December 2001
Mission Create globally agreed harmonised market practices for the securities industry. 2
Process • Organize national market practice groups. • Collate national market practice rules. • Define cross-border market practice rules. • Harmonise market practice differences. • Publish market practice rules. • Identify conformance mechanisms. 3
Alliances – FIX – GSTPA Ltd – ISITC-IOA – ISSA – Securities Industry Association (T+1 -US) – ANNA – Others as appropriate 4
SMPG Structure Steering Committee Chairman, Vice-Chairman, and 8 functional representatives S. W. I. F. T. National Market Practice Groups and Convenors Broker/dealers, investment managers, custodians, depositories, regulators, and vendors 5
Steering Committee December, 2001 • • • Chairman Vice Chairman General Secretary Program Director Regional Directors – Asia/Pacific – EMEA – Americas Catherine Dias (Citibank) Niels Hougaard (VP - Denmark) SWIFT Alexandre Kech (SWIFT) Shuta Okawara (Tokyo-Mitsubishi) Henry Ingrouille (Morgan Stanley) Adriano Capellini (Unicredito Italiano) Open (to be elected) Genevy Dimitrion (Deutsche Bank) Sandy Dinetz (DTCC) 6
Overview • July 1998: 14 countries • October 2001: 30 active + 10 in progress • Year End 2001: 39 countries targeted 7
Countries - December 2001 • Americas : BR, CA, US, *AR, *CL, *MX • EMEA : AT, BE, CH, DE, DK, ES, FI, FR, GR, IE, IL, IT, LU, NL, NO, PT, RU, SE, UK, TR, ZA, eurobond market, *PL, *SL • Asia-Pacific : AU, HK, JP, KR, SG, *MY, *CN, *IN, *TH, *TW * = in progress 8
Work items • Settlement • Corporate actions • Reconciliation • TIC
New Topics in 2001 • Repos – Market representatives and SWIFT have defined the business process and also reflected the requirements on the MT 540 s. – Feedback from each market is required to further define common practices. • Securities Lending US group have started defining the process with focus on crossborder trades. Feedback from each market is required to further define common practices • Funds SWIFT and some markets produced documents and template for MT 502, 525, 540 s. Feedback from each market is required to further define common practices. 10
2001 Meetings – March 21 -23 - Boston • ISITC-IOA - March 18 -20 - Boston – June 27 -29 - Brussels • June 25 -26 - Pan-Euro Conference - ISITC, FIX, SMPG • June 27 -29 - SMPG meeting – October - SMPG/ISITC - Oct. 14 -15 - Singapore • Sibos - October 15 -18 - Singapore – Nov/Dec - Steering Committee - 2002 plan 11
Singapore Discussions Function of the message Place of Safekeeping Book Transfer Linkages Forex Cancellation MT 578 -586 12
Agreed MP Documents • Available on www. swift. com: (search - smpg) – Settlement Instructions Common Business Elements • MT 540 -543 – MT 535 -536 • Statement of Holdings, Statement of Transactions – MT 548 -537 • Settlement Status and Processing Advice, Statement of Pending Transactions – Block Trades – Place of Settlement • When settling through multiple settlement system 13
2001 - Project Plan • Trade Initiation & Confirmation – v 4 Equities – v 4 Fixed Income • Corporate Actions – v 3 Mandatory events, Mandatory w/options, Voluntaries – v 2 Claims • Reconciliation – v 4 Pending Trades – v 4 Advice/Status • Trade Settlement - complex transactions – v 4 Repurchase agreements – v 4 Mutual Funds Settlement – v 4 Derivatives (exchange traded) 14
2001 - Project Plan • Repos – v 1 October 2001 • Securities Lending (Global - ISITC, RMA, SIA-US, ES) – v 1 October 2001 • Mutual Funds (FIX - AU, Europe, UK, US, SWIFT) – v 1 October 2001 • Market Practice Implementation – v 1 October 2001 15
2001 - Other Initiatives – Cash Reconciliation (US) – Claims (UK, US) – Conformance (UK, US) – Foreign Exchange - spot & forward (SWIFT WG) – SMPG Glossary (SWIFT) – Registrations (CH, DE) 16
Question ? didier. hermans@swift. com alexandre. kech@swift. com 17
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