ISO Message Standards Will be Ready for MiFID
SWIFT has announced 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 per cent 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.