Appendix D: Data Standards

68) The following describes some of the international data standards that should be applied where relevant for APIs in order to ensure interoperability.
Open data standard/Ontology
Financial Industry Business Ontology (FIBO) Defines financial industry terms, definitions and synonyms using semantic web principles such as OWL/RDF and widely adopted OMG modeling standards such as UML. Providing a means for integrating disparate technical systems and message formats, and aid in regulatory reporting by providing clear and unambiguous meaning of data from authoritative sources.
Financial Industry Regulatory Ontology (FIRO) FIRO is a series of interlinked Ontologies based on industry standards to capture regulatory imperatives and rules in formal semantics. It will enable efficient access to, and smarter consumption of, the wide and complex spectrum of financial services industry regulations.
Financial Regulatory Data Format (FIRE)

The Financial Regulatory data format defines a common specification for the transmission of granular data between regulatory systems (in finance)

International Financial Reporting Standards (IFRS) Provide a common global language for business affairs so that company accounts are understandable and comparable across international boundaries.


Standard for electronic data interchange between financial institutions. It describes a metadata repository containing descriptions of messages and business processes, and a maintenance process for the repository content. The standard covers financial information transferred between financial institutions that includes payment transactions, securities trading and settlement information, credit and debit card transactions and other financial information.
eXtensible Business Reporting Language (xBRL) Business documents, such as financial statements, performance reports, or compliance reports. The standard formats allow the documents to be transmitted and parsed between entities easily
Statistical Data and Metadata eXchange (SDMX) Designed to describe statistical data and metadata, normalise their exchange, and improve their efficient sharing across statistical and similar organisations.
Open Financial Exchange (OFX) Open Financial Exchange is a reference data standard used for exchanging financial data, and performing transactions between financial institutions and underlying applications.

Association for Cooperative Operations Research and Development (ACORD)

ACORD is the global standards-setting body for the insurance and related financial services industries.
Financial products Markup Language (FpML) FpML is a standard based on XML and used for data exchange for electronic dealing and processing of derivatives instruments like interest rate derivatives, inflation swaps, dividend derivatives and other structured products.
Financial Information eXchange (FIX) FIX is the standard used for pre-trade and trade messaging across Financial Markets globally. It describes trade-related messages, and used for automated trading of securities, derivative, and other financial instruments.
Market Data Definition Language (MDDL) MDDL enables the exchange of information necessary to account, analyse, and trade financial instruments.