Standard ISO 20022 determines the universal approach to interaction of various systems of participants of financial market, is the global open standard and is not controlled by any subject.

The National Securities and Stock Market Commission has supported principles, stated in Charter of Harmonization ISO 20022 on implementation of international standards of data interchange on the capital market of Ukraine, the UBR press-service reports.

“Standard ISO 20022 determines the universal approach to interaction of various systems of participants of financial market, is the global open standard and is not controlled by any subject, it is open and free for all those who wish to use it in any network. ISO 20022 is the methodology, which can help”.  

The Commission will recommend National Depositary of Ukraine PJSC to join the Charter of Harmonization ISO 20022 as well as other professional market participants, including Clearing House for Contracts Traded on Financial Markets LLC to join the process of implementation of International Standards for Data Interchange ISO 20022.

“Implementation of ISO 20022 on the Ukrainian capital market will allow to create the unified standard for data interchange on electronic payments and securities, as it will promote solution of compatibility of Ukrainian settlement systems with international ones and will make the Ukrainian capital market more available for foreign participants etc”, - as it is said in the message.

It should be reminded that standard ISO 20022 was officially accepted in 2004. The EU Markets in Financial Instruments Directive stipulates ISO 20022 as the basis for interchange of financial data.

Currently it is applied in the Single Euro Payments Area, SWIFT, international systems CLSand Euroclear etc. The Initiative of the US Federal Reserve System on International Payments Framework (IPF) is also based on this standard.