The migration continues to progress well, it has good momentum and the rate of MX funds messages verses the MT 502, 509 and 515 for funds continues to increase.
As is commonly known, the funds MT-MX migration is a mandatory migration, mandated by the funds community. The community is represented by the Funds Migration Advisory Group (FMAG) who recently reconvened and confirmed that MX is the way forward for the Funds industry. The FMAG has a strong view on keeping the momentum of MX migration moving forwards, and acknowledge that there are certain segments that are struggling to meet the community deadline. A number of conclusions still have to be drawn, but SWIFT has been asked to keep MT Funds CUG operational for a period after November 2015.
The FMAG recognise the efforts of those that have already migrated or planned the investment in MX and wish encourage continued adoption of the MX, therefore the incentives will be focused on institutions with clear plans to adopt before the new deadline is introduced. More precise information will become available during Q1 2015.
SWIFT has an annual standards maintenance release to maintain existing standards, to bring them in line with business changes. The SWIFT Funds Solution in consultation with its customers, implemented a maintenance freeze on the MX funds order messages (setr) to provide stability during the Funds Migration period. The maintenance on the other funds messages within the Funds Solution has continued during this period. For more information about maintenance of Funds Solution messages see the document MX Funds Solution Maintenance Information.
2014 – Funds 4.7, a maintenance release, went live in November 2014. This is a maintenance to account management (acmt) and transfers (sese) messages. The Funds 4.7 Service Description is available. The messages schemas and documentation for Funds 4.7 is available in the User Handbook.
2015 – Funds 4.8, a maintenance release, is underway. This is a maintenance to account management (acmt), transfers (sese), fund cash forecast (camt) messages and the securities message rejection (semt.001) message. The Funds 4.8 Service Description is available. The messages schemas and documentation for Funds 4.8 has been published as advance information in the User Handbook
Please note that the MT 502, MT 509 and MT 515 will not be maintained for the investment fund functionality.