the future T2S Pan-European settlement\/delivery platform<\/a>, certain players have already opted for a transition to this new format in areas other than settlement\/delivery.<\/p>\nThis is particularly the case with the funds industry. Although in
\nMarch the Swift Securities Committee suggested postponing the
\nfinal removal date of ISO 15022 messages, many players
\n(including France) have called for a quick end to the \u201cMT\/MX\u201d
\ntransitional period, i.e. coexistence of messages in ISO 15022
\nformat with an ISO 20022 format. These reactions demonstrated
\nthat the funds industry was mature enough to adopt the new
\nformat and the rest; in June, the SWIFT Board ruled in favour of an end of migration to the \u201cSwift Release 2015\u201d accompanied by a
\npricing system favouring the use of ISO 20022 formats.<\/p>\n
<\/p>\n
The second shock wave comes from the other side of the Atlantic
\nwith the announcement by DTCC, the US Depository Trust &
\nClearing Corporation, of the launch of a pilot phase for corporate
\nactions processing with five local users who are among the
\nindustry\u2019s most significant players.<\/p>\n
The objective is to incorporate issuer transaction announcements
\nat the DTCC level by encouraging issuers to use the ISO 20022
\nformat through a protocol (called \u201cXBRL\u201d) already known by
\ncompanies, since they use it for their tax returns. Announcements
\nare then sent to intermediaries, who distribute them to the entire
\nchain of stakeholders downstream.<\/p>\n
A gradual ramp-up will be carried out in order to shift from simple
\ndistributions and reimbursements in 2012 to reorganisations in
\n2013. This pilot phase could allow the US to offer a three-year
\nmigration window beginning in 2015.<\/p>\n
For their part, Asia and Latin America favour investments on the
\nnew ISO 20022 message format on some portion of messages
\nrather than investing in a standard whose days seem to be
\nnumbered.<\/p>\n
The major jolt for the European industry will be the launch of Target
\n2 Securities. It will force all Central Securities Depositories
\nconnecting to it to be able to exchange Settlement\/Delivery
\nmessages in ISO 20022.<\/p>\n
Therefore, the signs are there, and in order to reassure themselves,
\nsome are hiding behind a short-term vision offered by the possibilities
\nof \u201cMT\/MX coexistence\u201d and \u201cMT\/MX translator\u201d. Such an approach
\namounts to postponing a long-term industrial investment requiring
\nmuch more involvement. ISO 20022 is indeed the opportunity to approach not only messages but also treatments in the form of processes to make the most of all of the richness that ISO 20022 will offer in the future in order to meet the needs for industrialisation of complex treatments generating substantial operational risks.<\/p>\n
While waiting for this opportunity to be tapped, a series of major jolts
\nis to be expected, from which the pivotal year will undoubtedly
\nemerge around 2014.<\/p>\n
En attendant l\u2019exploitation de ce filon, une s\u00e9rie de secousses
\nmajeures sont \u00e0 pr\u00e9voir dont l\u2019ann\u00e9e charni\u00e8re se dessinera sans
\ndoute aux alentours de 2014\u2026<\/p>\n","protected":false},"excerpt":{"rendered":"
The environment of Asset Servicing activities has been experiencing significant structural movements for several years, generating both \u201cmajor regulatory waves\u201d sweeping particularly through Europe and a series of ground swells of \u201cself-regulating\u201d initiatives, such as the
\nadaptation of European standards on Corporate Actions and General Meetings<\/p>\n","protected":false},"author":1,"featured_media":20617,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[1508],"tags":[1655,1841,1986,1837,1984],"_links":{"self":[{"href":"http:\/\/beta.next-finance.net\/en\/wp-json\/wp\/v2\/posts\/20619"}],"collection":[{"href":"http:\/\/beta.next-finance.net\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/beta.next-finance.net\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/beta.next-finance.net\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/beta.next-finance.net\/en\/wp-json\/wp\/v2\/comments?post=20619"}],"version-history":[{"count":1,"href":"http:\/\/beta.next-finance.net\/en\/wp-json\/wp\/v2\/posts\/20619\/revisions"}],"predecessor-version":[{"id":85243,"href":"http:\/\/beta.next-finance.net\/en\/wp-json\/wp\/v2\/posts\/20619\/revisions\/85243"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/beta.next-finance.net\/en\/wp-json\/wp\/v2\/media\/20617"}],"wp:attachment":[{"href":"http:\/\/beta.next-finance.net\/en\/wp-json\/wp\/v2\/media?parent=20619"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/beta.next-finance.net\/en\/wp-json\/wp\/v2\/categories?post=20619"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/beta.next-finance.net\/en\/wp-json\/wp\/v2\/tags?post=20619"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}