ISO 15022-2:1999/Cor 1:1999

Overview

ISO 15022-2:1999/Cor 1:1999 is a technical corrigendum to the international standard ISO 15022, which establishes a scheme for securities messages through a comprehensive Data Field Dictionary and Catalogue of Messages. Part 2 of this standard focuses on the maintenance of the Data Field Dictionary and the Catalogue of Messages, ensuring consistent management and updates to key financial messaging elements used globally in securities trading and settlement.

Developed by ISO’s Technical Committee ISO/TC 68, Subcommittee SC 4, which specializes in banking, securities, and other financial services, this corrigendum addresses specific technical corrections vital for operational accuracy and compliance. The document was published on December 15, 1999, and applies to the financial ecosystem where standardized message formats streamline communication between market participants.

Key Topics

• Data Field Dictionary Maintenance: Procedures and rules for updating and maintaining the standardized data elements used in securities messaging.
• Catalogue of Messages: Defined structures and standard messages that facilitate the exchange of securities transaction information accurately.
• Year Format Considerations: Highlights technical elements involving date-related data fields, particularly the year formatted with fewer than four digits, with recommendations for handling potential year 2000-related issues.
• Standards Consistency: Provides guidance on ensuring harmonized message design and data element application across the financial industry.
• Corrective Amendments: Details refinements to Parts 1 and 2 of ISO 15022 to correct and clarify the existing message scheme and maintenance processes.

Applications

ISO 15022-2 is essential for organizations involved in securities trading, settlement, and clearing, including:

• Financial Institutions such as banks, broker-dealers, and custodians that rely on standardized messaging for trade confirmations, settlement instructions, and corporate actions.
• Clearinghouses and Central Securities Depositories that process and reconcile securities transactions efficiently.
• Software Vendors developing financial messaging applications compliant with ISO 15022 message formats.
• Regulatory Bodies monitoring securities trade practices and imposing standards to ensure transparency and operational reliability.
• Global Markets requiring multi-national interoperability for securities communication and data exchange.

This standard ensures accurate, timely, and uniform exchange of securities transaction data, reducing errors, operational risk, and processing delays in capital markets worldwide.

Related Standards

• ISO 15022-1:1999: The companion document that defines data field and message design rules and guidelines, forming the foundational framework for Part 2.
• ISO 6166: International standard for ISIN (International Securities Identification Number) codes, complementing ISO 15022 data elements.
• ISO 20022: The evolving global standard for financial messaging that builds upon principles from ISO 15022 for richer, XML-based message formats.
• SWIFT Standards: Messaging standards widely used in the financial sector that incorporate ISO 15022 specifications for securities transactions.
• ISO 10962 (CFI Codes): Standardizes Classification of Financial Instruments often used alongside ISO 15022 data fields.

Summary

ISO 15022-2:1999/Cor 1:1999 is a crucial technical corrigendum that maintains the integrity and effectiveness of the Data Field Dictionary and Catalogue of Messages used in securities messaging standards worldwide. By addressing calendar-related data formatting and other key technical aspects, the corrigendum supports seamless message updates and global harmonization in securities communication. Financial professionals, technology providers, and regulators benefit from clear, standardized procedures critical to reducing operational risk and ensuring compliance within complex trading environments.