ISO 15022-1:1999/Cor 1:1999

Overview

ISO 15022-1:1999/Cor 1:1999 is a technical corrigendum to ISO 15022 parts 1 and 2, published 1999-12-15 by ISO/TC 68 (Banking, securities and other financial services), Subcommittee SC 4. The standard defines a scheme for securities messages (Data Field Dictionary), focusing on data field and message design rules and guidelines (Part 1) and the maintenance of the Data Field Dictionary and Catalogue of Messages (Part 2). The corrigendum specifically addresses data elements related to date formatting where the year is represented in fewer than four digits and provides transitional guidance ahead of a future revision.

Key topics and technical requirements

• Data field and message design rules: Guidance for creating consistent, interoperable message structures and data elements for securities messaging based on the ISO 15022 framework.
• Data Field Dictionary maintenance: Procedures and principles for managing and updating the dictionary of data fields and the catalogue of standardized messages (Part 2).
• Date formatting issue (Corrigendum focus):
  • Identifies data elements using year formats with fewer than four digits.
  • Recommends that implementers evaluate and, if necessary, plan amendments to date formats within their business and technical environments.
  • Highlights potential impacts related to the year 2000 (Y2K) and advises consideration of future revision to adopt four-digit year formats where appropriate.
• Standards governance: Prepared under ISO/TC 68 SC4, reflecting cross-industry coordination for securities and financial messaging.

Applications and who uses it

ISO 15022 (and this corrigendum) is primarily used in the financial messaging and securities industry for standardized electronic communication. Typical users include:

• Banks, custodians, brokers and clearing houses implementing securities settlement and trade reporting messages
• Market infrastructures and exchanges that exchange standardized message formats
• Software vendors, system integrators and message designers building or maintaining messaging platforms
• Standards managers and operations teams planning migration or compliance projects, especially where date formats and legacy data fields require review

Practical benefits: improved interoperability, reduced ambiguity in data fields, consistent message maintenance processes, and guidance to mitigate date-format risks in legacy implementations.

Related standards

• ISO 15022 (Parts 1 and 2) - core Data Field Dictionary and message catalogue standard
• Other financial messaging standards and ISO technical committees (e.g., ISO/TC 68) - for broader banking and securities standardization efforts

Keywords: ISO 15022, Data Field Dictionary, securities messages, message design rules, technical corrigendum, date formats, year 2000, financial messaging, securities industry.