Business transactionsUpdated 26 February 2010
Securities settlement and reconciliation
Settlement and reconciliation directly follows the trade initiation and confirmation stages of the transaction chain. Once a trade has been confirmed, it must be settled.
The transaction flows below provide a high level overview of how the settlement and reconciliation messages relate to one and other and identify the main parties involved in sending and receiving the messages
The settlement messages cater for all aspects of settlement activity — to advise, instruct and confirm the movement of securities. They also report on the status of pending settlement instruction, movements, and holdings for the specified account, at any given point or duration in time.
In order to help the European market infrastructures become Giovannini compliant in 2011 and at the request of other market players, SWIFT Standards has reverse engineered the ISO 15022 Settlement & Reconciliation messages into ISO 20022.
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