Financial messaging

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Back office costs for T2S to run as high as EUR27 million

/Financial messaging

Back office costs for T2S to run as high as EUR27 million

European banks and broker-dealers are lagging in their understanding of the impact of the European Central Bank's plans for harmonising settlement under the Target2Securities platform, with migration costs for back offices estimated at anywhere between seven million euros and EUR27 million.

Citi implements corporate-to-bank Swift standard for trade

/Financial messaging

Citi implements corporate-to-bank Swift standard for trade

Citi has rolled out the corporate-to-bank Swift Message Type (MT) 798, in a move that the US giant says will support its multinational clients in their trade flows.

Swift's bid to move into domestic markets comes good in India

/Financial messaging

Swift's bid to move into domestic markets comes good in India

Swift is moving into the domestic Indian market, thanks to a joint venture that will see six partner banks build a financial messaging system for the country.

Banks announce support for SAP corporate cloud messaging network

/Financial messaging

Banks announce support for SAP corporate cloud messaging network

Bank of America Merrill Lynch, The Bank of Tokyo-Mitsubishi UFJ, Citi, Deutsche Bank, Nordea, Royal Bank of Scotland and Standard Chartered Bank have announced their involvement in the development of the SAP Financial Services Network (FSN), a cloud-based corporate-to-bank connectivity platform.

Swift taps SmartStream for Accord Matching overhaul

/Financial messaging

Swift taps SmartStream for Accord Matching overhaul

Financial messaging network Swift has enlisted SmartStream Technologies for an overhaul of its Accord confirmation matching engine.

JPMorgan signs for Swift's MyStandards tool

/Financial messaging

JPMorgan signs for Swift's MyStandards tool

JPMorgan has become the first global bank to sign up to the new Web-based standards management package developed by interbank network Swift.

Swift goes on hiring spree for new Apac corporate hub

/Financial messaging

Swift goes on hiring spree for new Apac corporate hub

Interbank messaging network Swift is establishing a corporate hub in Asia Pacific, at sites in Kuala Lumpur and Singapore, employing 100 people.

DTCC and Swift launch CFTC LEI portal

/Financial messaging

DTCC and Swift launch CFTC LEI portal

A Web portal for assigning Commodity Futures Trading Commission (CFTC) identifiers to firms involved in OTC derivatives trading has gone live.

Standard Chartered shares tumble on Iran allegations

/Financial messaging

Standard Chartered shares tumble on Iran allegations

Shares in Standard Chartered fell more than 20% in morning trading after a US regulator accused the bank of falsifying thousands of Swift wire payment directions to help hide $250 billion in transactions linked to Iran.

Swift faces lock-out from LEI roll-out

/Financial messaging

Swift faces lock-out from LEI roll-out

The Financial Stability Board has abandoned plans for a global registration authority for Legal Entity Identifiers in favour of a federated network, dealing a hammer blow to the ambitions of interbank messaging network Swift to play a central role in the roll out of the new standards.

In 'unprecedented' step, Swift cuts off Iranian banks

/Financial messaging

In 'unprecedented' step, Swift cuts off Iranian banks

Under orders from the EU, Swift has taken the unprecedented step of cutting off its financial messaging network to Iranian banks subject to European sanctions.

With LEI's in train, banks could soon go the way of record labels says senior BofE exec

/Financial messaging

With LEI's in train, banks could soon go the way of record labels says senior BofE exec

The introduction of a common global language for financial counterparties and products could ultimately lower barriers to market entry and make some bank functions surplus to requirements, a senior Bank of England policy maker says.

Swift introduces cloud-based connectivity

/Financial messaging

Swift introduces cloud-based connectivity

Financial messaging network Swift is preparing to upgrade its Alliance Lite system, bringing the option of cloud-based connectivity to most customers.

FSB establishes LEI and CCP working groups

/Financial messaging

FSB establishes LEI and CCP working groups

The BIS-backed Financial Stability Board has set up a working group to deliver concrete recommendations on governance issues relating to the management of new Legal Entity Identifiers (LEI) in the global securities markets.

Dion buys controlling stake in Swissrisk

/Financial messaging

Dion buys controlling stake in Swissrisk

Dion Global Solutions has acquired a controlling stake in Frankfurt-based Swissrisk Financial Systems. Terms of the deal were not disclosed.

SEB on the politics & technology of T2S

/Financial messaging

SEB on the politics & technology of T2S

Göran Fors, Global Head of GTS Banks at SEB comments on the Target2Securities pessimism and preparing for the massive changes it will bring to the European post-trade space.

BNP Paribas and Bottomline form UK and Ireland Swift Service Bureau partnership

/Financial messaging

BNP Paribas and Bottomline form UK and Ireland Swift Service Bureau partnership

BNP Paribas Cash Management and Bottomline Technologies have formed a Swift Service Bureau partnership in the UK and Ireland.

Financial messaging and standards

/Financial messaging

Financial messaging and standards

Chris Pickles, head of Industry Initiatives - Global Banking & Financial Markets at BT, talks about whether ISO 20022 is one standard to solve all problems at Sibos 2011.

Firms urged to begin IT prep for handling LEIs

/Financial messaging

Firms urged to begin IT prep for handling LEIs

Delegates at the annual user conference of financial messaging body Swift were given more information about the development of the legal entity identifier (LEI) messaging standard designed to produce an electronic tag for the counterparties in all securities transactions

Swift's MyStandards pilot moves into live production

/Financial messaging

Swift's MyStandards pilot moves into live production

Financial messaging network Swift has announced that its MyStandards project is now recruiting users after completing a closed pilot phase.

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