Xact via SWIFT: Transaction management enhancements - Update

04.03.2021

Note: This announcement originally published on 13 January 2021, has been further updated to provide a date for the implementation of the enhancements. Please note that the SEME uniqueness functionality will not be included within this release and will be delivered at a later stage. 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::SEME

SEME reference for settlement messages from market claims and transformations.

: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:

  • "TR";
  • Space;
  • Underlying transaction reference;
  • ...

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.