Swift to roll out structured messages for bilateral trade netting
Swift plans to release structured messages for bilateral trade netting in November in a move to improve straight-through processing, says a senior official in London.
The message type will apply to trades that fall outside settlement system CLS, and represent 12% ($400 billion) of total settlement obligations, according to the last report from the Bank for International Settlement's Committee on Payment and Settlement Systems (CPSS) published in 2008.
Joe Halberstadt, head of foreign exchange
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