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HSBC goes live on SGX NPTS using SWIFT

HSBC goes live on SGX NPTS using SWIFT

28 June 2017 | 4 min read

HSBC becomes the first bank to send FIXML and ISO20022 messages over their network

Singapore, 26 June 2017 – SWIFT announces today that HSBC successfully went live with FIXML and ISO 20022 traffic on SWIFT for domestic clearing and settlement on SGX, enabling the bank to use a single channel for domestic and cross-border messaging. HSBC is the first bank to send FIXML messages via SWIFT for clearing purposes.

HSBC’s selection of SWIFT will enable the bank to improve straight-through-processing (STP) and efficiency as the bank will be moving from batch processing into messaging. Using SWIFT as a single channel for all cross-border and domestic communications will provide HSBC with a single view on all their messages and a cost-effective infrastructure.

Tony Lewis, HSBC Head of Securities Services for Singapore said: “Following a number of successful implementations in the region, it is a pleasure to work with SWIFT and SGX on extending our network to cover all domestic clearing and settlements in Singapore. The consolidation of inbound and outbound messaging traffic in Singapore through one channel has enabled HSBC to achieve straight-through processing across the entire post trade‎ execution flow for securities. This translates into more timely ‎reporting to clients on their matching and settlement status. It also means that clients can leverage our technology and harness the benefits of driving efficiencies by integrating their workflows with us. Importantly, a key achievement is our ability to offer institutional clients seamless connectivity in Singapore, as part of our strategy to provide them with opportunities for greater integration with market infrastructures such as the SGX”.

Nico Torchetti, SGX Head of Market Services, Equities & Fixed Income, said: “In line with SGX’s efforts to introduce international best practices to the Singapore securities market, we are pleased that our securities post-trade modernisation initiative has translated into greater workflow efficiencies and more timely information for our members, including HSBC. HSBC successfully launched its trading-clearing business model on SGX’s new post-trade systems, and further consolidated its post-trade processing using SWIFTNet and SGX clearing and settlement APIs. This is the first SWIFTNet implementation, and will be followed by other members in the coming months. Members will have the flexibility in structuring and operating their securities trading and clearing business; they can not only use their preferred application infrastructure, but can also choose how they connect to SGX, such as through SWIFTNet.”

Eddie Haddad, Managing Director, Asia Pacific, SWIFT said: “We are delighted that HSBC chose to leverage its SWIFT infrastructure for its domestic clearing and settlement operations on SGX, it confirms the trust that HSBC places in the reliability and efficiency of the SWIFT network It also highlights one of our key strategic objective in terms of expanding our cooperative members’ reach to domestic infrastructures across the world and in Asia Pacific in particular”.

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, standards for communicating and we offer products and services to facilitate access and integration; identification, analysis and financial crime 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, enabling them to communicate securely and exchange standardised financial messages in a reliable way. As their trusted provider, we facilitate global and local financial flows, support trade and commerce all around the world; we relentlessly pursue operational excellence and continually seek ways to lower costs, reduce risks and eliminate operational inefficiencies. 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

 Jaime Lee
 +852 2107 8860