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The intimate Relationship
between Market Practices
and Standards
Sibos 2012
Prof. Poppe
31 October 2012
Refining Standards to your needs
Financial standards are created globally
but used locally
2
Market Practices
National Market
Practice Groups Securities Market
Practice Groups
Payments Market
Practice Groups Institutions Practice
Market Infrastructure CSD
ICSD
It happens in all of the Standards, in all areas
3
MT103 Plus:
STP Payments
CGI: Common Global
Implementation guidelines for
corporate to Bank payments HVPI: Interoperability for
High Value Payments
GETC: Global Electronic Trade information
specification for trade Confirmation ISO15022
Messages
ISITC: Market
Practices for Securities
What does it mean “Refining a Standard” ?
4
Message
Definitions
Processing
Instructions Standard = +
Message
Usage
Guidelines
Refined
Processing
Instructions
Market
Practice = +
Refining
Defining a usage guideline for a message,
while respecting the standard
5
Removing optional elements
Limiting the repetitions
Limit options
Restricting data types
Reducing code lists
Make optional elements mandatory
Extensions
Formal message standards,
The recipe for formal message guidelines
7
Xml schemas
Comparing
guidelines
Validating guidelines
Generated
documentation
Publishing
If everybody refines the Standard, what is the
purpose of a Standard ?
8
“A camel is a horse designed by committee.”
Sir Alec Issigonis
Why must message usage guidelines
respect the global standard ?
9
Network Validation
Compliance to the Standard
Harmonisation
Convergence of Market Practices
Conver-
gence
Compliance
Validation
HARMONISATION
No global standard, loosely connected
market practices
10
Market
Practice
Market
Practice
Market
Practice
Market
Practice
Market
Practice
Global standards, the base for defining
market practices
11
Market
Practice
Market
Practice
Market
Practice
Market
Practice
Market
Practice
Global Standard
The challenge in a world full of market
practices: how to manage ?
12
How do I
get access to a
market practice ?
How do I publish My
market practices ?
How to compare
market practices ?
How do you document your market practices ?