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Funds

Supporting automation of investment funds distribution

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Important update on the Funds migration programme - new disincentives scheme

This important update follows the announcement that was mailed to the funds community on 4 March 2015, when we confirmed that from November 2015 onwards, users of the old MTs will be able to continue to exchange them in a closed user group environment (CUG) on the SWIFT network. This will be automatically done for existing MT users. This CUG will not be open to everyone; new admissions will be challenged to ensure that the move to MX is still clearly in mind.

As per this announcement, the CUG will be maintained until 90% of Funds traffic is fully migrated to MX, and once that threshold is reached, for another period of maximum 2 years, to cater for the last counterparties to migrate.

After that date, the CUG should be decommissioned and Funds MT traffic will no longer be accepted on the SWIFT network.

The current disincentives scheme will now be updated in line with these changes, to be applicable as from the August invoices. The disincentives scheme details are available:

Until August, the current disincentives scheme remains applicable. Please click this link for the full details of current measures.

SWIFT continues to work with Funds users to ensure that the programme reflects the needs of the community, with the help of the Funds Migration Advisory Group. 

For more information visit the Funds Migration Programme website.

Should you need assistance or need more information about the CUG conditions, please consult the Support page on www.swift.com

MT to MX migration updates for Funds transactions

The migration of MT to MX for Funds transactions is continuing to show good progress.  Over 63% by volume has been migrated already, and the project still has momentum; an additional 19% of Funds volume is technically ready with MX (i.e. both sender and receiver are MX-capable, and should initiate their transition to MX soon).

Although this shows good progress, analysis of key facts and figures show the community will not be fully ready to migrate by the November 2015 deadline.

The Funds community is represented by the Funds Migration Advisory Group (FMAG) who recently confirmed that MX is the way forward for the Funds industry, and produced a detailed proposal for the future of the migration, acknowledging that a number of low- to medium-volume firms will not meet the current deadline.

We therefore would like to confirm that from November 2015 onwards, users of the old MTs will be able to continue to exchange them in a closed user group environment (CUG) on the SWIFT network. This will be automatically done for existing MT users. This CUG will not be open to everyone; new admissions will be challenged to ensure that the move to MX still clearly in mind.

The CUG will be maintained until 90% of Funds traffic is fully migrated to MX, and once that threshold is reached, for another period of maximum 2 years, to cater for the last counterparties to migrate.

After that date, the CUG should be decommissioned and Funds MT traffic will no longer be accepted on the SWIFT network.

The current disincentives scheme will now be updated in line with these changes. Full pricing details will be available and communicated at the end of March 2015, for application from the August invoices.

Until then, the current disincentives scheme remains applicable. Please click this link for the full details of current measures.

However, anticipating the new pricing measures applicable as from this summer, please note that we have decided, effective immediately, to lower the exemption rate threshold for order sender disincentives, from 90% to 75%. This means that, from now on, if 75% of your orders sent are already in MX, the disincentives will not be applied to you.

SWIFT continues to work with Funds users to ensure that the programme reflects the needs of the community, with the help of the Funds Migration Advisory Group. 

For more information visit the Funds Migration Programme website.

Should you need assistance, please consult the Support page on www.swift.com.

Funds Maintenance Update

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 message schemas and documentation for Funds 4.8 have been published in the User Handbook.

Please note that the MT 502, MT 509 and MT 515 will not be maintained for the investment fund functionality.

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