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Swift releases MiFID-compliant messaging standards

Swift has released message standards compliant with the Markets in Financial Instruments Directive to help the consortium's community meet the requirements of the directive ahead of the 1 November 2007 deadline. Following the completion of a gap analysis, existing ISO messages have been modified to ensure MiFID compliance. These will be live in the Standards Release annual maintenance on 27 October.

Swift releases MiFID-compliant messaging standards
As an ISO standard, the new messages are useable over any network. Swift supports the standard on the Swift network and will drive adoption by offering investment firms, regulators and reporting intermediaries the opportunity to pilot the messages over Swift's file transfer service - SwiftNet FileAct - during the second half of 2007.

Keith Berrett, executive director at Morgan Stanley, said: "Every party involved in the flow should benefit from the creation of a standard message for reporting transactions. It will remove the need to maintain different schemas dependent upon who the information is being sent to and from, or what the instrument is."


Lundi 3 Septembre 2007

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