Initiative

SWIFT Funds Migration to MX

The SWIFT Funds Migration Programme obliges funds players still using ISO 15022 (MT) messages for funds to pay more for their messaging, to encourage them to migrate to the more comprehensive ISO 20022 (MX) funds messages listed below.

Currently the older MT formats can still be used, though SWIFT applies higher costs for the use of these message types. Although the original plan was to phase the MT formats out completely in November 2015, SWIFT has now agreed to create a closed user group (CUG) at that point for remaining MT users, which will be kept in existence until two years after at least 90% of funds traffic is using MX. SWIFT state that “this CUG will not be open to everyone; new admissions will be challenged to ensure that the move to MX is still clearly in mind”.

 

Transformer for MT and MX formats

With its powerful capabilities for working with both MX and MT formats, and its ready-built MT-MX mappings, Transformer is the ideal solution for firms looking to use MT formats from legacy systems as the source for funds MX message data.

Transformer can also create MX-compliant subscription, redemption and funds switch messages from data structured by in-house message standards, simpler formats such as fixed-width or comma-separated values (CSV), or by reading data directly from databases.

Find out more about Transformer’s powerful functionality here


Funds migration – list of MX replacements for MT message formats

MT Description MX Description
MT502  Order to Buy or Sell  setr.001.001.03 Redemption Bulk Order
MT502  Order to Buy or Sell  setr.002.001.03  Redemption Bulk Order Cancellation Request
MT502  Order to Buy or Sell  setr.004.001.03 Redemption Order

MT502

Order to Buy or Sell  setr.005.001.03 RedemptionOrder Cancellation Request
MT502 Order to Buy or Sell 

setr.007.001.03

Subscription Bulk Order
MT502 Order to Buy or Sell 

setr.008.001.03

Subscription Bulk Order Cancellation Request
MT502 Order to Buy or Sell  setr.010.001.03 Subscription Order
MT502 Order to Buy or Sell  setr.011.001.03  Subscription Order CancellationInstruction
MT502 Order to Buy or Sell  setr.013.001.03 Switch Order
MT502 Order to Buy or Sell  setr.013.001.03 Switch Order
MT502 Order to Buy or Sell  setr.014.001.03 Switch Order Cancellation Request
MT509 Trade Status Message setr.016.001.03  Order Instruction Status Report
MT509 Trade Status Message setr.017.001.03 Order Cancellation Status Report
MT515 Client Confirmation of Purchase or Sale  setr.003.001.03 Redemption Bulk Order Confirmation
MT515 Client Confirmation of Purchase or Sale  setr.006.001.03  Redemption Order Confirmation
MT515 Client Confirmation of Purchase or Sale  setr.009.001.03  Subscription Bulk OrderConfirmation
MT515 Client Confirmation of Purchase or Sale  setr.012.001.03  Subscription Order Confirmation
MT515 Client Confirmation of Purchase or Sale  setr.015.001.03  Switch Order Confirmation
MT515 Client Confirmation of Purchase or Sale  setr.015.001.03 Switch Order Confirmation