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What was the rationale for the decision not to migrate?
In 2018, we surveyed our global community to assess market appetite, across all business areas, for a migration to ISO 20022. The response from securities players was not clear-cut, so no migration date was set.
More recently, in 2020, ISSA surveyed its members and, in 2021, we carried out our consultation to understand the appetite for adopting ISO 20022 in the securities space.
The feedback we have had is that, for now, there is no industry appetite for global migration, but ISO 20022 is still seen as the likely future standard.
With this in mind, we will continue to offer users the choice between using ISO 15022 and ISO 20022 – in the securities markets – and we will continue to support our customers in dealing with coexistence and interoperability by leveraging our existing product portfolio.
How will Swift support coexistence in securities markets?
Within the financial services industry, multiple messaging standards are used.
In addition to the proprietary standards still used by some market infrastructures, there are also several other different standards used in the securities industry, including ISO 20022, ISO 15022, ISO 7775, FpML and FIX.
From a practical perspective, most ISO 15022 messages now also exist in the ISO 20022 format. Where more than one securities message exists to support the same business process, Swift Standards will continue to make changes to both message standards so that they are kept in sync so that vendors and customers can translate between the two syntaxes.