Straight Through Processing (STP) is a hot topic in the securities industry. Most people will tell you that STP involves the proper use of standards. If that statement is true, then where does XML fit in? It fits into two key areas: 1) improving existing standards like FIX and SWIFT, 2) creating new standards like FpML. In the securities industry, we already have overlapping standards and the community is extremely interested in standards convergence and interoperability. With XML, there is the potential for further divergence of standards instead of convergence, as you will now have to ask counterparties their standard and then the syntax of the standard they are using (XML or EDI).

This group is being formed under the International Organization for Standardization (ISO) as the ISO 15022 XML Working Group (WG 10). One key area of focus will be business modeling techniques in the standards process. Modeling, which offers a syntax neutral approach to standards development, is already being utilized by organizations like ebXML, HL7, GSTPA and SWIFT.

The mission of the group is to evolve ISO 15022 to permit migration of the securities industry to a standardized use of XML, guaranteeing interoperability across the industry and with other industry sectors, particularly but not restricted to the financial industry

This ISO 15022 XML Group consists of a Steering Committee and three project teams that address specific issues. The current project teams include Reverse Engineering, UML/XML Design and Registry/Repository.

This site represents the public portion of the work as you need ISO nomination to actively participate. The details of participation can be found in the WG 10 Overview document in the Files section of this web-site.