The leading knowledge platform for the financial technology industry
The leading knowledge platform for the financial technology industry

A-Team Insight Blogs

ISITC US Confirms ISO 20022 Feedback and Corporate Actions Messaging High on the Agenda for 2011

Share article

The US arm of the International Securities Association for Institutional Trade Communication (ISITC) has decided upon a list of standardisation related items for its agenda in 2011, including responding to a list of feedback requests by ISO for various message types. Reflective of its work in the standards arena as part of the investment roadmap, ISITC will, for example, be submitting ISO change requests to harmonise US market information into the standard for MX corporate action announcement messages.

The industry association has already participated in the initial review of the reverse engineering of MX corporate action, settlement, confirmation, status and reconciliation messages and it continues to be involved through the Standards Evaluation Group (SEG) to review new requests relevant to MX messages, such as standards release changes. To this end, it has been participating in ongoing harmonisation meetings within the pre and post-trade, settlement and reconciliation spaces in order to pinpoint common issues within these MX messages.

ISITC has actively participated in the DTCC reengineering effort for MX corporate action announcement messages by contributing to the data modelling process and reviewing the extension mapping and market practice impacts of these messages. Key ISITC members will continue this work in 2011, alongside the partners involved in driving forward the agenda: DTCC, Swift and XBRL US.

It has also been participating in ISO 20022 modelling of collateral MX messaging and is driving a request for the enhancement of ISO 20022 payments messages in order to meet the securities industry’s needs. ISITC will therefore be submitting an ISO request for the modelling of bulk/netting accounting allocation instructions for payments by the end of this year. It has also initiated discussions on implementation recommendations for MX securities finance messages for repo and tri party repo instructions.

Next year, ISITC will also be engaged in modelling efforts for MX messages for: accounting only trade messages; time deposit instructions (MT321); FX order instruction (MT380) and confirmation messages (MT381); and spot and forward third party FX messages (MT304). As part of the security finance message implementation discussions, ISITC will be engaged in the modelling of repo re-rates.

Moreover, the association will continue all of this within the framework of the wider standards initiative: the investment roadmap. The investment roadmap is the beginnings of a framework to determine who provides what in the securities messaging standards space and to build out interoperability between these standards. ISITC is therefore representing the vendor neutral interests of the industry in the standards interoperability discussions in light of the fact that coexistence is inevitable in the short term. For now, the roadmap only provides a basic snapshot of the standards patchwork, as it exists at the moment.

The full list of slides, containing priorities for next year, is available to download from the ISITC website here.

Related content

WEBINAR

Recorded Webinar: How to leverage the LIBOR transition to improve your data management game

The transition away from LIBOR (London Interbank Offered Rate) is well underway, but there remains considerable ambiguity around how the final stages will be executed – especially with regards to benchmark replacements in markets outside the UK. What are the options, where are the uncertainties and what stage have firms reached in their preparations? The...

BLOG

FINOS and Goldman Sachs Release Legend Open Source Data Management Platform

In pursuit of data collaboration and standardisation across capital markets, the Fintech Open Source Foundation (FINOS) and Goldman Sachs have released Legend, the bank’s flagship data management and data governance platform. The source code for five of the platform’s modules is available from FINOS. Goldman Sachs contributed its PURE logical modelling language and Alloy platform...

EVENT

Data Management Summit London

Now in its 10th year, the Data Management Summit (DMS) in London explores how financial institutions are shifting from defensive to offensive data management strategies, to improve operational efficiency and revenue enhancing opportunities. We’ll be putting the business lens on data and deep diving into the data management capabilities needed to deliver on business outcomes.

GUIDE

Directory of MiFID II Electronic Trading Venues 2018

The inaugural edition of A-Team Group’s Directory of MiFID II Electronic Trading Venues 2018 offers a guide to the European landscape resulting from new market structure introduced by the January 3, 2018 implementation of Markets in Financial Instruments Directive II (MiFID II). The directory provides detailed profiles of more than 70 venue operators and their...