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Agenda • AGENDA: 09:30 Registration and coffee • 10:00 welcoming remarks by our host (Eunice Chan, CEO , MayBank Trustee Berhad) 10:10 Update on global and regional activities (Alexandre Kech, Head of Standards APAC, SWIFT) • Global SMPG history and activities • APAC SMPG activities update ABMF Update (TBC) • 11:00 Break • 11:15 Discussion on the NMPG in MY (facilitated by Eunice Chan and Alexandre Kech) • Objectives of the group Example in other countries Use case: S&R MP for MY (Word MP and MyStandards Draft presented to the group) as an illustration of the type of work the group would work on. Objectives proposal for 2013 • 12:15 Next steps • 12:30 End of the meeting. 2
Agenda • AGENDA: 09:30 Registration and coffee • 10:00 welcoming remarks by our host (Eunice Chan, CEO , MayBank Trustee Berhad) 10:10 Update on global and regional activities (Alexandre Kech, Head of Standards APAC, SWIFT) • Global SMPG history and activities • APAC SMPG activities update ABMF Update (TBC) • 11:00 Break • 11:15 Discussion on the NMPG in MY (facilitated by Eunice Chan and Alexandre Kech) • Objectives of the group Example in other countries Use case: S&R MP for MY (Word MP and MyStandards Draft presented to the group) as an illustration of the type of work the group would work on. Objectives proposal for 2013 • 12:15 Next steps • 12:30 End of the meeting. 3
Welcome 4
Before we start. SWIFT’s role • This is NOT a SWIFT user meeting • Participants are NOT expected to be or to become SWIFT network users. • SWIFT is a cooperative with also a non for profit neutral mission of standardisation. – Global team of 50 building and maintaining standards that can be used on or off SWIFT’s Network – RA for ISO 15022 & 20022, 9362 BIC, 10383 MIC, 13616 IBAN, active in ISO 3166 Country Code, 4217 Currency Code and ISO 17442 LEI – Neutral facilitator/expert in market practice group across the world (SMPG, NMPGs in SG, KR, IN, US, etc. PMPG, CGI, ABMF, etc.) 5
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Global SMPG role • Facilitate global harmonisation of market practices - implementation of ISO messaging in the securities space - But not only… • Bring together representatives of national market practice groups - approx. 40 countries, plus ICSDs (Clearstream and Euroclear) - two physical meetings plus conference calls - delegates represent their market, not their own institution • Identify commonalities and differences among national practices • Identify opportunities for further harmonisation • Publish agreed global market practices on www.smpg.info 7
SMPG organisation GLOBAL STEERING COMMITTEE Trade/ Settlement & Corporate Investment Post Trade Reconciliation Actions Funds (dormant) S&R CA IF S&R CA IF S&R CA IF NATIONAL MARKET PRACTICE GROUPS Settlement & Reconciliation/Corporate Actions Investment funds ISO 15022/ISO 20022 ISO 20022 only Multi-asset class Funds only Process-specific Cross-functional 8
SMPG meetings • Frankfurt meeting last week – 60 rep from 20 countries. HK, SG and JP representation from APAC – Updates on EMEA, APAC and Americas MP activities – IPO, DR, amounts usage (clearing fee in MY?), Event Interpretation Grid progress – SR 2014 change discussions • Johannesburg meeting in November 2013 • Working Groups calls every one or two months. 9
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NMPG role • Open to all securities market participants • IMIs, broker / dealers, custodian banks, central securities depositories, regulators… • Discuss, agree on, and publish local harmonised market practices (in line with global practices) • Comment on or propose SMPG global market practice working documents (eg, IN with IPO, KR with DR, etc.) • Send representation to the 2 global SMPG meetings 11
APAC RMPG • Establishment - June 2012 • Purpose - increase the engagement of the APAC community in global and regional market practice and standards discussion - support the creation of National Market Practice Groups (NMPG) in as many APAC countries as possible and provide assistance to the existing ones. • Organisation - Light structure facilitated by SWIFT Standards Singapore (no chair) - One physical meeting / year (next in KL June 4 th ), conference calls - Exchange of information and network building in all APAC countries • Minutes, documents posted on www.smpg.info in APAC RMPG folder 12
APAC RMPG founding members 13
APAC CA WG • to share information about CA issues in the APAC region and mutually look at ways to solve them • to promote ISO standards towards exchanges, CSD and other local parties looking at changing/STPing their CA processes • to discuss and establish informal CA market practices for APAC countries where there is no NMPG CA Working group (waiting for those countries to have a NMPG CA WG to endorse the work done) 14
APAC CA WG structure • Inclusive working group • CA Experts from exchanges/CSD, custodians, market data and software providers, brokers, investment managers, etc. • No chairs • Facilitation by SWIFT Standards • Bi-monthly WebEx/conference call • One physical meeting per year • Minutes, documents posted on www.smpg.info in APAC RMPG folder 15
Collaboration with ABMF • Two SMPG Steering Committee members as international experts on ABMF SF2 • SWIFT Standards as international experts on ABMF SF2 • ABMF updates at global SMPG meetings • ABMF support to SMPG for creation of NMPGs in ASEAN + 3 • ABMF participation to APAC RMPG and maybe global SMPG in the future • Etc. 16
SMPG (NMPG) Working Groups • Settlement & Reconciliation • Corporate Action • Investment Funds 17
SRWG achievements • Global Market Practices: - 26 global market practices published including: Common Element listing of values for Settlement, Statement of Holdings and Transactions, Block Trades - See www.smpg.info for more information • Local Market Practices for 35 Countries: - Specify specifics for the plain vanilla settlement instruction per country - Settlement Instruction Summary sheet - Regional Groups: ESES (Euroclear Settlement of Euronext-zone Securities), - Nordics (Denmark, Finland, Iceland, Norway and Sweden), South-America 18
SRWG on going and future developments • Reviewing MPs - Financial Instrument Identification - Securities Settlement Transaction Pending Report - Basic Securities Lending/Borrowing - Book Transfer/Portfolio Transfer Customer to Customer Communication - Repo - Stamp duty • 2013 CR reviews 19
SRWG on going and future developments • New Subjects - Securities Financing: Process Redesign related to ISO20022 - Post Trade Flows (CCP / Bilateral Clearing) - MyStandards - Any other MP that needs to be described/revised • Consultation with PMPG - Creation of MP of Securities related Cash / FX Processes • Work Closely with NMPGs to harmonise Local SR MP’s • Potential changes to MPs under T2S umbrella 20
CAWG in figures • 27 member countries (NMPGs) from 3 regions (EMEA, Americas, Japan/Asia) • 2 industry groups : ICSDs, MDPUG – Market Data Provider User Group) • Monthly conference calls • 2 physical meetings / year • 19 active countries contributing to MPs creation • 17 local MP documents published on web sites • WG active since 2000 • About 270 open items discussed/solved since 2006 21
CAWG achievements • Global MPs documents cover: - 60+ corporate action events & 5 ISO 15022 MT messages - All CA business processes / Events flows - Detailed MPs on: • Messages contents (MT 56x) and fields usage • Particular Events (e.g. Rights issues) • Special processes (Preliminary Advice, Market Claims, Proxy Voting basics) • "Event Interpretation Grid +" Table - Recommended main options and data fields provided for 132 types of events (as SMPG Global MPs) and also for 23 countries (as local MPs) • Additional Events Interpretation tables for: - Complex events, Redemption events and Return of Capital events • CA Templates document: 67 events message samples fully illustrated • COAF (Official CA Events reference) Usage Guidelines and Registration • Yearly CRs submission to ISO15022 maintenance • Involved in ISO20022 CA Reverse Engineering effort 22
CAWG on going and future developments • 3 new CA market practices subgroups on: - Tax: clarify tax rates usages and related issues) - ISO 20022 CA: make the CA MPs ISO15022 syntax-independent and covers specificities of ISO20022 messages - Proxy Voting: covers ISO 20022 proxy voting messages • Posting CA MPs on MyStandards Web-based collaborative platform • Capture Investment Funds requirements for CA (in collaboration with the SMPG IF WG). 23
IFWG scope and participation Terms of reference • ISO 20022 only • "Traditional" funds and operating models - not hedge funds (specific complexities) - not exchange-traded funds (trade/settle alongside equities) • Cross-functional - trading, settlement, corporation actions etc. - starting/ending with Transfer Agent • Discussion and liason with other groups engaged in fund processing standardization - Efama FPSG, US ICI IOAC, Lux. Findel groups Active participants • Countries: BR, CH, DE, DK, ES, FR, GB, IE, IT, LU, NL, NO, SE • ICSDs: Clearstream, Euroclear 24
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