Xact via SWIFT: Transaction management enhancements - Update II
Note: This announcement originally published on 13 January 2021 and updated on 4 March 2021, has been further updated to clarify the enhancements in the 70E::SPRO field. Changes have been highlighted.
LuxCSD1 would like to inform customers about reporting and functionality enhancements related to market/reverse claims and transformations.
The implementation of the enhancements will take place during
14 June 2021
Reporting enhancements for Xact via SWIFT messages
New referencing in MT544-MT547 “Settlement Confirmation” and MT548 “Settlement Status and Processing Advice” messages as follows:
Field in MT544-MT547 and MT548 | Usage |
:20C::PCTI | SEME of settlement instructions generated from market claims and transformations. |
:70E::SPRO | Enriched by SEME of the underlying instruction (original instruction subject to market/reverse claim or transformation) at the beginning of the last line:
Please note that this structure replaces the former format for messages which already included the reference to the underlying instruction after the keyword “RELA”. |
Modifications and cancellations of market/reverse claims and transformations in Xact via SWIFT
With the change of referencing in messages related to settlement instructions generated from market claims and transformations, customers will be able to modify or cancel market/reverse claim instructions or transformation settlement instructions.
At present, these functionalities are only possible via Xact Web Portal and now they will be extended to Xact via SWIFT.
Customers will be required to use the reference populated in field :20C::PCTI of MT548 and include it in field :20C::PREV of their MT530 or MT540-MT543(CANC) messages.
This enables:
- Modification via MT530: Change of the hold/release status;
- Cancellation via MT540-MT543 (23G:CANC).
Instructions to be modified or to be cancelled must contain:
- :22F::SETR//CLAI for market/reverse claims;
- :22F::SETR//TRAD and 22F::STCO//TRAN for transformations.
Extension of transformation period
At present, LuxCSD performs transformations for pending matched trades only at the end of the day at 20:30 CET (on record date/entitlement date). If instructions are generated after the transformation process has taken place, those instructions will be rejected.
New processing cycles to transform pending matched trades will be introduced at 03:00 CET, 10:00 CET, 14:00 CET and 17:00 CET on maturity date (extension of the transformation period by one business day).
Customers instructing on an old or matured ISIN must respect the final deadline on maturity date at 16:45 CET.
Instructions on maturity date after 16:45 CET, will not be transformed but remain pending until they get rejected at 20:30 CET.
Further information
The Xact via SWIFT user guide and Customer Handbooks will be updated in due course.
For further information, customers may contact LuxCSD Client Services or their Relationship Officer.
The relevant contact details are available on the website under Contacts.
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1. LuxCSD refers to LuxCSD S.A. with registered office at 42, Avenue J.F. Kennedy, L-1855 Luxembourg, registered with the Luxembourg Trade and Companies Register under number B-154.449.