Brussels, 15 December 2005—SWIFT announced today the completion of its initial analysis of the impact of MiFID (Markets in Financial Instruments Directive) on ISO 15022 and ISO 20022 standards.
SWIFT is creating a standards working group to coordinate the analysis and implementation of the various harmonisation initiatives in the securities industry.
This analysis shows that the majority of MiFID’s requirements, scheduled to come into force in 2007, are already covered by the existing ISO 15022 messages and the ISO 20022 messages, currently awaiting ISO approval. Some minor changes will be required to ensure the ISO message suite is 100% MiFID compliant.
SWIFT confirms these minor changes will be made in consultation with the industry to ensure all ISO messages are compliant and available for use by November 2007, when MiFID enters into force.
Johan Kestens, Head of Marketing at SWIFT notes "This analysis shows that ISO standards are the way to go for the securities industry. They can cope with existing and future regulation."
Invitations to participate in the standards working group have been sent and the initial meeting will take place in early January 2006 at SWIFT’s offices in Belgium. In addition to MiFID, the standards-related issues to be addressed include changes to remove the barriers identified in the Giovannini initiative, Securities Market Practice Group and other harmonisation initiatives.