BS ISO 15022-2:1999

Overview

BS ISO 15022-2:1999 is a crucial standard that provides a comprehensive framework for the maintenance of the data field dictionary and catalogue of messages in the securities industry. This standard is part of the ISO 15022 series, which focuses on the messaging standards for securities transactions. The effective management of data fields and messages is essential for ensuring clarity and consistency in communication across various platforms in the financial services sector.

Key Requirements

• Data Field Dictionary Maintenance: The standard outlines the procedures for maintaining an up-to-date data field dictionary. This includes the definition, structure, and usage of data fields relevant to securities messaging.
• Catalogue of Messages: It establishes the requirements for the creation and maintenance of a catalogue of messages, ensuring that all parties involved in securities transactions have access to standardized messaging formats.
• Compliance with International Standards: The standard aligns with international best practices, promoting interoperability and consistency in global securities messaging.

Implementation Benefits

Implementing BS ISO 15022-2:1999 offers several practical benefits for organisations involved in securities transactions:

• Improved Communication: By adhering to a standardised data field dictionary and message catalogue, organisations can enhance communication efficiency, reducing the risk of errors and misunderstandings.
• Streamlined Processes: Standardisation facilitates smoother operational processes, allowing for quicker transaction times and improved service delivery.
• Enhanced Data Quality: The maintenance of a clear data field dictionary ensures high-quality data management, which is critical for accurate reporting and compliance.

Compliance Value

Compliance with BS ISO 15022-2:1999 is not just a regulatory requirement; it is a strategic advantage. The standard supports organisations in meeting various regulatory obligations by ensuring that data handling practices are robust and transparent. Furthermore, adherence to this standard can enhance an organisation's reputation in the market, demonstrating a commitment to quality and reliability in securities messaging.

In conclusion, BS ISO 15022-2:1999 serves as a foundational standard for the securities industry, providing essential guidelines for the maintenance of data fields and messages. By implementing this standard, organisations can achieve significant improvements in communication, operational efficiency, and compliance.