Ukrainian National Securities and Stock Market Commission endorses SWIFT’s ISO 20022 Harmonisation Charter
Ukraine seeks integration into international securities markets through adoption of ISO 20022
Brussels, 16 March 2016 –The Ukrainian National Securities and Stock Market Commission (NSSMC), the financial authority in the Ukraine, has formally endorsed the ‘ISO 20022 Harmonisation Charter’.
Announced in October 2015, the Charter is an industry driven framework enabling SWIFT to work with the financial market infrastructure (FMI) community to facilitate the rollout of ISO 20022 and provide technology to promote harmonisation. The Charter, which is based on four principles, serves as a way for FMIs to confirm support for SWIFT’s recommendations and willingness to implement the principles into their own ISO 20022 initiatives.
"It’s time for the Ukraine to actively move towards the implementation of new standards, which have proved their effectiveness in other markets,” says Timur Khromaev, Chairman of the National Securities and Stock Market Commission. “Implementation of ISO 20022 will enable easier integration with other international settlement systems and provide foreign players with easier access to the Ukraine’s capital markets.”
The four principles of the Charter require FMIs to:
- Share information between FMIs about ISO 20022 usage;
- Adhere to global market practice where it exists and contribute to new global market practice initiatives;
- Introduce stricter message version control and release management process and timing;
- Publish up-to-date information about standards on a common platform, including market practice compliance, messages and versions used and message release timeline.
“As ISO 20022 implementations proliferate globally, variability in the ways in which ISO 20022 is deployed, threatens to undermine its value as a means to reduce cost and risk and enable interoperability,” adds Patrik Neutjens, ISO 20022 Programme Director at SWIFT, “The challenge posed by this fragmentation cannot be addressed piecemeal; only co-ordinated action at an industry level can provide a solution. We welcome the NSSMC to the Charter and look forward to providing the necessary guidance and best practices to optimise their integration into the international securities markets via ISO 20022.”
Currently, 13 FMIs have endorsed the Charter. Other FMIs are supportive of the Charter pending development of their ISO 20022 implementation plans.
More information on the ISO 20022 Harmonisation Programme.
Notes to the editor:
FMIs that have endorsed the ISO 20022 Harmonisation Charter include:
1. ACH Colombia
2. Australian Securities Exchange (ASX)
3. Bank of Canada
5. Canadian Payments Association (CPA)
8. Hong Kong Interbank Clearing (HKICL)
9. Russia’s National Settlement Depository (NSD)
10. Singapore Stock Exchange
11. Southern African Development Community (SADC)
12. Ukrainian National Securities and Stock Market Commission (NSSMC)
13. VP Securities Denmark
SWIFT is a member-owned cooperative that provides the communications platform, products and services to connect more than 10,800 banking organisations, securities institutions and corporate customers in over 200 countries and territories. SWIFT enables its users to exchange automated, standardised financial information securely and reliably, thereby lowering costs, reducing operational risk and eliminating operational inefficiencies. SWIFT also brings the financial community together to work collaboratively to shape market practice, define standards and debate issues of mutual interest.
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