Sheryl Brownhill, v.p. of information technology at Raymond James, said the work should be done before year-end, when many of the new requirements from the DTCC and other utilities come into effect.
"Real time trade matching and continuous net settlement--all of those mandates are moving forward, and we have to accommodate them," she
said.ISO 15022 compatibility is included in both mandates, she
The ISO 15022 standard has not been implemented on a large scale before because it was not used much in the U.S., Brownhill
said.Firms concentrated, instead, on perfecting systems for more common standards such as FIX and the IBM's MQ series messages.While she
could not put a price tag on implementing ISO 15022 standards at the firm, she
said a big part of the process is familiarizing the staff with the new standard ahead of designing the software.Estimating the cost is difficult, she
said, because adding the new protocol was worked into the usual yearly research and development project. Brownhill
said the bulk of the work is done in-house with some modules designed in partnership with Comprehensive Software Services, which is partially owned by Raymond James
declined to give the volume of trades that the firm processes.