... 8

8.3.5 Accuracy .................................................................................................................................................................................... 8

9 Data payload syntax ......................................................................................................................................................................................... 9

9.1 General ........................................................................................................................................................................................................... 9

9.2 Syntax and structures...................................................................................................................................................................... 9

9.3 Data types ................................................................................................................................................................................................... 9

10 Authority ...................................................................................................................................................................................................................10

10.1 Access control ....................................................................................................................................................................................... 10

10.2 Privacy protection ............................................................................................................................................................................ 10

11 Security .......................................................................................................................................................................................................................10

11.1 Data security ......................................................................................................................................................................................... 10

11.2 Transport security ........................................................................................................................................................................... 10

11.3 Application security ........................................................................................................................................... ............................. 11

iii
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ISO/DTR 7340:2022(E)

12 QoS control ..............................................................................................................................................................................................................11

12.1 General ........................................................................................................................................................................................................ 11

12.2 Latency ....................................................................................................................................................................................................... 12

12.3 Consistency ............................................................................................................................................................................................. 12

12.4 Deadline .....................................................................................................................................................................................................12

12.5 Reliability .................................................................................................................................................................................................12

13 Use cases ....................................................................................................................................................................................................................12

13.1 Broker­based .........................................................................................................................................................................................12

13.2 Non­broker ..............................................................................................................................................................................................13

Bibliography .............................................................................................................................................................................................................................15

© ISO 2022 – All rights reserved
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ISO/DTR 7340:2022(E)
Foreword

ISO (the International Organization for Standardization) is a worldwide federation of national standards

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

through ISO technical committees. Each member body interested in a subject for which a technical

committee has been established has the right to be represented on that committee. International

organizations, governmental and non­governmental, in liaison with ISO, also take part in the work.

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

patent rights. ISO shall not be held responsible for identifying any or all such patent rights. Details of

any patent rights identified during the development of the document will be in the Introduction and/or

on the ISO list of patent declarations received (see www.iso.org/patents).

Any trade name used in this document is information given for the convenience of users and does not

constitute an endorsement.

For an explanation of the voluntary nature of standards, the meaning of ISO specific terms and

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.

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.
© ISO 2022 – All rights reserved
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ISO/DTR 7340:2022(E)
Introduction
0.1 Opening comments

With the increasing correlation between financial products, a lot of reference data (trading product,

trading institution, trader information) are shared and reused in financial services. There is an urgent

and significant worldwide demand for guidance and standardization of reference data distribution in

financial services. Moreover, many industries expect efficient data distribution to ensure consistency,

integrity, relevance and accuracy.

This document covers distribution modes (distributed and centralized), task scheduling, privacy

protection, security and other issues. Data consistency and security are fundamental concerns

for distributors, receivers, the ordered execution of the distribution tasks and independent

distribution tasks of different receiver systems. Efficient distribution can achieve the goal of real-

time synchronization of reference data, ensure that all organizations receive the most accurate data

information in time and prevent system operation problems caused by information asymmetry.

This document's potential applications are independent of specific business scenarios and irrelevant to

data type and data format specifications.
This document is intended to provide:
— reference information for distributors;
— new products and services for developers;
— benefits for receivers using reference data.

The purpose of this document is to simplify the data processing procedure, as well as improve the data

distribution reliability and data sharing capabilities. Specifically, it will include two distribution modes:

centralized distribution mode and distributed distribution mode. The former is traditional and the

latter is emerging. Therefore, this document will be conducive to promoting new solutions for reference

data distribution scenarios, such as distributed ledger technology. These benefits would be realized

between certain service participants and within them.
0.2 How to approach this document

This document aims to provide a comprehensive insight into the development of reference data

interfaces (RDIs) to realize efficient reference data distribution in financial services. In this sense,

some aspects of the document are more mature than others. For example, the text is prescriptive where

there is room to be so; where areas are less mature, commentary on good practice is provided and the

considerations set out.
Broadly speaking, the document adopts the following logic:
— terms and definitions: all terms in the document;

— design principles: the principles and considerations for the design of the RDI;

— related technology: considerations and commentaries on different technologies;

— business model: the transmission process of public reference data and financial data standards;

— logical model: analysis of the logical structure of business data;

— physical model: overview and commentaries on the broker-based model and the non-broker-based

model;

— interactions: considerations of the interactions between publishers and subscribers;

— QoS control: control of the network resource application in the transmission of reference data.

© ISO 2022 – All rights reserved
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TECHNICAL REPORT ISO/DTR 7340:2022(E)
Reference data distribution in financial services
1 Scope

This document discusses the modes, related mainstream technologies, logical models, physical

implementation models, data management (data storage and data security) and service quality control

used in the reference data distribution in financial services.

This document applies to the reference data distribution and transmission processes in financial

services.
2 Normative 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
reference data
shareable and reusable basic information in financial service scenarios

Note 1 to entry: A large amount of shareable and reusable basic information exists in financial service scenarios,

such as legal entity identification codes (LEI), bank identification codes (BIC), bond issuers, buyers and sellers.

3.2
distributed ledger
data store through a network of distributed nodes

Note 1 to entry: Distributed ledger is a way of recording data that does not need to be stored or confirmed by any

centralized entity.

Note 2 to entry: Distributed ledger is the most critical blockchain technology used in the capital market, an

asset database that can be shared among multiple sites, different geographic locations or networks composed of

multiple institutions.
3.3
financial technology
technology innovation of traditional financial products and services

Note 1 to entry: Financial technology uses various technological means to innovate the products and services

provided in the traditional financial industry to improve efficiency and reduce operating costs.

3.4
full-duplex communication protocol
network protocol based on TCP

Note 1 to entry: Full-duplex communication protocol realizes full-duplex communication between the client and

the server, which allows the server to send information to the client actively.
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ISO/DTR 7340:2022(E)
3.5
remote method invocation
Java interface class library

Note 1 to entry: Remote method invocation enables objects on the client-side virtual machine to call objects on

the server-side Java virtual machine as if they were local objects.
3.6
® 1)
FIX protocol
Financial Information eXchange protocol

open electronic communications protocol designed to standardise and streamline electronic

communications in the financial services industry, supporting multiple formats and types of

communications between financial entities, including trade allocations, order submissions, order

changes, executions reporting and advertisements
3.7
IMIX protocol
Inter­bank Market Information eXchange Protocol

financial industry standard based on the FIX protocol and widely used in the inter-bank market

3.8
RDI
reference data interface

set of well-defined methods, functions, protocols, routines or commands used for reference data

4 Principles
4.1 General

This clause covers the design principles that are considered up front when developing an RDI in

financial services.
4.2 Compatibility
The RDI refers to some industry standards and is based on open architecture.
4.3 Data accuracy

Data accuracy is considered up front when developing the RDI to ensure that the data source can be

monitored, the data can be transmitted in real time in batches and the data loss can be recovered.

4.4 High availability

High availability is considered to ensure no error accumulation and low data distribution latency to

enable real­time communication.
4.5 Extensibility

Where possible, the RDI ecosystem is designed to be as extensible as possible to adapt to future use

cases or scenarios. For example, software keeps an upgrade interface and upgrade space. In addition,

the software entities (e.g. modules, classes, functions) are open for extension but closed for modification

based on the open­closed principle.

1) FIX is the trademark of FIX Protocol Limited. This information is given for the convenience of users of this

document and does not constitute an endorsement by ISO of the product named. Equivalent products may be used

if they can be shown to lead to the same results.
© ISO 2022 – All rights reserved
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ISO/DTR 7340:2022(E)
4.6 Security

The RDI ensures the security of user information and the information involved in the operation process.

Furthermore, it repairs and handles various security vulnerabilities in a timely manner.

4.7 Maintainability

Maintainability includes code comprehensibility, testability, modifiability and system portability.

5 Related technology
5.1 Fintech

Financial technology (fintech) is a business model formed by the integration of finance and technology,

specifically including digital payment, online lending, digital currency, equity crowdfunding and

intelligent investment advisory. It mainly utilizes innovative technologies such as the internet, big data,

cloud computing, blockchain and artificial intelligence to significantly affect the financial markets,

financial institutions and the way financial services are provided.
5.2 WebSocket

The WebSocket protocol is a full-duplex communication protocol based on TCP. It implements full-

duplex communication between the client and the server, allowing the server to send information to the

client actively.

Most web applications implement long polling through frequent asynchronous JavaScript and

XML (AJAX) requests, which is inefficient and wasteful of resources (because it requires constant

connections, or the HTTP connection is always open). WebSocket abandons the traditional HTTP

request/response mechanism and realizes a more flexible and accessible bilateral communication. The

client browser first initiates an HTTP request to the server to establish a WebSocket connection. This

request is different from the usual HTTP request as it contains some extra header information. One

piece of additional header information called “Upgrade: WebSocket” indicates that this is an application

for a protocol upgrade. The server side parses this additional header information and then generates

a response message back to the client side. Finally, the connection is established and both parties

transfer information freely through the channel until either the client or the server side actively closes

the connection.
5.3 AJAX

Ajax (Asynchronous JavaScript and XML) is an integration of several technologies, including:

— dynamic display and interaction by DOM;
— data exchange and processing by XML and XSLT;
— asynchronous data reading by XML HTTP request;
— finally binding and processing data with JavaScript.

The principal of Ajax is an intermediate layer between the client and the server. Not all user requests

are submitted to the server; the Ajax engine submits the request only when it is determined that new

data needs to be read from the server. Through appropriate Ajax applications, some of the previous

work of the server is transferred to the client. As a result, it can facilitate the processing on the client

side and reduce the burden on the server and bandwidth.
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ISO/DTR 7340:2022(E)
5.4 RMI

RMI (Remote Method Invocation) is a core Java API class library that allows programs running on a

Java virtual machine to access the objects running on different virtual machines (even if the different

virtual machines are running on different physical hosts). RMI passes parameters to remote methods

and returns results from remote methods calls.
5.5 Blockchain

Blockchain refers to a database distributed across locations (a distributed database) that acts as

a digital ledger to record and manage transactions. Copies of the ledger are held by multiple parties

themselves, data are added through negotiation by all parties and there is no need to have a third-party

agent for managing the ledger.
The blockchain has the following characteristics:

— Immutable records: theoretically, the data added to the ledger is immutable and secure, and it

disappears with the disappearance of the ledger; its content is jointly determined by all participants.

— No intermediaries: nodes can interact directly without intermediaries, which includes the ability for

nodes to initiate data or digital asset transmission directly (perhaps a proprietary cryptocurrency,

such as Bitcoin, or a digital representation of real-world assets, such as land ownership or fiat

currency).

— No centralized controller: additions to ledger content or a change to the management structure are

subject to negotiation by multiple participants.

— New opportunities to manage and share data: all participants can store and access data in various

forms.

Therefore, blockchain can improve efficiency, trust and data identification for ledger holders.

While this technology is still in its development stage, it is clear that the blockchain has a lot of potential

opportunities in many areas. In addition, standardization work related to blockchain is gradually being

carried out and Technical Committee ISO/TC 307, Blockchain and distributed ledger technologies, has

been established.
5.6 P2P

Communication between nodes in the P2P network is the process of data distribution. The tracker

obtains the peer list and the node establishes connections with peers in the list based on the TCP

protocol. The transmission between peers is realized by several messages, including ‘keepalive’,

‘choke’, ‘un-choke’, ‘interested’, ‘not interested’, ‘bitfield’, ‘request’, ‘piece’, ‘cancel’, ‘have’. The ‘keepalive’

message is empty and used to guarantee the corresponding peer is online. The messages of ‘choke’,

‘un-choke’, ‘interested’, ‘not int
...

ISO/TR 7340:2022(E)
Date: 2022-10-24
ISO/TC 68/SC 9
Secretariat: AFNOR
Reference Data Distributiondata distribution in Financial Servicesfinancial
services
---------------------- Page: 1 ----------------------
ISO/DTR 7340:2022(E)
DTR stage
Warning for WDs and CDs

This document is not an ISO International Standard. It is distributed for review and comment. It is subject to

change without notice and may not be referred to as an International Standard.

Recipients of this draft are invited to submit, with their comments, notification of any relevant patent rights of

which they are aware and to provide supporting documentation.

To help you, this guide on writing standards was produced by the ISO/TMB and is available at

A model manuscript of a draft International Standard (known as “The Rice Model”) is available at © ISO 2022

All rights reserved. Unless otherwise specified, no part of this publication may be reproduced or

utilized otherwise in any form or by any means, electronic or mechanical, including photocopying,

or posting on the internet or an intranet, without prior written permission. Permission can be

requested from either ISO at the address below or ISO's member body in the country of the

requester.
ISO copyright office
Case postale 56 •• CH-1211 Geneva 20
Tel. + 41 22 749 01 11
Fax + 41 22 749 09 47
E-mail [e-mail]
Web www.iso.org www.iso.org
Published in Switzerland.
ii © ISO 2022 – All rights reserved
---------------------- Page: 2 ----------------------
ISO/DTR 7340:2022(E)
Contents

Foreword ........................................................................................................................................................................ vi

Introduction.................................................................................................................................................................. vii

1 Scope .......................................................................................................................................................................... 1

2 Normative references .......................................................................................................................................... 1

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

4 Principles ................................................................................................................................................................. 2

4.1 General .......................................................................................................................................................................... 2

4.2 Compatibility .............................................................................................................................................................. 2

4.3 Data accuracy ............................................................................................................................................................. 2

4.4 High availability ........................................................................................................................................................ 3

4.5 Extensibility ................................................................................................................................................................ 3

4.6 Security ......................................................................................................................................................................... 3

4.7 Maintainability .......................................................................................................................................................... 3

5 Related technology ............................................................................................................................................... 3

5.1 Fintech .......................................................................................................................................................................... 3

5.2 WebSocket ................................................................................................................................................................... 3

5.3 AJAX................................................................................................................................................................................ 3

5.4 RMI ................................................................................................................................................................................. 4

5.5 Blockchain ................................................................................................................................................................... 4

5.6 P2P .................................................................................................................................................................................. 4

6 Business model ...................................................................................................................................................... 5

7 Logical model .......................................................................................................................................................... 6

7.1 Logical model ............................................................................................................................................................. 6

7.2 Distribution process ................................................................................................................................................ 7

7.3 Domains and topics ................................................................................................................................................. 7

7.4 Publisher module ..................................................................................................................................................... 8

7.5 Subscription module ............................................................................................................................................... 8

© ISO 2022 – All rights reserved iii
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ISO/DTR 7340:2022(E)

8 Physical model........................................................................................................................................................ 8

8.1 Broker-based .............................................................................................................................................................. 8

8.2 Non-broker .................................................................................................................................................................. 9

8.2.1 Multicast ........................................................................................................................................................ 9

8.2.2 P2P ................................................................................................................................................................... 9

8.3 Interactions ................................................................................................................................................................. 9

8.3.1 General ........................................................................................................................................................... 9

8.3.2 Publisher view ............................................................................................................................................. 9

8.3.3 Subscriber view .......................................................................................................................................... 9

8.3.4 Smart contract ............................................................................................................................................. 9

8.3.5 Accuracy ........................................................................................................................................................ 9

9 Data payload syntax .......................................................................................................................................... 10

9.1 General ....................................................................................................................................................................... 10

9.2 Syntax and structures .......................................................................................................................................... 10

9.3 Data types ................................................................................................................................................................. 11

10 Authority ....................................................................................................................................................... 11

10.1 Access control ......................................................................................................................................................... 11

10.2 Privacy protection ................................................................................................................................................. 11

11 Security .......................................................................................................................................................... 11

11.1 Data security ............................................................................................................................................................ 11

11.2 Transport security ................................................................................................................................................ 12

11.3 Application security ............................................................................................................................................. 12

12 QoS control ................................................................................................................................................... 12

12.1 General ....................................................................................................................................................................... 12

12.2 Latency ....................................................................................................................................................................... 13

12.3 Consistency .............................................................................................................................................................. 13

12.4 Deadline .................................................................................................................................................................... 13

12.5 Reliability .................................................................................................................................................................. 13

iv © ISO 2022 – All rights reserved
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ISO/DTR 7340:2022(E)

13 Use cases ........................................................................................................................................................ 13

13.1 Broker-based ........................................................................................................................................................... 13

13.2 Non-broker ............................................................................................................................................................... 14

Bibliography ................................................................................................................................................................. 17

© ISO 2022 – All rights reserved v
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ISO/DTR 7340:2022(E)
Foreword

ISO (the International Organization for Standardization) is a worldwide federation of national standards

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

through ISO technical committees. Each member body interested in a subject for which a technical

committee has been established has the right to be represented on that committee. International

organizations, governmental and non-governmental, in liaison with ISO, also take part in the work. 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 aremay be the subject of

patent rights. ISO isshall not be held responsible for identifying any or all such patent rights. Details of

any patent rights identified during the development of the document will be in the Introduction and/or

on the ISO list of patent declarations received (see www.iso.org/patents).

Any trade name used in this document is information given for the convenience of users and does not

constitute an endorsement.

For an explanation of the voluntary nature of standards, the meaning of ISO specific terms and

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 Servicesservices,

Subcommittee SC 9, Information exchange for financial services.

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.
vi © ISO 2022 – All rights reserved
---------------------- Page: 6 ----------------------
ISO/DTR 7340:2022(E)
Introduction
0.1 Opening Commentscomments

With the increasing correlation between financial products, a lot of reference data (trading product,

trading institution, and trader information) are shared and reused in financial services. There is an urgent

and significant worldwide demand for guidance and standardization of Reference Data Distribution

reference data distribution in financial services. Moreover, many industries especially expect efficient

data distribution to ensure consistency, integrity, relevance, and accuracy.

This document involvescovers distribution modes (distributed and centralized), task scheduling, privacy

protection, security, and other issues. Data consistency and security are fundamental concerns for

distributors, receivers, the ordered execution of the distribution tasks, and independent distribution

tasks of different receiver systems. Efficient distribution can achieve the goal of real-time synchronization

of reference data, ensure that all organizations receive the most accurate data information in time, and

prevent system operation problems caused by information asymmetry.

This document's potential applications are independent of specific business scenarios and irrelevant to

data type and data format specifications.
This document is intended to provide:
— to provide reference information for distributors;
— to provide — new products and services for developers;
— to provide — benefits for receivers using reference data.

The purpose of this document is to simplify the data processing procedure, as well as improve the data

distribution reliability and data sharing capabilities. Specifically, it will include two distribution modes,:

centralized distribution mode and distributed distribution mode. The former is traditional, and the latter

is emerging. Therefore, this document will be conducive to promoting new solutions for reference data

distribution scenarios, such as distributed ledger technology. The aboveThese benefits would be realized

between certain service participants and within them.
0.2 How to approach this document

This document aims to provide a comprehensive insight into the development of reference data

interfaces (RDIs) to realize efficient reference data distribution in financial services. In this sense, some

aspects of the paperdocument are more mature than others (e.g.:. For example, the text is prescriptive

where there is room to be prescriptive, we have chosen to beso; where areas are less mature, we have

chosen to provide commentary on good practice is provided and set out the considerations). set out.

Broadly speaking, the document adopts the following logic:
— Terms terms and Definitionsdefinitions: all terms in the document;

— Design Principles— design principles: the principles and considerations for the design of the RDI;

— Related Technology— related technology: considerations and commentaries on different

technologies;

— Business Model— business model: the transmission process of public reference data and financial

data standards;

— Logical Model— logical model: analysis of the logical structure of business data;

— Physical Model— physical model: overview and commentaries on the broker-based model and

the non-broker-based model;
© ISO 2022 – All rights reserved vii
---------------------- Page: 7 ----------------------
ISO/DTR 7340:2022(E)

— Interactions— interactions: considerations of the interactions between publishers and

subscribers;

— QoS Controlcontrol: control of the network resource application in the transmission of reference

data.
viii © ISO 2022 – All rights reserved
---------------------- Page: 8 ----------------------
TECHNICAL REPORT ISO/DTR 7340:2022(E)
Reference Data Distributiondata distribution in Financial
Servicesfinancial services
1 1 Scope

This document discusses the modes, related mainstream technologies, logical models, physical

implementation models, data management (data storage and data security),) and service quality control

used in the reference data distribution in financial services.

This document applies to the reference data distribution and transmission processes in financial services.

2 2 Normative references
There are no normative references in this document.
3 3 Terms and definitions

TheFor the purposes of this document, the following terms and definitions apply to this document.

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
reference data
shareable and reusable basic information in financial service scenarios

Note 1 to entry: A large amount of shareable and reusable basic information exists in the financial service scenarios,

such as legal entity identification codes (LEI), bank identification codes (BIC), bond issuers, buyers, and sellers, etc.

3.2
distributed ledger
data store through a network of distributed nodes

Note 1 to entry: ItDistributed ledger is a way of recording data that does not need to be stored or confirmed by any

centralized entity.

Note 2 to entry: ItDistributed ledger is the most critical blockchain technology used in the capital market, an asset

database that can be shared among multiple sites, different geographic locations, or networks composed of multiple

institutions.
3.3
financial technology
technology innovation of traditional financial products and services

Note 1 to entry: ItFinancial technology uses various technological means to innovate the products and services

provided in the traditional financial industry to improve efficiency and reduce operating costs.

3.4
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full-duplex communication protocol
network protocol based on TCP

Note 1 to entry: ItFull-duplex communication protocol realizes full-duplex communication between the client and

the server, which allows the server to send information to the client actively.
3.5
remote method invocation
Java interface class library

Note 1 to entry: ItRemote method invocation enables objects on the client-side virtual machine to call objects on

the server-side Java virtual machine as if they were local objects.
3.6
® 1
FIX protocol
Financial Information eXchange protocol

open electronic communications protocol designed to standardise and streamline electronic

communications in the financial services industry, supporting multiple formats and types of

communications between financial entities, including trade allocations, order submissions, order

changes, executions reporting and advertisements
3.7
IMIX protocol
Inter-bank Market Information eXchange Protocol
IMIX protocol

financial industry standard based on the FIX protocol and widely used in the inter-bank market.

3.78
RDI
reference data interface
setRDI

sets of well-defined methods, functions, protocols, routines, or commands used for reference data.

4 4 Principles
4.1 4.1 General

This partclause covers the design principles that are considered upfrontup front when developing an RDI

in financial services.
4.2 4.2 Compatibility

The RDI usesrefers to some industry standards and is based on an open architecture which is in line with

the specifications of the Ministry of Information Industry.
4.3 4.3 Data Accuracyaccuracy

Data accuracy is considered upfrontup front when developing the RDI to ensure that the data source can

be monitored, the data can be transmitted in real -time in batches and the data loss can be recovered.

FIX is the trademark of FIX Protocol Limited. This information is given for the convenience of users of this document and

does not constitute an endorsement by ISO of the product named. Equivalent products may be used if they can be shown to

lead to the same results.
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4.4 4.4 High Availabilityavailability

High Availabilityavailability is considered to ensure no error accumulation and low data distribution

latency to enable real-time communication.
4.5 4.5 Extensibility

Where possible, the RDI ecosystem is designed to be as extensible as possible to adapt to future use cases

or scenarios. For example, softwares keepsoftware keeps an upgrade interface and upgrade space. AndIn

addition, the software entities (e.g. modules, classes, functions, etc.)) are open for extension but closed

for modification based on the Open-Closed Principleopen-closed principle.
4.6 4.6 Security

ItThe RDI ensures the security of user information and the information involved in the operation process.

Furthermore, it repairs and handles various security vulnerabilities in a timely manner.

4.7 4.7 Maintainability

Maintainability includes code comprehensibility, testability, modifiability, and system portability.

5 5 Related Technologytechnology
5.1 5.1 Fintech

Financial technology (Fintechfintech) is a business model formed by the integration of finance and

technology, specifically including digital payment, online lending, digital currency, equity crowdfunding,

and intelligent investment advisory. It mainly utilizes innovative technologies such as the

Internetinternet, big data, cloud computing, blockchain, and artificial intelligence, to significantly affect

the financial markets, financial institutions, and the way financial services are provided.

5.2 5.2 WebSocket

The WebSocket protocol is a full-duplex communication protocol based on TCP. It implements full-duplex

communication between the client and the server, allowing the server to send information to the client

actively.

Most web applications implement long polling through frequent asynchronous JavaScript and XML

(AJAX) requests, which is inefficient and wasteful of resources (because it requires constant connections,

or the HTTP connection is always open). WebSocket abandons the traditional HTTP request/response

mechanism and realizes a more flexible and accessible bilateral communication. The client browser first

initiates an HTTP request to the server to establish a WebSocket connection. This request is different

from the usual HTTP request as it contains some extra header information. One piece of the additional

header information called "“Upgrade: WebSocket"” indicates that this is an application for a protocol

upgrade. The server -side parses this additional header information and then generates a response

message back to the client -side. Finally, the connection is established, and both parties transfer

information freely through the channel until either the client or the server side actively closes the

connection.
5.3 5.3 AJAX

AJAXAjax (Asynchronous JavaScript and XML) is an integration of several technologies, including:

— dynamic display and interaction by DOM;
— data exchange and processing by XML and XSLT;
— asynchronous data reading by XML HTTP Request; request;
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— finally binding and processing data with JavaScript.

The principal of Ajax is an intermediate layer between the client and the server. Not all user requests are

submitted to the server,; the Ajax engine submits the request only when it is determined that new data

needs to be read from the server. Through appropriate Ajax applications, some of the previous work of

the server is transferred to the client. As a result, it can facilitate the processing on the client -side and

reduce the burden on the server and bandwidth.
5.4 5.4 RMI

RMI (Remote Method Invocation) is a core Java API class library that allows programs running on a Java

virtual machine to access the objects running on different virtual machines (even if the different virtual

machines are running on different physical hosts). RMI passes parameters to remote methods and

returns results from remote methods calls.
5.5 5.5 Blockchain

Blockchain refers to a database distributed across locations (a distributed database) that acts as a digital

ledger to record and manage transactions. Copies of the ledger are held by multiple parties themselves,

data isare added through negotiation by all parties, and there is no need to have a third-party agent for

managing the ledger.
The blockchain has the following characteristics:

— Immutable records: theoretically, the data added to the ledger is immutable and secure, and it

disappears with the disappearance of the ledger, and; its content is jointly determined by all

participants;.

— No intermediaries: nodes can interact directly without intermediaries, which includes the ability for

nodes to initiate data or digital asset transmission directly (perhaps a proprietary cryptocurrency,

such as Bitcoin, or a digital representation of real-world assets, such as land ownership or fiat

currency);).

— No centralized controller: additions to ledger content or a change to the management structure are

subject to negotiation by multiple participants;.

— New opportunities to manage and share data: all participants can store and access data in various

forms.

Therefore, blockchain can improve efficiency, trust, and data identification for ledger holders.

While this technology is still in its development stage, it is clear that the blockchain has a lot of potential

opportunities in many areas. In addition, standardization work related to blockchain is gradually being

carried out, and Technical Committee ISO/TC 307, Blockchain and distributed ledger technologies, has

alsobeen established the Blockchain and Distributed Ledger Standards Committee.
5.6 5.6 P2P

Communication between nodes in the P2P network is the process of data distribution. The tracker obtains

the peer list, and the node establishes connections with peers in the list based on the TCP protocol. The

transmission between peers is realized by several messages, including ‘keepalive’, ‘choke’, ‘un-choke’,

‘interested’, ‘not interested’, ‘bitfield’, ‘request’, ‘piece’, ‘cancel’, ‘have’. The ‘keepalive’ message is empty

and used to guarantee the corresponding peer is online. The messages of ‘choke’, ‘un-choke’, ‘interested’,

‘not interested’ are responsible for notifying status information if updated. The other five messages are

data messages accountable for transmission between nodes.
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6 6 Business Modelmodel
6.1 Business Model

Reference data vendors distribute financial-related reference data products to financial market

participants. These products vary in terminology, format, number of data elements, and scope of

coverage. Some proprietary and disparate reference data are supplied by the government, industry

groups, and private firms. Although these data are free to use, their proprietary nature runs counter to

the publicly oriented consensus approach.

Financial market participants and vendors have led efforts to develop standards fo

...