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The Australian Funds community updates its market practices

The new guidelines will be captured in MyStandards
2017-09-19 14:06 3887

SYDNEY, Sept. 19, 2017 /PRNewswire/ -- SWIFT announces today that the updated market practice guidelines of the Australian Funds community will be captured in MyStandards, SWIFT's collaborative web platform to manage global standards, market practices and bank implementation guidelines. The Australian Funds community joins the 110 organisations and industry bodies already publishing content on the platform today to streamline their standards publications, community migrations and customer on-boarding projects.

Following a 10 year freeze on the ISO 20022 order messages used in the funds industry, the ISO Securities Standards Evaluation Group approved a new version of the messages in 2016. SWIFT will include the new version in their yearly Standards Release to be implemented on the 18th of November 2017. In order to promote an efficient market, the Australian SWIFTNet Funds users and the Australian Securities Market Practice Group (AU SMPG) agreed to update the current market practice guidelines and to make them freely available to AU SMPG members through the MyStandards platform. In doing so, the AU SPMG confirms its commitment to ISO 20022 and to keeping the market practices relevant with each applicable standards release.

Andrew Bastow, HSBC's Global Head of Direct Custody Service Delivery and Head of Securities Services Australia and New Zealand said: "HSBC was one of the pioneers of automated standards for the Australian Funds community and welcomes this latest innovation. It is vital that technologies that promote automation and risk reduction continue to be developed with the ultimate aim of improving efficiency of settlements in the managed funds market for the benefit of the entire investment value chain."

Robert Poulter, Chair of the Australian Funds Securities Market Practice Group said: "Automation within the funds industry has historically been a major challenge, however with SWIFT continuing to support the ISO 20022 standards and allowing all SMPG members to have easy access to standards via MyStandards we are making a step in the right direction. The utilisation of MyStandards also ensures that messaging is consistent."

Kees Middendorp, Commercial Director, Securities at SWIFT, said: "We are delighted to see the continuous investment the Australian funds community is making to keep the market practices up-to-date and relevant. The choice of the community to leverage MyStandards to manage these guidelines is in line with the broadening adoption of the platform within Australia, as MyStandards is already the platform of choice for the Australian New Payments Platform and for the Australian Securities Exchange".

About SWIFT

SWIFT is a global member owned cooperative and the world's leading provider of secure financial messaging services. We provide our community with a platform for messaging and standards for communicating, and we offer products and services to facilitate access and integration, identification, analysis and regulatory compliance.

Our messaging platform, products and services connect more than 11,000 banking and securities organisations, market infrastructures and corporate customers in more than 200 countries and territories. While SWIFT does not hold funds or manage accounts on behalf of customers, we enable our global community of users to communicate securely, exchanging standardised financial messages in a reliable way, thereby supporting global and local financial flows, as well as trade and commerce all around the world.

As their trusted provider, we relentlessly pursue operational excellence; we support our community in addressing cyber threats; and we continually seek ways to lower costs, reduce risks and eliminate operational inefficiencies. Our products and services support our community's access and integration, business intelligence, reference data and financial crime compliance needs. SWIFT also brings the financial community together -- at global, regional and local levels -- to shape market practice, define standards and debate issues of mutual interest or concern.

Headquartered in Belgium, SWIFT's international governance and oversight reinforces the neutral, global character of its cooperative structure. SWIFT's global office network ensures an active presence in all the major financial centres.


For more information, visit www.swift.com or follow us on Twitter: @swiftcommunity and LinkedIn: SWIFT

Securities Market Practice Group (SMPG)

SMPG was created in July 1998 and since its inception has established a local presence in more than 30 countries through National Market Practice Groups (NMPG). These groups are comprised of broker/dealers, investment managers, custodian banks, central securities depositories and regulators. SMPG has been extremely successful in creating globally agreed harmonised market practices which, integrated with ISO standards has brought the securities industry closer to achieving Straight Through Processing (STP).

The SMPG is focused on enhancing the current securities industry practices. This group realizes the benefit of industry utilities and other industry groups in dictating conformance to standards and market practices. As such, there is active dialogue between the SMPG and other industry groups/organisations(ie, OMGEO, ECSDA, ACSDA, ISITC, ISSA, etc).

NMPGs members list:

Austria, Australia, Belgium, Brazil, Denmark, Canada, mainland China, Egypt, Finland, France, Germany, UK and Ireland, Greece, Hong Kong, Iceland, Israel, Italy, Japan, Luxembourg, Mexico, New Zealand, Norway, Poland, Portugal, Russia, Singapore, South Africa, South Korea, Spain, Sweden, Switzerland, Taiwan, The Netherlands, Turkey, Ukraine, United States, Vietnam and the Eurobond Markets.

More info on: www.smpg.info

Contacts:  

Xavier Duval
Xavier.Duval@swift.com
+852 2107 8978

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Source: S.W.I.F.T.SCRL
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