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The European financial market is undergoing a significant transformation with the progressive adoption of the ISO 200221 messaging standard. The roadmap, extending to 2030, focuses on standardising data and messaging for corporate actions and collateral management, key pillars of a more integrated Capital Markets Union.
A unified objective: streamlined and interoperable data flows
At the heart of this transformation lies a shared ambition: to establish common, standardised data flows that enhance automation, reduce fragmentation, and improve market efficiency. ISO 20022 is central to this vision. Its adoption will enable consistent information dissemination, robust data structures, and seamless interoperability between market participants.
This initiative is embedded within the broader SCoRE (Single Collateral Management Rulebook for Europe) framework2, which aims to harmonise post-trade processes and support the development of a unified European financial market.
A phased migration towards 2030
The transition to ISO 20022 is structured in four key phases, each with defined milestones and conditional progress:
- Phase 1 (from June 2025): CSDs3 begin offering ISO 20022-compliant messaging for general meetings and corporate actions, while maintaining ISO 15022. Early adopters, including central banks and triparty agents, start using the new format.
- Phase 2 (by end-2026 and end-2028): CSD participants must demonstrate compliance with SCoRE processes and offer ISO 20022 messaging to clients upon request, first for general meetings (2026), then for corporate actions (2028).
- Phase 3 (by end-2026 and end-2030): Communication between CSDs and their participants must be exclusively in ISO 20022, first for general meetings (2026), then for corporate actions (2030).
- Phase 4 (by end-2030): ISO 15022 and proprietary formats currently supported by CSDs will be fully decommissioned for corporate actions. This final step is contingent on the successful implementation of the previous phases.
SGSS commitment: supporting clients through the transition
As a participant in this transformation, SGSS is fully aligned with the European roadmap. However, we recognise that operational harmonisation cannot be achieved in isolation. Legal, regulatory, and tax frameworks must also evolve in parallel. The complexity of post-trade processes, spanning issuers, investors, intermediaries, and service providers, requires a coordinated and pragmatic approach.
To ensure a smooth transition, SGSS will continue to support both ISO 20022 and ISO 15022 formats during the migration period. This dual approach allows clients to adapt at their own pace, in line with their operational readiness and strategic priorities.
Looking ahead
The migration to ISO 20022 is more than a technical upgrade, it is a foundational step toward a more efficient, transparent, and harmonised European financial market. SGSS will remain committed to guiding its clients through this evolution, ensuring continuity, flexibility, and long-term value.
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1 Source: Be ready for cash payment ISO 20022 migration, SGSS, October 2024
2 Source: Collateral management harmonisation European Central Bank
3 A Central Securities Depository (CSD) is a financial institution that holds securities (like stocks and bonds) in electronic form and facilitates the clearing and settlement of securities transactions. CSDs play a critical role in the post-trade infrastructure of financial markets.
