47
SWIFTNet Funds Messages: Overview and Market Practice 30 May 2017 SWIFT Standards Asia Pacific Lisa Oconnor Mieko Morioka
SWIFTNet Funds Messages:
Overview and Market Practice
30 May 2017
SWIFT Standards Asia Pacific
Lisa Oconnor
Mieko Morioka
SWIFTNet Funds Message Overview
2
Funds Ecosystem
Transfer
Agent
Investor
Fund Cash Agent
Funds ISO messages FIN payment messages
Distributor
Hub /
Platform
Fund Accountant Intermediary Cash Agent
Payment
Portfolio
Manager Order
Payment Instruction
Order Confirm
Confirm
3
4
Message Types
• 93 message types in Funds V5
Account management (acmt.001 – 006)
Cash management (camt.040 – 045)
Reference data (reda.001 – 002, 004 – 005)
Securities management (semt.001 – 007, 012, 041 - 042)
Securities settlement (sese.001 – 014, 018, 019)
Securities trade (setr.001 – 018, 047, 049, 051, 053, 055, 057 – 062, 064 – 066)
Major message version change in SR 2017
on the order (setr) messages
Message Identifiers
5
Identifier Message Name
Setr.010.001.03 Subscription Order
Business area
Number
Variant
Version
Each time a message is maintained, the version number is incremented
Funds messages do not have variants, therefore this is always ‘001’
ISO 20022 Business areas setr Securities Trade sese Settlement Instruction reda Reference Data acmt Account Management semt Securities Management camt Cash Management
Funds messages comprise the: [1] funds orders (setr) [2] funds transfers (sese) [3] funds/securities account management (acmt) [4] price report (reda) funds passport (reda), [5] fund cash forecast (camt) [6] funds/securities statements (semt)
Messages for the Order Process
6
Name Identifier Name Identifier
MX (XML, ISO 20022) on SWIFTNet Funds Solution
MT (ISO 15022) on FIN
Subscription Order setr.010 Order to Buy or Sell 502
Redemption Order setr.004
Switch Order setr.013
Subscription Order Confirmation setr.012 Client Confirmation of Purchase or Sale
515
Redemption Order Confirmation setr.006
Switch Order Confirmation setr.015
Order Instruction Status Report setr.016 Trade Status Message 509
There are other MXs in the order suite, for example, the bulk orders, the order cancellations, the order confirmations, the order cancellation status report.
Fund Order Process
7
Distributor/ Institutional
investor
Transfer Agent / fund administrator
Execution
Instructing Party
Executing Party
Order
Order status
Confirmation
Orders can be instructed with:
Subscription Order (setr.010)
Redemption Order (setr.004)
Switch Order (setr.013)
Investor
If using MT messages, it
will MT 502, but MT/MX
migration is taking place
since 2007
Funds MT ISO 15022 to Funds MX ISO 20022 Migration
8
0
1,000,000
2,000,000
3,000,000
4,000,000
5,000,000
6,000,000
7,000,000
8,000,000
Ja
n-0
8
Ap
r-0
8
Ju
l-0
8
Oct-
08
Ja
n-0
9
Apr-
09
Ju
l-0
9
Oct-
09
Ja
n-1
0
Ap
r-1
0
Ju
l-1
0
Oct-
10
Ja
n-1
1
Ap
r-1
1
Ju
l-1
1
Oct-
11
Ja
n-1
2
Ap
r-1
2
Ju
l-1
2
Oct-
12
Ja
n-1
3
Apr-
13
Ju
l-1
3
Oct-
13
Ja
n-1
4
Ap
r-1
4
Ju
l-1
4
Oct-
14
Ja
n-1
5
Ap
r-1
5
Ju
l-1
5
Oct-
15
Ja
n-1
6
Ap
r-1
6
Ju
l-1
6
Oct-
16
MT
MX
Sep 2016: of the total funds traffic: MX is 73.42% (Overall growth of 4%) Customer readiness is 88.81%
Sep 2015: of the total funds traffic, MX was 67.56%. Customer readiness was 85.39%
Subscription Order
9
<SbcptOrdr> <MsgId> <Id>IN-10001</Id> <CreDtTm>2015-09-10T10:15:00</CreDtTm> </MsgId> <MltplOrdrDtls> <InvstmtAcctDtls> <AcctId>111111</AcctId> </InvstmtAcctDtls> <IndvOrdrDtls> <OrdrRef>Order 1</OrdrRef> <FinInstrmDtls> <Id> <ISIN>LU1234567890</ISIN> </Id> </FinInstrmDtls> <AmtOrUnits> <GrssAmt Ccy="EUR">1000</GrssAmt> </AmtOrUnits> <PhysDlvryInd>false</PhysDlvryInd> </IndvOrdrDtls> </MltplOrdrDtls> </SbcptOrdr>
As an MT 502:
MT 502 :16R:GENL :20C::SEME//Order 1 :23G:NEWM :22F::TRTR//TRAD :16S:GENL :16R:ORDRDET :22H::BUSE//SUBS :22H::PAYM//APMT :22F::TOOR//MAKT :22F::TILI//GTCA :98A::EXPI//29991231 :16R:TRADPRTY :95P::INVE//PEFILULL :97A::SAFE//111111 :16S:TRADPRTY :19A::ORDR//EUR1000, :35B:ISIN LU1234567890 :16S:ORDRDET
As an MX – setr.001
Order Status
10
As an MT 509: As an MX – setr.016
MT 509 :16R:GENL :20C::SEME//123456 :23G:INST :16R:LINK :20C::RELA//Order 1 :16S:LINK :16R:STAT :25D::IPRC//PACK :16S:STAT :16S:GENL
<OrdrInstrStsRpt> <MsgId> <Id>EP-22-001</Id> <CreDtTm>2015-09-10T10:30:00</CreDtTm> </MsgId> <StsRpt> <IndvOrdrDtlsRpt> <OrdrRef>Order 1</OrdrRef> <OrdrSts> <Sts>PACK</Sts> </OrdrSts> </IndvOrdrDtlsRpt> </StsRpt>
</OrdrInstrStsRpt>
Subscription Order Confirmation (1)
11
MT 515 :16R:GENL :20C::SEME//Deal 1 :23G:NEWM :22F::TRTR//TRAD :16R:LINK :20C::RELA//Order 1 :16S:LINK :16S:GENL :16R:CONFDET :98A::TRAD//20170114 NAV date :98A::SETT//20170114 Cash date :90B::DEAL//ACTU/EUR10, :22H::BUSE//SUBS :22H::PAYM//APMT :16R:CONFPRTY :95Q::INVE//111111 :16S:CONFPRTY :36B::CONF//UNIT/100, :35B:ISIN LU1234567890 :16S:CONFDET :16R:SETDET :22F::SETR//TRAD :16R:AMT :19A::SETT//EUR1000, :16S:AMT :16S:SETDET
<SbcptOrdrConf> (setr.012) <MsgId> <Id>EP-22-004</Id> <CreDtTm>2015-10-14T14:00:00</CreDtTm> </MsgId> <MltplExctnDtls> <InvstmtAcctDtls> <AcctId>111111</AcctId> </InvstmtAcctDtls> <IndvExctnDtls> <OrdrRef>Order 1</OrdrRef> <DealRef>Deal 1</DealRef> <FinInstrmDtls> <Id><ISIN>LU1234567890</ISIN></Id> </FinInstrmDtls> <UnitsNb>100</UnitsNb> <TradDtTm> <Dt>2017-01-14</Dt> </TradDtTm> <DealgPricDtls> <Tp> <Cd>NAVL</Cd> </Tp> <Val> <Amt Ccy="EUR">10</Amt></Val> </DealgPricDtls>
Confirms 100 units of fund ISIN LU1234567890 at a price of EUR10, trade date 14 Jan 2017, have been created for account 11111. The order reference is ‘Order 1’. The deal reference is ‘Deal 1’. The settlement amount is EUR 1000, settlement 14 Jan 2017.
Subscription Order Confirmation (2)
12
MT 515 :16R:GENL :20C::SEME//Deal 1 :23G:NEWM :22F::TRTR//TRAD :16R:LINK :20C::RELA//Order 1 :16S:LINK :16S:GENL :16R:CONFDET :98A::TRAD//20170114 NAV date :98A::SETT//20170114 Cash date :90B::DEAL//ACTU/EUR10, :22H::BUSE//SUBS :22H::PAYM//APMT :16R:CONFPRTY :95Q::INVE//111111 :16S:CONFPRTY :36B::CONF//UNIT/100, :35B:ISIN LU1234567890 :16S:CONFDET :16R:SETDET :22F::SETR//TRAD :16R:AMT :19A::SETT//EUR1000, :16S:AMT :16S:SETDET
<SttlmAmt Ccy="EUR">1000</SttlmAmt> <PrtlyExctdInd>false</PrtlyExctdInd> <CumDvddInd>true</CumDvddInd> <PhysDlvryInd>false</PhysDlvryInd> </IndvExctnDtls> </MltplExctnDtls> </SbcptOrdrConf>
Confirms 100 units of fund ISIN LU1234567890 at a price of EUR10, trade date 14 Jan 2017, have been created for account 11111. The order reference is ‘Order 1’. The deal reference is ‘Deal 1’. The settlement amount is EUR 1000, settlement 14 Jan 2017.
Mapping Information on swift.com
13
Standards MyStandards
MyStandards Readiness Portal
Standard Developer Kit
Standards MT
Standards MX
Development and Maintenance Process (29 April 2011)
General Information (30 May 2014)
Recommendations for Implementation of ISO 20022 Messages – Best Practices (10 November 2016)
Version and Release Management for ISO 20022 Messages – Best Practices (28 October 2016)
.. ..
Standards MT – Funds MT to MX Mapping (06 December 2013)
Standards MT – MT and MX Equivalence Tables (01 July 2016)
Standards MX November 2016
Standards MX November 2015
Standards MX November 2014
Standards MX November 2013
Link to Mapping Document
This provides a guide on how to map from funds MT 502, 515 and 509 to the equivalent funds order MX messages. (Current version is on Funds V03)
Mapping between Funds MT order and Funds MX order
14
Issues • MTs were not designed for funds. MTs designed for securities.
• Despite creation of Funds MT template on how to use the messages, impossible to know which fields are actually used and, in some cases, the business content
• Impossible to have generic ‘one-fits-all’ translation/mapping rules – and we do NOT support this
It is easier to do customised translation/mapping rules with the proviso that:
• Customer provides large number of real examples of the ‘source’ messages.
• From this, the actual fields that are to be translated are known. When necessary, customer informs us of the semantic meaning of field/s.
• Customer provides (when possible), the acceptable format/template for the ‘target’ message.
SWIFTNet Funds SR 2017
15
16
• The current versions of the funds MX order, status and confirmation
messages were introduced in November 2007.
• There has been maintenance on the funds messages, but restricted to
the account management (acmt), cash forecast (camt) and transfer
(sese) messages.
• However, the funds order, status and confirmation messages have not
been maintained for 10 years.
• This is because a maintenance freeze was put in place on the funds MX
order, status and confirmations to help with the migration of funds MT to
ISO 20022.
• In December 2015, the Funds Migration Advisory Group agreed that
this maintenance freeze is lifted.
• As a result, there is a maintenance on the funds MX order, status and
confirmation messages for November 2017.
Introduction
Funds MX 2017 – mandatory release: summary of change requests
17
Total number of accepted ISO change requests = 56
Breakdown (approximate) #
Improvement to definitions, correction to usage rules (documentation only)
14
New optional business functionality to support, for example, T2S, hedge/alternative funds, regulation (for example, LEI), longer CSD settlement chain
24
Changes to support better usability, for example, charges/ commissions/taxes, cancellation, amendment
8
Changes to conform to ISO 20022, for example, remove XOR constructs, eliminate BEI impact big
3
Usage rules (where applicable) - provision of formal expression of rules for network validation
4
Other, for example, cosmetic improvements 3
18
Order Message Identifier List – old versions & new versions Name Current messages New messages
1 Redemption Bulk Order setr.001.001.03 setr.001.001.04 2 Redemption Bulk Order Cancellation Request setr.002.001.03 setr.002.001.04 3 Redemption Bulk Order Confirmation setr.003.001.03 setr.003.001.04 4 Redemption Order setr.004.001.03 setr.004.001.04 5 Redemption Order Cancellation Request setr.005.001.03 setr.005.001.04 6 Redemption Order Confirmation setr.006.001.03 setr.006.001.04 7 Subscription Bulk Order setr.007.001.03 setr.007.001.04 8 Subscription Bulk Order Cancellation Request setr.008.001.03 setr.008.001.04 9 Subscription Bulk Order Confirmation setr.009.001.03 setr.009.001.04 10 Subscription Order setr.010.001.03 setr.010.001.04 11 Subscription Order Cancellation Request setr.011.001.03 setr.011.001.04 12 Subscription Order Confirmation setr.012.001.03 setr.012.001.04 13 Switch Order setr.013.001.03 setr.013.001.04 14 Switch Order Cancellation setr.014.001.03 setr.014.001.04 15 Switch Order Confirmation setr.015.001.03 setr.015.001.04 16 Order Instruction Status Report setr.016.001.03 setr.016.001.04 17 Order Cancellation Status Report setr.017.001.03 setr.017.001.04 18 Request For Order Status Report setr.018.001.03 setr.018.001.04 19 Subscription Order Confirmation Cancellation Instruction setr.047.001.01 setr.047.001.02 20 Subscription Bulk Order Confirmation Cancellation Instruction setr.049.001.01 setr.049.001.02 21 Redemption Order Confirmation Cancellation Instruction setr.051.001.01 setr.051.001.02 22 Redemption Bulk Order Confirmation Cancellation Instruction setr.053.001.01 setr.053.001.02 23 Switch Order Confirmation Cancellation Instruction setr.055.001.01 setr.055.001.02 24 Order Confirmation Status Report setr.057.001.01 setr.057.001.02 25 Request For Order Confirmation Status Report setr.058.001.01 setr.058.001.02
Subscription Order Confirmation Amendment - withdrawn setr.048.001.01 Subscription Bulk Order Confirmation Amendment - withdrawn setr.050.001.01 Redemption Order Confirmation Amendment - withdrawn setr.052.001.01 Redemption Bulk Order Confirmation Amendment - withdrawn setr.054.001.01 Switch Order Confirmation Amendment - withdrawn setr.056.001.01
Alternative (Hedge) Funds – the story
19
2008 SWIFT developed hedge funds messages and put into the SWIFTNet Funds solution. A market practice was developed for the these SWIFT messages, called ‘SHARP’.
2014 The Swiss community (SCFS) submitted a CR to ISO for addition of hedge funds functionality to ‘mutual funds messages’
2015 SWIFT was requested to get the hedge funds messages ISO approved and SWIFT began the submission work.
In the meantime, a market practice, called GAIA, had been developed for the use of the mutual funds order messages for hedge/alternative funds. This market practice:
2016 CR 0454 approved by ISO.
Agreed by SMPG IF and subsequently IF ET that the GAIA specification should be leverage and form the basis of how the mutual funds messages are to be updated for hedge/alternative funds functionality in support of CR 0454. SWIFT withdrew the submission for its hedge funds messages from ISO. *1
• was well received • covers 80% of hedge/alternative funds scenarios. • but in some cases, the market practices specifies a work-around
(*1 The SWIFT hedge funds messages will remain on the SWIFT network until no longer used.)
The 2017 Funds MXs contain the agreed functionality for hedge funds
Subscription Order – basic message before and after
BEFORE - setr.010.001.03 AFTER - setr.010.001.04
20
<SbcptOrdrV03> <MsgId> <Id>DA456</Id> <CreDtTm>2016-09-15T10:30:00</CreDtTm> </MsgId> <MltplOrdrDtls> <InvstmtAcctDtls> <AcctId> <Prtry> <Id>111111</Id> </Prtry> </AcctId> </InvstmtAcctDtls> <IndvOrdrDtls> <OrdrRef>Order 1</OrdrRef> <FinInstrmDtls> <Id> <ISIN>LU1234567890</ISIN> </Id> </FinInstrmDtls> <NetAmt Ccy="EUR">5000</NetAmt> <PhysDlvryInd>false</PhysDlvryInd> <ReqdSttlmCcy>EUR</ReqdSttlmCcy> <ReqdNAVCcy>EUR</ReqdNAVCcy> </IndvOrdrDtls> </MltplOrdrDtls> </SbcptOrdrV03>
<SbcptOrdr> <MsgId> <Id>DA456</Id> <CreDtTm>2016-09-15T10:30:00</CreDtTm> </MsgId> <MltplOrdrDtls> <InvstmtAcctDtls> <AcctId>111111</AcctId> </InvstmtAcctDtls> <IndvOrdrDtls> <OrdrRef>Order 1</OrdrRef> <FinInstrmDtls> <Id> <ISIN>LU1234567890</ISIN> </Id> </FinInstrmDtls> <AmtOrUnits> <NetAmt Ccy="EUR">5000</NetAmt> </AmtOrUnits> <PhysDlvryInd>false</PhysDlvryInd> <ReqdSttlmCcy>EUR</ReqdSttlmCcy> <ReqdNAVCcy>EUR</ReqdNAVCcy> </IndvOrdrDtls> </MltplOrdrDtls> </SbcptOrdr>
XOR
choice
Replacement of
obsolete message
component (less
levels of tags)
22
Subscription Order Confirmation – basic message before and after <SbcptOrdrConfV03> <MsgId> <Id>FD589748</Id><CreDtTm>2016-09-15T11:30:00</CreDtTm> </MsgId> <MltplExctnDtls> <InvstmtAcctDtls> <AcctId> <Prtry> <Id>111111</Id> </Prtry> </AcctId> </InvstmtAcctDtls> <IndvExctnDtls> <OrdrRef>Order 1</OrdrRef> <DealRef>Deal 1</DealRef> <FinInstrmDtls> <Id><ISIN>LU1234567890</ISIN></Id> </FinInstrmDtls> <UnitsNb> <Unit>500</Unit> </UnitsNb> <TradDtTm><Dt>2016-07-15</Dt></TradDtTm> <DealgPricDtls> <Tp>NAVL</Tp> <Val> <Amt Ccy="EUR">10</Amt> </Val> </DealgPricDtls> <SttlmAmt Ccy="EUR">5000</SttlmAmt> <PrtlyExctdInd>false</PrtlyExctdInd> <CumDvddInd>true</CumDvddInd> <PhysDlvryInd>false</PhysDlvryInd> </IndvExctnDtls> </MltplExctnDtls> </SbcptOrdrConfV03>
<SbcptOrdrConf> <MsgId> <Id>FD589748</Id><CreDtTm>2016-09-15T11:30:00</CreDtTm> </MsgId> <MltplExctnDtls> <InvstmtAcctDtls> <AcctId>111111</AcctId> </InvstmtAcctDtls> <IndvExctnDtls> <OrdrRef>Order 1</OrdrRef> <DealRef>Deal 1</DealRef> <FinInstrmDtls> <Id><ISIN>LU1234567890</ISIN></Id> </FinInstrmDtls> <UnitsNb>500</UnitsNb> <TradDtTm><Dt>2016-07-15</Dt></TradDtTm> <DealgPricDtls> <Tp> <Cd>NAVL</Cd> </Tp> <Val> <Amt Ccy="EUR">10</Amt> </Val> </DealgPricDtls> <SttlmAmt Ccy="EUR">5000</SttlmAmt> <PrtlyExctdInd>false</PrtlyExctdInd> <CumDvddInd>true</CumDvddInd> <PhysDlvryInd>false</PhysDlvryInd> </IndvExctnDtls> </MltplExctnDtls> </SbcptOrdrConf>
Replacement
obsolete
message
component (less
levels of tags)
XOR choice
Less levels of tags
24
Order Instruction Status Report – basic message ‘before’ and ‘after’
<OrdrInstrStsRptV03> <MsgId> <Id>182434</Id> <CreDtTm>2016-09-15T10:40:00</CreDtTm> </MsgId> <IndvOrdrDtlsRpt> <OrdrRef>Order 1</OrdrRef> <Sts>PACK</Sts> </IndvOrdrDtlsRpt>
</OrdrInstrStsRptV03>
<OrdrInstrStsRpt> <MsgId> <Id>18245</Id> <CreDtTm>2016-09-15T10:40:00</CreDtTm> </MsgId> <StsRpt> <IndvOrdrDtlsRpt> <OrdrRef>Order 1</OrdrRef> <OrdrSts> <Sts>PACK</Sts> </OrdrSts> </IndvOrdrDtlsRpt> </StsRpt>
</OrdrInstrStsRpt>
BEFORE - setr.016.001.03 AFTER - setr.016.001.04
XOR
choice
XOR
choice
25
Order Instruction Status Report – basic message ‘before’ and ‘after’
BEFORE - setr.016.001.03 AFTER - setr.016.001.04
<OrdrInstrStsRptV03> <MsgId> <Id>182435</Id> <CreDtTm>2016-09-15T10:40:00</CreDtTm> </MsgId> <IndvOrdrDtlsRpt> <OrdrRef>Order 2</OrdrRef> <Rjctd> <XtndedRsn>Reason as text</XtndedRsn> </Rjctd> </IndvOrdrDtlsRpt> </OrdrInstrStsRptV03>
<OrdrInstrStsRptV04> <MsgId> <Id>182435</Id> <CreDtTm>2016-09-15T10:40:00</CreDtTm> </MsgId> <StsRpt> <IndvOrdrDtlsRpt> <OrdrRef>Order 2</OrdrRef> <OrdrSts> <Rjctd> <AddtlInf>Reason as text</AddtlInf> </Rjctd> </OrdrSts> </IndvOrdrDtlsRpt> </StsRpt> </OrdrInstrStsRptV04>
XOR
choice
XOR
choice
Optional Impacts: Confirmations – charge and commission
BEFORE - setr.012.001.03 AFTER - setr.012.001.04
[0.1] Transaction Overhead [0.1] Total Overhead Applied [0.1] Total Fees [0.1] Total Taxes [0.1] Commercial Agreement Reference
[0.n] Individual Fee
[0.n] Individual Tax
[0.1] Informative Tax Details [0.1] Taxable Income Per Dividend [0.1] EU Capital Gain [0.1] Percentage Of Debt Claim
[0.n] Individual Tax
[0.1] Charge General Details [0.1] Total Amount Of Charges
[1.n] Charge Details
[0.1] Commission General Details [0.1] Total Amount Of Commissions
[1.n] Commission Details
[0.1] Tax General Details [0.1] Total Amount Of Taxes [0.1] Taxable Income Per Dividend [0.1] EU Capital Gain [0.1] Percentage Of Debt Claim
[0.n] Tax Details
New concept
Charges, commissions and tax sequences replaced by Transaction Overhead. Tax elements
differentiated between those that are provided for information only and those that cause an
impact on the settlement amount of the transaction. 26
28
Optional Impacts: Confirmations – charge and commission EXAMPLE 1
BEFORE - setr.012.001.03 AFTER - setr.012.001.04
FEND charge of EUR 100 FEND charge of EUR 100.
<ChrgGnlDtls> <ChrgDtls> <Tp>FEND</Tp> <Amt Ccy="EUR">100</Amt> </ChrgDtls>
<TxOvrhd> <IndvFee> <Tp> <Cd>FEND</Cd> </Tp> <ApldAmt Ccy="EUR">100</ApldAmt> <InftvInd>false</InftvInd> </IndvFee> </TxOvrhd>
29
Optional Impacts: Confirmations – charge and commission EXAMPLE 2
BEFORE - setr.012.001.03 AFTER - setr.012.001.04
Discount is EUR 30.
Basic FEND charge is EUR 100.
Basic FEND charge is EUR 100.
Discount is EUR 30.
Actual (applied) charge is EUR 70.
<ChrgGnlDtls>
<ChrgDtls> <Tp>FEND</Tp> <Amt Ccy="EUR">100</Amt> </ChrgDtls>
<ChrgDtls> <Tp>DISC</Tp> <Amt Ccy="EUR">30</Amt> </ChrgDtls>
</ChrgGnlDtls>
<TxOvrhd>
<IndvFee> <Tp> <Cd>FEND</Cd> </Tp> <StdAmt Ccy="EUR">100</StdAmt>
<DscntDtls> <Amt Ccy="EUR">30</Amt> </DscntDtls>
<ApldAmt Ccy="EUR">70</ApldAmt> <InftvInd>false</InftvInd> </IndvFee>
</TxOvrhd>
Not possible to explicitly specify charge
type to which the DISC is applied.
Ambiguous - Some put 70, some put 100
SWIFTNet Funds Message Documentation
32
Each release contains, at the time of publication, only the most recent versions of MX (for the forthcoming cycle)
Link to Solution UHB: https://www2.swift.com/uhbonline/books/hub/httoc.htm
Solutions Funds Standards MX - technical – Message Definition Reports and Schemas Standards MX – General Information
Funds 5.0 (2017) MX Order V03 to V04 Equivalency Tables (20 January 2017) MX Order V04 Summary Of Changes (24 March 2017) Message Definition Reports and Schemas (24 February 2017) Message Definition Reports and Schemas (Advance Information) (2 December 2016) Service Description (2 December 2016)
Funds 4.9 (2016) Message Definition Reports and Schemas (15 April 2016) Service Description (15 April 2016)
Funds 4.8 (2015) Message Definition Reports and Schemas (20 February 2015) Service Description (23 January 2015)
Funds 4.7 (2014) Message Definition Reports and Schemas (30 May 2014) Service Description (29 August 2014)
Funds 4.5 (2013) Message Definition Reports and Schemas (31 May 2013)
How to map from v03 to v04
Documentation - versions of acmt & sese MXs live November 2016
Final schemas
NEW
SWIFTNet Funds Market Practice
33
Securities Market Practice Group (SMPG) Investment Funds (IF)
34
SMPG &
MyStandards
Yes
35
Standards are created globally and used locally:
market practice and variants
ISO 20022 messages
Global market practice
Local market practice
Bank-specific practice
‘PACS’-
pacs.008.001.04
FI to FI Customer
Credit Transfer
HVP-guidelines
T2 implementation
guidelines
Bank’s T2
implementation
with
customers/bank’s
internal specification
SMPG – Background and History
36
The investment funds (IF) sub-group of SMPG was launched in 2005 at the Frankfurt SMPG meeting, so it is now 10+ years old.
The Securities Market Practice Group, SMPG, has been in existence since 1998 (17 years old).
SMPG Overall
37
Steering Committee
SMPG - Investment Funds Working Group
NMPG – National Market Practice Groups
Asset managers, distributors, intermediaries, platforms, transfer agents,
administrators, etc.
SMPG Organisation – Steering Committee
38
Chairperson Vice Chairperson
General Secretary Programme Director
Regional Directors
Karla McKenna(US) Rudolf Siebel (DE) Jacques Littre(SWIFT) Evelyne Piron (SWIFT)
Americas Jason Brasile (US)
Asia Hiroaki Okumura (JP)
EMEA Paola Deantoni (IT) Armin Borries (DE)
SMPG Working Groups
39
Settlement & Reconciliation
Corporate Actions
Investment Funds
CO-CHAIRS
Bernard Lenelle Christine Strandberg
Marcin Zawistowski Axelle Wurmser
Nadine Muhigiri Charles Boniver
SMPG Working Groups
FACILITATORS
Evelyn Piron
Jacques Littre
J. Chapman
Trade Initiation & Confirmation (Dormant)
Nadine Muhigiri steps down in April 2017
SMPG Investment Funds Working Group
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The scope and focus of investment fund SMPG is defined as:
“Collective investment schemes traded on primary markets on behalf of the fund.” This excludes secondary market transactions on investment funds. It was decided to follow the 80/20 rule and focus on the 80%. But if a country has a specific issue in the “20%”, then it would be looked at. ISO 20022 is the standard on which work is to be focused.
Will be expanded to include hedge/alternative funds)
SMPG Investment Funds Working Group – how we did it
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• Funds was first SMPG group to work with XML standard
• Very few had adopted it in 2005 • We had to find our way! • No tools to help us specify market practice for the
XML standard • Had to work manually (painful) • Many education-type sessions • SMPG took the lead to define market practice for the
order process • To some extent, SMPG still takes the lead if a
particular standard is not used very much
Market Practice Process
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SMPG
NMPGs
Publish MyStandards SMPG IF *1
Review, discussion, refinement
Collate common elements, identify further opportunities
for harmonisation
Analyse & document local practices
Publish MyStandards NMPG CC IF *1
*1 May also be published on www.smpg.com
SMPG Investment Funds Working Group - Participation
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Market Infrastructures
Singapore
AFAC (HK)
Italy
Spain
Norway
Sweden
Luxembourg
Switzerland Great Britain
Brazil
Australia
France
Germany
Denmark
New (it is hoped)
Contact via SWIFT, HK office Ireland
Participation in past
Austria
Taiwan
The Ireland Funds NMPG was ‘reactivated’ in 2016
SMPG Investment Funds Working Group – NMPG Convenors
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Country Convenor / Vice-convenor Organisation
AU NAB
BR Ana Abidor Anbima
CH Rainer Vogelgesang Six Group
DE Eduard Schroder BNP Paribas
DK Niels W. Hougaard, Bjorn Jensen VP
ES Rafael Higueruelo Islan, Juan Carlos Gallego All Funds
FR Valerie Vaudel BNP Paribas
GB Ben Cocks, David Aspinall Altus, Skandia
IT Andrea Milanesio Pine 3
LU RBC
NO Svein R. Borgersen, Pal Bergquist VPS, VPS
SE Henrik Staffas Skandia
-- Nadine Muhigiri – steps down April 2017 ECLR
-- Tomas Bremin CEDE
SG
AFAC
SMPG Meeting Schedule
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SMPG Investment Funds WG - Monthly conference calls Once a month, the third Tuesday, 1400 CET.
Global SMPG (S & R, CA and Funds) – physical meeting twice a year
Typically, the investment funds WG attends the global meeting when held in Europe.
If investment funds does not join the global meeting, then a separate investment funds physical meeting is held. For example, when SMPG was in Toronto (2011), funds held its own meeting in London.
In some years, the investment Funds working group may meet more than twice, for example, in 2017.
NMPGs Investment Funds – as appropriate.
Publication of Market Practice
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Today, the prime publication mechanism for market practice is MyStandards (more later).
Information about events and minutes documents are published on www.smpg.info. In addition, some markets publish market practice documents on smpg.info.
www.smpg.info – Home Page
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Global SMPG Meeting April 26 – 28, 2017, Dublin
Information about events and minutes documents published on www.smpg.info. Some NMPGs also publish documents on smpg.info.
www.smpg.info – Folders for Investment Funds
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If Singapore NMPG Investment Funds wants to publish on smpg.info, a folder for Singapore will be added
Publication of Global Market Practice – SMPG IF
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Publication mechanism is MyStandards.
The Funds MX order marker
practice will be updated for
funds SR 2017 in Q1-2, 2017
Publication of Funds National Market Practice
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ABI Lab IT IF AFAC Almus Findel LU IF NMPG AU NZ IF NMPG BR IF NMPG CH IF SCFS NMPG DE IF NMPG DK IF NMPG FR IF NMPG GB IF NMPG IE IF NMPG IT IF NMPG LU IF ALMUS NMPG NO IF NMPG DR IF SMPG IF
Each Funds NMPG has its own group on MyStandards. This group is managed by the NMPG itself, not SWIFT, although SWIFT gives support
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Thank you!
