Funds Migration Programme
The mandatory migration of MT to MX for funds transactions is continuing to show good progress, with MX traffic representing over 74% of the total funds traffic at the end of September 2016.
The migration programme has been intensively monitored and discussed by the SWIFT Board and within the Funds industry, represented by the Funds Migration Advisory Group (FMAG), who confirmed that MX is the way forward for the funds industry. As per the announcements that have been made to the funds community in March 2015, it has been confirmed that from November 2015, users of the old MT messages will be able to continue to exchange them in a closed user group (CUG) environment 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 being carried out. 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 has been updated in line with these changes, and is applicable since the August invoices.