Welcome to Standards Forum in Singapore 28 February 2017 Where business and standardisation meet
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Welcome to Standards Forum in Singapore
28 February 2017
Where business and standardisation meet
Agenda
AM
• Singapore Market Updates • ISO 20022 Intro and Adoption Updates • ISO 20022 Adoption ‘Live’ Cases • Standards Release 2017 Business Highlights • Standards in the World of FX/Treasury PM • ISO 20022 Harmonisation Charter and Introduction to MyStandards • APAC and Singapore Funds Standardisation • The Role of ISO 20022 Standards in the World of DLT
OPENING OF THE STANDARDS FORUM
LISA O’CONNOR Head of STANDARDS APAC, SWIFT
SINGAPORE MARKET UPDATES – LATEST STANDARDS DEVELOPMENT AND INITIATIVES IN SG FOR 2017 Nico Torchetti, Head of Market Services, Singapore Exchange
Navinder Duggal, Managing Director, Global Transaction, Cash & Trade, DBS Bank Moderated by Lisa O’Connor, Head of Standards APAC, SWIFT
5
Singapore Market Updates
Moderator Lisa O’Connor
SWIFT
Nico Torchetti SGX
Navinder Duggal DBS
Disclaimer: The information contained in this document is intended only for use during the presentation and should not be disseminated or distributed to parties outside the presentation. DBS Bank accepts no liability whatsoever with respect to the use of this document or its contents.
SWIFT ISO20022 XML SWIFT ISO20022 XMLNavinder Duggal Group Head Cash Product Management DBS Bank
FEB 2017
Introduction & Benefits
7
§ ISO 20022 is Universal Financial Industry message scheme § First edition of ISO 20022 was published in Dec 2004 & proposed XML
based syntax for messages § In 2008, SWIFT introduced the multi-bank payment format based on
ISO 20022 XML § Adopted by corporates and financial institutions, to replace domestic
formats § CGI (Common Global Implementation) was formed to overcome
limitation and to create new guidelines
Popular ISO 20022 XML messages
Payment Initiation: pain.001.001.03
Direct Debit Initiation: pain.008.001.02
Status Report: pain.002.001.03
Intraday Reporting: camt.052.001.02
End-of-Day Reporting: camt.053.001.02
Debit-Credit Notification: camt.054.001.02
§ ISO20022 XML Enables automation, that helps in brings operational efficiencies.
§ Harmonised industry standards; a single formats can reduce the development and maintenance cost of these formats.
§ Content rich data, helps to exchange quality of data between financial institutions.
Benefits
87 initiatives for adoption of ISO20022, across:
Payments, Securities, Foreign Exchange, Trade Services or Cards
Some Known: ISO 20022 Adoption Initiatives 27 CountriesBank-‐to-‐Customer Cash ManagementPayments Initiation
SWIFT for Corporates – Cash Management
FAST has 19 participating banks in SingaporePayments Clearing and Settlement
FAST -‐ G3 System in Singapore
45 banks in Singapore participated in GIROPayments Clearing and Settlement
GIRO -‐ G3 System in Singapore
179 banks in IndiaPayments Clearing and Settlement
RTGS in India
Low Value Retail PaymentsPayments Clearing and Settlement
Australia Industry Sector (Payments)
U.S.-‐ Based Payments Clearing and Settlement Participants
Considering both wholesale (wire) and retail (ACH) payments
SEPA consist of 34 countriesMandatePayments Clearing and SettlementPayments Initiation
SEPA -‐ supported by EPC
8
DBS’s Views § Most banks are ISO 20022 ready § Corporates from various segments are increasingly adopting ISO 20022 XML standards § 5 workgroup: to simply corporate-bank implementations
§ Workgroup 1: Credit Transfer / Payment status § Workgroup 2: Bank-to-Customer Reporting § Workgroup 3: Direct Debit § Workgroup 4: Electronic Bank Account Management § Workgroup 5: Bank Services Billing
§ Adoption for payments clearing settlement
v Can Industry adopt ISO 20022 XML standards for cross border payments?
MT 103 ISO 20022 XML
ISO 20022 XML Domestic Payments
Cross-Border Payments
MX/ISO 20022 XML
9
Disclaimer: The information contained in this document is intended only for use during the presentation and should not be disseminated or distributed to parties outside the presentation. DBS Bank accepts no liability whatsoever with respect to the use of this document or its contents.
SWIFT ISO20022 XML Thank You
Securities Market Update
Nico Torchetti Head of Market Services SGX
28 February 2017
12
Standardization – The Journey Continues… Past Standardization of the SGX Securities Market Trading § Proprietary/closed trading system (SESOPS) to trading API (FIX) § FIX 4.2 (SGX Access – 2001) à FIX 5.0 (SGX Reach – 2011) Corporate & Issuer Services § XBRL (2004) and ACRA’s XBRL (2007) for company filings § XML based templates used for SGXNet (2004) and SGXNews (2005) for submission
and dissemination of company announcements. § Upgrade to ISO20022 based templates as part of SGX’ Issuer Announcement Portal
(2014)
13
Stock Market Indices § SSIC for all STI/SES indices (1996) followed by ICB classification (2008) § Standardized indices methodology adopted by global fund managers Post Trade § Introduction of PSMS based on ISO 15022 (2008) § API based connectivity (2016) (as replacement of CAS) § Extend SWIFTNet to securities clearing and settlement (2016) § Reference data in ISO standards § Clearing – FIXML (2016) § Securities and reconciliation – ISO 20022 (2016) § Payments – ISO 20022 / MT (2016)
ISO 20022 INTRODUCTION AND ADOPTION UPDATES
Cindy Foo APAC Standards, SWIFT
Evolution of standards
1977 1987 1995 2002 2004 2014
First MT over SWIFT
100+ live countries
ISO 7775 for securities ISO 15022
SWIFTNet
ISO 20022 first edition
JASDEC ASX SGX FAST
T2S
BOJNet
2015 1992
SEPA
2008
ISO 20022 new edition
2013 2016
Financial standard = Common language to automate financial transactions
Proprietary MT ISO 7775 ISO 15022
Securities only
Payments Treasury & Trade
Securities only
• Paper-based
• Proprietary syntax
• Point-to-point
• One size fits all
• SWIFT only
ISO 20022
• Electronic
• Open, neutral syntax
• End-to-end transaction
• Market practice
• SWIFT + other organisations
• Reference standard
1973 1984 1999 2004 2000
FIN MT: Computer-processable versions of telexes
ISO 20022 Why ?
ISO 20022 What ?
• Defines business meaning of financial concepts, e.g., ‘Credit Transfer’
Business / Conceptual
• Defines e.g. credit transfer messages, to execute the business process
Logical
• Defines physical syntax, e.g. XML
Physical
single standardisation approach (methodology, process, repository) to be used by all financial standards initiatives
Business models
Data dictionar
y
Catalogue of
messages
Recipe to create financial standards Body of content
www.iso20022.org
ISO 20022 What ?
More than 320 ISO 20022 messages
www.iso20022.org
More than 20 submitting organisations, besides SWIFT
MyStandards
Maintenance process – built on strict business justifications and review process - leading to new ‘versions’ of the messages
+ SWIFT User Handbook
‘PAIN’ = Payment initiation = used in Corporate-to-bank ‘PACS’ = Interbank clearing and settlement = used in HVP and LVP MI ‘SESE’ = Securities settlement = used in Securities MI ‘SEMT’ = Securities management = used in Securities MI
18 business areas
ISO 20022 message catalogue
EXAMPLE
More than 320 messages, covering payments, securities, trade services, FX, cards
ISO 20022 is being used by MIs around the globe to lead the way
ENTER
Globalization/alignment with other major initiatives
Modernization/upgrade of [end-to-end] services
Renewal of legacy systems
Compliance with regulation/harmonization
Interoperability for MI-members with multiple
MI-connections
Reputation
IPFA
SEPA,EU
BR
DK
US – retail division of FRB
CPA, CA
IPFA AU
Zengin, JP
IN
BOJNet, JP
Live
NZ
SG
CO
PE PG
CL
UK
SADC
ZA
BN
Fed & TCH, US
Snapshot Dec 2016
FI
SA EC
BY
CIPS, CN
CNAPS2, CN
BD MY
JO
TH
XK CH
VN KH
ASEAN
ISO 20022 Adoption – Payments MI & initiatives From discussion to implementation
T2, EU
DTCC, US
JASDEC, JP [Post-trade]
Galgo, BR
T2S, EU
CSD, LI
EVK, EE
CSD, LT
ASX [Corp.Act]
CLS
Treasury MI Securities MI
SGX [Corp.Act]
JASDEC & TSE, JP
[Corp.Act]
CN
NSD, RU
VP Sec DK
HK
Snapshot Jul 2016
SADC
LCH.Clearnet, UK
Euroclear, ESES
NBB-SSS, BE
IR
TR
VP Norway
Euroclear FI
VP Lux
MY
OeKB, AU
KDPW CCP, PL
BN
KSEI [Post-trade]
IDX [Corp.Act]
SGX [Post-trade]
ISO 20022 Adoption – Securities MI & Treasury MI – From discussion to implementation
Snapshot Jul 2016 * Indirect SWIFT adoption via service providers: BBHi, Calastone, Euroclear
AD
AD
AT
AU
BB
NL
BH
BI
BM
CA
CH CN
CP
CZ
DE
DK EE
ES
FI
FR
GB
GR
HK
HU
ID
IE
IL IT
BE LU
RU
KR
LC
LI MC
JE GG
MT MX
NO
PH
PL
PT RO JP
SB
SE
SG
SI
SK
SM
SN
ST
TW
US
ISO 20022 Adoption – SWIFT for Funds
This map shows countries where one or more players are sending/receiving ISO 20022-based Funds transactions. This includes major MI Funds hubs such as Clearstream, Euroclear, Benefit Trust Company Funds Messaging, Hong Kong (HKMA), Korea (KSD), Taiwan (TDCC)* etc.
ZA
BR
AU
BE
AR
CA
CL
CN
FR
GR
HK
IN
ID
IT
JP
KR
LB
MY
SO
MU
NL
NG
OM PK
PH QA
SG
SI
ZA
ES
LK
SE
CH
TW
TH
TR DE
GB
US
UAE
VN
This map shows countries where one or more banks are sending/receiving ISO 20022-based BPO/TSU transactions. Snapshot Mar 2016
PE
AT
BG
FI DK
MA
KE
GH
KW
SA JO
ISO 20022 for Trade - SWIFT BPO/TSU
FR
CA
Snapshot Jul 2017
ISO 20022 for Cards nexo A.I.S.B.L
DE
PT
ES
Over 100 members
(corporates and banks) defining
common global implementation
guidelines
ZA
RU
CN
AU
CA
HK
BE
AT
DE
FI
FR
IE
JP
KR LU
MX
NL
DK
SEPA
PT
IT
SG
SK
SE
CH
UK
US
ES
Based on CGI guidelines
Snapshot Dec 2016
SWIFT for
Corporates – Cash
management
ISO 20022 adoption in the corporate-to-bank space
BM
BR
CO
HU
KW
LB
LI
MY
MQ
MU
MC
NZ
NO
OM
PA
PH
QA
SA AE
Snapshot Jul 2016
SMMD & MMSR
MiFID II / MiFIR
SFTR CTCCR, RU
ISO 20022 Adoption – Non MI, Regulator initiatives
EMIR
Complete portfolio of ISO 20022 standards
SWIFT is the golden source of ISO 20022 knowledge
Registration authority
Contributor to content
In-depth knowledge of models, data dictionary and messages
SWIFT has tools and services for standards & market practice management
MyStandards & Readiness Portal
Contributes to market practice groups
Supports communities with adoption
SWIFT and ISO 20022
Insights into global adoption
All relevant business domains
SWIFT has unparalleled expertise in ISO 20022 adoption
SWIFT : your one-stop shop to support your ISO 20022 project
Messaging FileAct InterAct SWIFTNetCopy
Integration AMH IPLA Converter
Interfaces Access Lite2
Solution Management / CUGs User administered SWIFT administered ̶ Message version management ̶ Access management
Services ISO 20022 consulting and training services
B A S I C S S t a n d a r d s
Tools and content • MyStandards • MyStandards Base Library • On-boarding portal • MI test portal (T2S)
Packaged content Re-usable, customisable mapping logic, e.g. for Funds
V A L U E A D D S S T A N D A R D S
ISO 20022
Enjoy coffee and see you later
ISO 20022 ADOPTION ‘LIVE’ CASES: OPPORTUNITIES AND CHALLENGES
Mark Sutton, Director, Treasury Advisory, Citibank Gordon Clarke, Owner and Management Consultant, Monetics Pte Ltd Lai Kok Leong, Vice President, Market Services – Projects Equities & Fixed Income, Singapore Exchange Moderated by Kiyono Hasaka, Lead Standards Specialist, SWIFT
31
Panel Discussion
Moderator Kiyono Hasaka
SWIFT
Lai Kok Leong Singapore Exchange
Mark Sutton Citibank
Dr Gordon Clarke Monetics Pte Ltd
ISO 20022 ‘Live’ cases What are the business benefits,
opportunities and challenges in the evolving standards and
fintech environment ?
STANDARDS RELEASE 2017 BUSINESS HIGHLIGHTS
Angeline Tan APAC Standards, SWIFT
Agenda
• MT Standards Release process • MT SR 2017 Changes in business domains − System messages − Payments − Treasury − Trade Finance (SR 2018 & SR 2019) − Securities − Commodities
• SWIFTNet Funds Order Maintenance 2017 • Manage SR 2017 more efficiently
Release process MT
Standards MT Release 2017 maintenance timeline
See SR 2017 timeline for advance documentation on future standards releases (https://www.swift.com/standards/standards-releases/mt-release-2017 link)
Overview of changes per Category
Summary of change requests
Business Area Regulatory Non-Regulatory
Accepted (SR 2017)
Accepted (SR 2018) Rejected
Payments 1 7 3 0 5 Treasury and Commodities
2 4 6 0 0
Securities 1 23 16 0 8 CA 1 13 7 0 7
S&R 0 7 7 0 0
TCM and TIC 0 0 0 0 0
Common 0 3 2 0 1
Trade 0 4 0 2 2 TOTAL 4 38 25 2 15
Removal of Unused Messages
- MT 207 (Request For Financial Institution Transfer) - MT 256 (Advice of Non-Payment of Cheques) - MT 303 (Forex/Currency Option Allocation Instruction) - MT 307 (Advice/Instruction of a Third Party FX Deal) - MT 574 ((W8BENO) IRS 1441 NRA) - MT 577 (Statement of Numbers) - MT 579 (Certificate Numbers) - MT 609 (Statement of Commodity Contracts) - MT 643 (Notice of Drawdown/Renewal) - MT 644 (Advice of Rate and Amount Fixing) - MT 646 (Payment of Principal and/or of Interest) - MT 649 (General Syndicated Facility Message)
System Messages
Category 0 – System Messages
• MT 073 updated to include MT 096 in list of System messages that can be downloaded from the tank file
• MT 096 example messages added to tank file (related to MT 073 change)
Payments
43
Categories 1 – Payments
• Ability to receive field 111 (Service Type Identifier) and field 121 (Unique End-to-End Transaction Reference (UETR)) in header block 3 (MT 103, MT 103 STP, MT 103 REMIT)
o May be present in MTs sent from a SWIFT gpi CUG member to any bank that is not in the SWIFT gpi CUG
o Banks that are not members of the SWIFT gpi CUG must be able to receive these headers but may not include these headers in messages that they send
o There is no obligation on non_CUG members to execute any processing based on these headers
Sample gpi MT 103 for SR 2017
SENDER: Instructing gpi Bank BIC MT 103 RECEIVER: Instructed gpi Bank (or a non gpi Bank, SWIFT user) BIC :111:001 :121:eb6305c9-1f7f-49de-aed0-16487c27b42d :20:ABC123 :23B:CRED :32A:160115USD1010, :33B:USD1000, :50F:/Account Laurel Co. 1/Laurel 2/Address 3/Country and Town :59F:/account Hardy 1/Hardy Co. 2/Address 3/Country and Town :70: remittance info from MT 101 :71A:OUR :71G:USD10,
MT 103*
New field in MT 103 header, identifying the message as gpi
UETR (unique end-to-end transaction reference): new field in MT103 header. The reference is generated by the gpi bank of the Debtor and transmitted throughout the payment chain, unaltered.
*for illustration purposes only, not in technical format
Pre-payment of OUR fees
Categories 1 and 2 – Payments (con’t)
• Usage rule for field 72 to ensure integrity in payments chain
• Add originator (payer) field 50a in MT 110 Advice of Cheque(s)
• Align the format of field 50a and 59a in MT 110 with the fields 50a and 59a in MT 103 (This implies in SR 2020 the free format option of field 50 and 59 will also be removed in MT 110)
Categories 1, 2 & 9 – SR 2020 Remove free format option from field 50 and field 59
50H MT 101 50K MT 102, MT 102 STP, MT 103, MT 103 REMIT,
MT 103 STP 59 (no letter option) MT 101, MT 102, MT 102 STP, MT 103,
MT 103 REMIT, MT 103 STP 50 (no letter option) MT 210 50K MT 202 COV, MT 205 COV 59 (no letter option) MT 202 COV, MT 205 COV 50K MT 910 Start preparing
NOW!
IMPORTANT!
Example: MT 103
Free format options will be removed from the messages in SR 2020
Free format options will be removed from the messages in SR 2020
Example: Mapping 59 (no letter option) to 59F
Today SR 2020 :59:/8754219990 MAG-NUM INC. BAHNHOFSTRASSE 30 ZURICH, SWITZERLAND
:59F:/8754219990 1/MAG-NUM INC. 2/BAHNHOFSTRASSE 30 3/CH/ZURICH
Treasury
Category 3: Treasury
• New fields for non-deliverable trades (NDF and NDO)(MT 300, 304 & 305)
• Add ISIN field to derivatives messages (MiFiDII) (MT 300, 304, 305, 306, 340, 341, 360 & 361)
• Add Canadian jurisdiction codes for regulatory reporting (MT 300, 304, 305, 306, 340, 341, 360 & 361)
• Add new optional field for clearing /settlement session ID (used by CLS) (MT 300 & 304)
• Update text to clarify valuation and expiry dates (MT 305)
Trade Finance SR 2018 & SR 2019
Categories 4 and 7– Trade Finance
• No changes for SR 2017
• Significant changes will be implemented in SR 2018 and SR 2019
SR 2018 changes to MTs 700 – 759 • 2 new change requests considered for implementation in SR 2018 – Align MT 707 fully with MT 700 – Add free text field to MT 756 to be aligned with MT 752
SR 2019 changes to MTs 760 – 787
These changes include 9 new messages
Advance information about the changes and the new messages will be published in the 1st quarter of 2017
Implementation Time Line
2015
2016
2017
2018 L/C
2019 Guarantees standbys
Feb Mar Sep
Feb May Jul Nov
Dec Feb May Jul Nov
Country vote result
BPC Rejected 4 CRs BPC Approved 30 CRs
Advance Documentation
Dec
LIVE T&T VTB UHB Documentation
SRG Documentation
SRG Documentation
LIVE T&T VTB UHB Documentation
Jun
Annual Deadline for CR
Feb
Category 7 Update Changed messages
MT 700 Issue of a Documentary Credit MT 701 Issue of a Documentary Credit MT 705 Pre-Advice of a Documentary Credit MT 707 Amendment to a Documentary Credit MT 710 Advice of a Third Bank's or a Non-Bank's Documentary Credit MT 711 Advice of a Third Bank's or a Non-Bank's Documentary Credit MT 720 Transfer of a Documentary Credit MT 721 Transfer of a Documentary Credit MT 730 Acknowledgement MT 732 Advice of Discharge MT 734 Advice of Refusal MT 740 Authorisation to Reimburse MT 742 Reimbursement Claim MT 747 Amendment to an Authorisation to Reimburse MT 750 Advice of Discrepancy MT 752 Authorisation to Pay, Accept or Negotiate MT 754 Advice of Payment/Acceptance/Negotiation MT 756 Advice of Reimbursement or Payment MT 760 Issue of a Demand Guarantee/Standby Letter of Credit MT 767 Amendment to a Demand Guarantee/Standby Letter of Credit Amendment MT 768 Acknowledgement of a Guarantee/Standby Message MT 769 Advice of Reduction or Release
Documentary Credits
Guarantees Standbys
Category 7 Update New messages
MT 708 Amendment to a Documentary Credit MT 744 Notice of Non-Conforming Reimbursement Claim MT 761 Issue of a Demand Guarantee/Standby Letter of Credit MT 765 Guarantee/Standby Letter of Credit Demand MT 775 Amendment to a Demand Guarantee/Standby Letter of Credit MT 785 Guarantee/Standby Letter of Credit Non Extension Notification MT 786 Guarantee/Standby Letter of Credit Demand Refusal MT 787 Guarantee/Standby Letter of Credit Amendment Response MT 759 Ancillary Trade Structured Message
Documentary Credits
Guarantees Standbys
All Cat 7
General – L/C and Guarantees/Standbys
• Creation of a message MT 759 (Ancillary Trade Structured Message) similar to MT 799 using a limited number of coded and structured fields
• Addition of a field to refer to a document sent by another channel (e.g. FileAct) • Adoption of extended “Z”
character set for long fields (e.g. 45A, 46A, 47A, 71, 72, 73, 77)
X
Z
Documentary Credits Overview of work items and topics - 1
• Re-design of MT 707 – Full alignment with MT 700 – Structured fields for any modification – Use of codes ADD, DELETE, REPLACE ALL for the long narrative fields – Specific tag for amendment charges
• Addition of 2 fields to indicate the Special Instructions for Payment (to be conveyed to the Beneficiary or for the Advising Bank only)
• Addition of the Bank that is requested to add confirmation or may add its confirmation
• NEW MSG: Continuation message for wording changes (MT 708) - 45B Description of Goods and/or Services - 46B Documents Required - 47B Additional Conditions
• NEW MSG: Advice of non-conforming claim (MT 744) Message sent by the reimbursing bank to the bank claiming reimbursement as notification that the claim, on the face of it, as not to be in accordance with the instruction in the Reimbursement Authorisation for the reason(s) as stated in this message.
Documentary Credits Overview of work items and topics - 2
• Addition of additional narrative field 79Z to MT 730 and MT 752 • Renamed field 42P (Deferred Payment Details to Negotiation/Deferred Payment Details) • Deletion of some codes from 40A (Form of Documentary Credit) - Deleted ‘revocable’ codes - In SR2019, the ‘standby’ codes will be removed
• Change field 43P (Partial Shipment) and 43T (Transshipment) to code ̶ ALLOWED ̶ CONDITIONAL ̶ NOT ALLOWED
• Renamed and structured field 48 (Period for Presentation to Period for Presentation in days) ̶ 3n[/35x] - (Days)(Narrative)
• Changed field 49 (Confirmation Instructions) definition • Changed usage rules for fields 45, 46 and 47 to support more extension, from 3
to 8 extension messages, for MT 701, MT 711 and MT 721
• Added an optional field in MT 742 for compliance requirements
Guarantees and Standby Letters of Credit Overview of work items and topics
• Enforcement of use of MT 760 (and MT 767) for Demand Guarantees / Standby Letters of Credit
• Significant re-design of MT 760 + new continuation message (MT 761)
• Significant re-design of MT 767 + new continuation message (MT 775) • NEW MT: Guarantee/SBLC Demand (incorporating Extend
or Pay) (MT 765) • NEW MT: Guarantee/SBLC Non-Extension Notification (MT 785)
• NEW MT: Guarantee/SBLC Demand Refusal (MT 786)
• NEW MT: Guarantee/SBLC Amendment Response (MT 787)
• Addition of new field 23X (File Identification) to all messages
Guarantees and Standby Letters of Credit General overview revised message structure of MT 760
Sequence A General Information
Sequence B Undertaking Details
MT 760 MT 761
Wording of Undertaking or
Counter-Undertaking ----------------------------
Requested wording for Local Undertaking
MT 761
MT 761
1 2 3
The revised MT 760 message consists primarily of structured fields and fields with coded options (e.g. amount, parties, expiry details, etc.) The message has been designed with three blocks: Sequence A: General information Sequence B: indicates the details of the undertaking or counter-undertaking Sequence C: (optional) indicates the details of the requested local undertaking
1
The extension message MT 761 message consists primarily of a big free text block in order to specify the wording of the undertaking/counter-undertaking as well as the requested wording for the local undertaking – if applicable
2
Up to a maximum of 8 MT 761 messages could accompany the MT 760 message 3
Sequence C Local Undertaking Details
Guarantees and Standby Letters of Credit Direct Guarantee
62
Applicant Beneficiary Issuing Bank Advising Bank
MT 798<784> Application MT 798<760> with A and B (MT 798 <761> *) (Files)
MT 760 with A and B (MT 761 *)
MT 798<762> Notification MT 798<760> with A and B (MT 798 <761> *) (Files) 22R:ISSU
Guarantees and Standby Letters of Credit Indirect Guarantee
63
Applicant Beneficiary Issuing Bank Advising Bank
MT 798<784> Application MT 798<760> with A B (MT 798 <761> *) (Files)
MT 760 with A B C (MT 761 *)
MT 798<762> Notification MT 798<760> with A B (MT 798 <761> *) (Files)
Local Issuing Bank
MT 760 with A B (MT 761 *)
22R:ISSC 22R:ISSU
Guarantees and Standby Letters of Credit Direct Guarantee with two advising
64
Applicant Beneficiary Issuing Bank 2nd Advising Bank
MT 798<784> Application MT 798<760> with A B (MT 798 <761> *) (Files)
MT 760 with A B (MT 761 *)
MT 798<762> Notification MT 798<760> with A B (MT 798 <761> *) (Files)
1st Advising Bank
MT 760 with A B (MT 761 *)
22R:ISSU 22R:ADVI or ACNF
Securities
Category 5 – Securities
• Settlement and Reconciliation
o Add format option to allow for lengthy party names (MT 586)
o Add a reminder code (MT 586)
o Add settlement transaction condition code for “buy in” (MTs 540 to 543 & 548, 578, 537, 586)
o Add 9 new settlement transaction type codes (MT 578 and MT 586)
o Align definitions of triparty references (TCTR, TRCI) across S&R and collateral messages
o Add a rejection reason code (INVM) (MT 548)
o Add new Settlement Transaction Conditions (Split Settlement) (MTs 540, 542, 544, 546)
o 2 definition changes to S&R and CA messages (INTR & Repo CALL/ROLP)
Category 5 – Securities
• Corporate Actions
o Amend definition of Extension of Maturity event
o Amend definition of Partial Redemption events
o Add new indicator code and amount to process Cash Amount instructions
o Amend definition of Proration Rate
o Reinstate Taxable code to TXAP indicator
o Delete Fully Frank rate
o Rename BOIS reason code to solve inconsistencies
Commodities
Category 6: Commodities
• Add ISIN field to derivatives messages (MiFiDII) (MT 600 & 601) • Add Canadian jurisdiction codes for regulatory reporting (MT 600
& 601) • Add a ‘delete’ option in SSI messages (MT 670, 671) • Add a new field to identify a preferred SSI (MT 670, 671)
Release process MX
Standards MX Release 2017 maintenance timeline
See SR 2017 timeline for advance documentation on future standards releases (https://www.swift.com/standards/standards-releases/mx-release-2017 link)
SWIFTNet Funds Order Maintenance 2017
SWIFTNet Funds solution
• Maintenance freeze on the ISO 20022 investment funds order (setr) messages in the SWIFTNet Funds solution has been lifted
• Mandatory maintenance – all solution users must be able to send/receive the new message versions from 18 November 2017.
• Old versions of the order messages will be withdrawn from the live service when the new versions go live
• Release is known as Funds 5.0
• All funds users informed (e-mail campaign began December 2015) • High level information available since July 2016 • Draft message formats (schema), documentation and
Funds 5.0 service description available since 2 December 2016 • Web-ex sessions ‘Standards Release Seminar for Order, Status &
Confirmation Messages’ took place between October 2016 and February 2017
• Seminar is a useful overview of the order maintenance, a recording of this seminar will be made available
SWIFTNet Funds solution – communication
Contact [email protected] for further information about Funds 5.0
SWIFTNet Funds solution – documentation
Link to Solu+on UHB: h"ps://www2.swi+.com/uhbonline/books/hub/h"oc.htm
Final version will be posted 24 February 2017
Solu+ons Funds Standards MX -‐ technical – Message DefiniBon Reports and Schemas Standards MX – General InformaBon Funds 5.0 (2017) Message DefiniBon Reports and Schemas (Advance InformaBon) (2 December 2016) Service DescripBon (2 December 2016) MX Order v03 to V04 Equivalency Funds 4.9 (2016) Message DefiniBon Reports and Schemas (15 April 2016) Service DescripBon (15 April 2016)
SWIFTNet Funds solution – impacted order messages
Order, status and confirmation messages setr.001-018, 047-058
o inclusion of alternative/hedge funds functionality o simplification of charge and commission sequences. Will eliminate the
ambiguity, risks for misinterpretation, facilitate transparency o Addition of LEI
Main changes
Order messages impacted by the maintenance 1 of 3
SWIFTNet Funds solution – impacted messages
Order Instruc,ons: [1] RedempBon Bulk Order setr.001.001.03 [2] RedempBon Order setr.004.001.03 [3] SubscripBon Bulk Order setr.007.001.03 [4] SubscripBon Order setr.010.001.03 [5] Switch Order setr.013.001.03
Order Cancella,on Requests: [6] RedempBon Bulk Order
CancellaBon Request setr.002.001.03 [7] RedempBon Order CancellaBon Request setr.005.001.03 [8] SubscripBon Bulk Order CancellaBon Request setr.008.001.03 [9] SubscripBon Order CancellaBon Request setr.011.001.03 [10] Switch Order CancellaBon Request setr.014.001.03
Order messages impacted by the maintenance 2 of 3
SWIFTNet Funds solution – impacted messages
Order Confirma,ons: [11] RedempBon Bulk Order ConfirmaBon setr.003.001.03 [12] RedempBon Order ConfirmaBon setr.009.001.03 [13] SubscripBon Bulk Order ConfirmaBon setr.006.001.03 [14] SubscripBon Order ConfirmaBon setr.012.001.03 [15] Switch Order ConfirmaBon setr.
015.001.03
Order Status: [16] Order InstrucBon Status Report setr.016.001.03 [17] Order CancellaBon Status Report setr.017.001.03 [18] Request For Order CancellaBon
Status Report setr.018.001.03
SWIFTNet Funds solution – impacted messages
Order Confirma,on Cancella,ons : [19] SubscripBon Order ConfirmaBon CancellaBon InstrucBon setr.047.001.01 [20] SubscripBon Bulk ConfirmaBon CancellaBon InstrucBon setr.049.001.01 [21] RedempBon Order ConfirmaBon CancellaBon InstrucBon setr.051.001.01 [22] RedempBon Bulk Order ConfirmaBon CancellaBon InstrucBon setr.053.001.01 [23] Switch Order ConfirmaBon CancellaBon InstrucBon setr.055.001.01
Confirma,on Status: [29] Order ConfirmaBon Status Report setr.057.001.01 [30] Request For Order ConfirmaBon Status Report setr.058.001.03
Order Confirma,on Amendments, setr.048, 050, 052, 054 and 056 are withdrawn from ISO and SWIFTNet Funds
Order messages impacted by the maintenance 3 of 3
Manage SR 2017 more efficiently
Standards Changes Impact your business at different levels
Assess impact of changes on your environment
Update back office applications
Reflect the next release in the messaging interface
Update documentation and procedures
• Impacted messages • Related Change Requests • Business Impact of the changes • Priorities and Focus areas
From business flows and processes to back office and interface applications
Proactively prepare for each MT Standards Release
Ensure a smooth transition to the next Standards Release
Understand Specify Check Go Live
Manage your Standards Release
efficiently
Standards Release Impact Assessment & MyStandards
MT Standards Release Portal
Thank you!
STANDARDS IN THE WORLD OF FX/TREASURY Erryan Abdul Samad, Assistant General Counsel, ISDA Lisa O’Connor, Head of Standards APAC, SWIFT Moderated by Philip Kwon, Director, Securities Markets, SWIFT
85
Panel Discussion
Moderator Philip Kwon
SWIFT
Lisa O’Connor SWIFT
Erryan Abdul Samad
ISDA
Networking lunch
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