Embracing change from a solid foundation Market Infrastructures: Share and share alike

ISSUE 6 • WRAP UP
Daily news from SWIFT at Sibos
Market Infrastructures:
Share and share alike
Business information:
Adding value to communities
Page 6
Page 7
Enjoy the Wrap Up edition
of SWIFT at Sibos
Embracing change
from a solid foundation
As you experienced during your week
in Boston, Sibos really is our community
in action. It truly provides an invaluable
opportunity for participants to learn from
each other, and for SWIFT to inform and
Javier Pérez-Tasso, chief marketing officer, SWIFT,
learn from our customers.
SWIFT at Sibos focuses on the efforts
looks back on an engaging event in Boston, which
of your cooperative to meet the needs of
reveals key insights for the cooperative.
the SWIFT community. As I put it in the
opening plenary, financial institutions have
avier Pérez-Tasso, chief marketing
to deliver on their core mission through
officer, SWIFT, returned from
tightly managed infrastructures and IT
Boston with a positive impression
departments, while demonstrating the
of Sibos 2014. “The level of particagility and innovation of a start-up.
ipation in the Forums, industry plenaries
The same goes for SWIFT. You rightly
and SWIFT Auditorium sessions suggests
expect us to fulfil our core mission of
that the community is getting the most
network security, resilience, availability
out of Sibos,” he says. “The mood in the
and protection from cyber threats. At
industry is upbeat.”
the same time, to stay relevant, we are
There are still many challenges on the
responding to your evolving needs by
horizon, however. Regulation remains very
offering new services to support financial
high on the agenda, responding to cyber
crime compliance, market infrastructures
threats is clearly top of mind in the current
and real-time payments, to name a few.
climate, and the geographic shift from West
Over the Sibos week and in this Wrap
models, advances in real-time payments
to East continues at a rapid pace. “We’ve
Up edition, SWIFT at Sibos gives you a
in the market infrastructure (MI) space,
also witnessed fascinating discussions
flavour of how we are planning to continue
and plenty of debate on more established
on the next phases of digital revolution,
doing
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technology trends such as cloud services,”
says Pérez-Tasso. “Banks, corporates,
securities players and MIs rely on SWIFT
more than ever before to deliver on our
core messaging services and uphold our
trusted track record on security, reliability
and availability.”
A record peak day for FIN traffic on
the Tuesday of Sibos broke through the
25-million message barrier. “This was an
important milestone that proves the strong
sustainability of SWIFT’s core business,” he
says. In addition, customers are increasingly
looking to SWIFT to provide industry-wide
solutions to support doing business in this
rapidly changing environment. “Our shared
services, as well as our expanded software
portfolio are proving that we can grow
beyond the core,” says Pérez-Tasso.
The compliance challenge
One major growth area for SWIFT beyond
the core is financial crime compliance
solutions. Banks have been grappling with
the compliance challenge since the crisis
and SWIFT has placed a strong focus on
developing utility-based solutions, working
hand-in-hand with the industry. “Regulation
and financial crime compliance are more
important than ever for our members and
the message is getting out that SWIFT is a
rapidly growing, community-based solution
provider for KYC, Sanctions Screening and
Sanctions Testing as well as Compliance
Analytics,” Pérez-Tasso says.
SWIFT’s announcement that The KYC
Registry can be accessed for free in
2015 by participating organisations has
generated strong interest. “There is clearly
an appetite in the industry for us to go faster
and deeper as we expand our compliance
services portfolio,” Pérez-Tasso notes.
“I was impressed to see the number of
compliance officers and key decision
makers engaging in the Compliance
Forum and private workshops.”
Pérez-Tasso also identifies a change in
the perception of market infrastructures
(MIs) that plays to SWIFT’s strengths. “The
days of MIs being an unchanging segment
are well and truly over,” he says. Regulation,
payment technology shifts such as the
move towards real-time, reinforced resilience and ISO 20022 adoption are all
pushing in the direction of reform and
innovation. “The MI Forum provided a
great opportunity to talk to customers from
around the world to gain insights that can
sharpen our value propositions on high
and low value payments, our offering to
CSDs as well as our standards and resiliency offerings,” he says.
The Standards Forum, Corporate Forum
and Innotribe were also strong this year
with packed sessions, he adds. “Together
with the inaugural Investment Manager
Forum and Sibos University, they provided
a real platform for debate across a broad
spectrum of the industry.”
Meanwhile, the SWIFT Auditorium
showcased software, products and
services to help customers grow their
businesses and address key challenges.
“Watch for Securities is a one very good
example announced at Sibos, but there
are many more – MyStandards, SWIFTRef
and our combined product and service
packages, to name a few.” says PérezTasso. “The pipeline is stronger than ever!”
Lessons drawn from Sibos will inform
SWIFT strategy moving forward, PérezTasso concludes. “As we work on formulating our SWIFT2020 strategy (see
page 3), we will reflect on the important
messages from our community at Sibos
and make real choices for the challenges
and opportunities ahead.” □
Sibos: the headline numbers
How does one judge the success of an event like Sibos? Numbers don’t tell the full
story, but they can provide strong evidence alongside anecdotal and qualitative inputs.
T
o ensure that Sibos continues
to evolve in line with the needs
of the industry, SWIFT gathers
feedback on the event in a
variety of ways. The raw data already
collected on the number of delegates,
exhibitors and sessions suggest that many
delegates made full use of the wealth of
opportunities to learn and network over
the course of four days in Boston.
The 7,337 delegates that attended
Sibos 2014 at the Boston Convention
and Exhibition Center were drawn from
a wide range of institutions. Attendees
from retail banks, broker-dealers, market
infrastructure operators, corporates and
investment managers complemented
those from SWIFT’s core banking
community, reflecting the growing
breadth of SWIFT users. They came
from far and wide too, with 48 percent
travelling from Europe and 14 percent
from Asia-Pacific joining the 38 percent
from the Americas.
But how did they use their time
once they arrived? With 200 sessions,
2
400+ speakers and 177 exhibition
stands to choose from, more than 2,000
delegates sought the help of the Sibos
app to optimise their time. It is clear
that intelligence gathering was critical:
2,000 delegates attended one or more
conference sessions.
Everyone experiences a different Sibos
of course, but it seems that many regard
an update on SWIFT’s product range and
value proposition as an integral part of their
Sibos timetable. The SWIFT stand was
visited by an average of 363 delegates
for every hour that the exhibition hall was
open. SWIFT Auditorium sessions were
attended by 1,500 delegates during the
week, yielding an impressive average of 92
attendees per session.
Many feel exhausted after Sibos, but
some still have energy to burn. A total of
394 delegates braved a murky Wednesday
dawn to participate in the 5K run, with 193
coming in under 30 minutes. So who’s for
10K in Singapore? □
SWIFT at Sibos I Wrap Up edition 2014
2020 foresight
The SWIFT Chairpersons Meeting in Boston on the Sunday before Sibos provided a
valuable opportunity for the community to consult face-to-face on key issues.
T
he day before Sibos opened,
145
SWIFT
chairpersons
representing 130 countries
met in Boston for their annual
gathering. The meeting was opened by
Chris Church, chief executive, Americas
and global head of securities, SWIFT,
who noted that chairpersons play an
essential role in strengthening the SWIFT
community globally and in encouraging
engagement and action within each
national community.
Welcoming the delegates, John P.
Mckessy, user group chair, SWIFT US
National Group advised the assembly
to take advantage of the collective
experience in the room. “You will find that
the job is what you make it,” he said.
The Chairperson’s Meeting provided
an invaluable opportunity for a global
exchange of views on multiple issues,
including SWIFT’s strategy for 2015-2020.
Discussions were timely, given that the
SWIFT2020 strategy is due to be finalised
for Board approval by mid-2015. Gottfried
Leibbrandt, SWIFT CEO, made clear the
value of the chairpersons’ contribution to
the exercise. “We have started shaping
our strategy vision and in this process
we rely on our community input,” he
stressed. “The strategy will need to strike
a balance between the focus on our
core of delivering resiliency and operational excellence and at the same making
sure we stay relevant by introducing new
products and services.”
Leibbrandt reiterated the deep changes
that had taken place since 2007, when
Sibos was last held in Boston. Despite the
financial crisis, however, SWIFT traffic is
up, prices are down, and SWIFT continues
to deliver on a number of complex projects
while maintaining its operational excellence, which, said Leibbrandt, “is our
constant focus.”
While SWIFT is truly a global organ-
SWIFT at Sibos I Wrap Up edition 2014
isation with over 200 countries on the
network and many different nationalities
among its staff, Leibbrandt pointed out
that its activities increasingly extend to
supporting regional and local initiatives
such as TARGET2-Securities (T2S) in
Europe, WAMZ and SADC in Africa and
ASEAN in Asia-Pacific. In addition SWIFT
is opening new offices, the latest being in
Mexico, with more in the pipeline.
Leibbrandt was joined by Udo Braun,
chair of the SWIFT Pricing Board Task
Force and Blanche Petre, general counsel,
SWIFT for a question and answer session
moderated by Chris Church. Responding
to a question about potential future
rebates, Braun noted that the Board
is looking at options and will make an
announcement later in the year. “The aim
is to make sure that any surplus is used
where it best helps the community,” he
commented.
Petre meanwhile outlined the share
reallocation process to be initiated at the
start of 2015. As the process goes, shares
Operational excellence
is our constant focus.
Gottfried Leibbrandt, SWIFT
will be allotted based on the 2014 invoice
of network-based services. Members will
be informed of changes in share allocation
in April 2015.
In the discussions that followed,
potential action areas aroused particular
interest among participants at the Chairpersons Meeting: 24/7 domestic real-time
payments, financial crime compliance,
securities, services for corporates and
international person-to-person payments.
Participants were given the opportunity to
consider the regional implications of these
in a series of breakout sessions.
There was broad consensus that
financial crime compliance is an area where
SWIFT can make a valuable contribution
in a non-competitive, community role.
SWIFT’s solutions for sanctions screening,
have for example, generated interest at a
national level with initiatives underway in
several communities (see page 4).
Feedback from the Chairpersons
Meeting will be integrated into a discussion
paper to be released by SWIFT towards
the end of the year, helping to set the
tone for the next five years of the SWIFT
Community’s collective endeavour. □
3
Complying with customer
expectations
Compliance services
have rapidly become
a mainstream area of
engagement for SWIFT.
2
013 marked the year that financial
crime compliance became a
leading topic at Sibos. “The
message at Sibos last year was,
‘It’s time to get started.’ Now the message
from the community is, ‘We like what
you’ve done so far, and now it’s time to
do even more’,” says Luc Meurant, head
of banking markets and compliance
services, SWIFT. “Gone are the days when
we were debating whether financial crime
compliance was an appropriate area for
us to get involved in. The requests we
are getting now are broader and deeper.
I don’t think I heard ‘Don’t do that’ once
during Sibos. Rather it was, ‘If you do it, do
it like this or like that.”
Meurant sees this growing comfort
with SWIFT’s involvement in financial
crime compliance services as the start
of a journey for the cooperative. “SWIFT
is creating The KYC Registry to enable
its community to collectively address the
global challenge of KYC compliance,” says
Meurant. “We are delighted by the number
of banks that are already contributing
their information as part of this SWIFTled, industry-driven solution. And from the
discussions we’ve had, our customers see
The KYC Registry as just the beginning.”
Consensus about SWIFT’s involvement in
compliance seems to cross the community.
“Our financial crime compliance services
have been well-received in all regions,”
Meurant says, “and from a size perspective
there are benefits for both large and small
institutions.” Smaller institutions are looking
for shared services to reduce the effort
and cost of processes such as transaction screening, he suggests, while bigger
banks are looking for quality assurance
support. Sanctions Screening, for example,
appeals to the former, while Sanctions
Testing appeals to the latter. “Merging the
processing capabilities we are developing
for our smaller customers with the quality
assurance services we are developing for
larger institutions will enable us to deliver
even more powerful community-based
solutions moving forward,” Meurant says.
According to Meurant, SWIFT is massively
increasing its resources to meet the challenge.
“We are exploring all of our options in order to
deliver even more solutions and value for our
community,” he says. □
Nigeria drives
community-wide
Sanctions Screening
On the Thursday of Sibos, SWIFT
announced that the Central Bank of
Nigeria is to implement its Sanctions
Screening service and is mandating
use of the hosted service by the
country’s banking community. The aim
is to strengthen the Nigerian financial
market and ensure it meets global
best practices for financial crime
compliance.
Sanctions Screening is a hosted
subscription service from SWIFT that
filters messages in real time and checks
against customers’ selected sanctions
lists. “With financial crime becoming
more prevalent globally, it is now one
of the biggest challenges facing the
world’s financial industry and every
bank must play a role in combatting
this challenge,” said Suleiman Barau,
deputy governor, Central Bank of
Nigeria (CBN).
The CBN aims to complete implementation by the end of January 2015.
To assist the country’s commercial
banks in meeting this deadline, it has
created a Sanctions Screening Service
Committee, comprising 15 people
from various departments, including
operations, IT, legal, treasury and
payments. The Committee will work
with the Nigerian banking community
and SWIFT. □
SWIFT National Member and User Groups embrace SWIFTRef Ambassador Programme
Understanding the value they can bring to the global financial community, members of the SWIFT National Member and User Groups
worldwide are actively engaged in the SWIFTRef Ambassador Programme. “We all expect high quality reference data from SWIFTRef,
so we also need to provide good quality national data to SWIFT,” says Rune Olofsson, SWIFT Coordinator at Nordea Bank and CEO
of the National Member Group for Sweden. “As active members in the SWIFT National Member and User Groups, the effort is not big
as we can easily rely on the network and contacts we all have in our national SWIFT community.”
Left to right: Owen Philp, Australia and New Zealand Banking Group and SWIFT User Group Chair for Australia; Hervé Valentin,
SWIFT; Stephen Gilderdale, SWIFT; Rune Olofsson, Nordea Bank and CEO of the National Member Group for Sweden; Zorica
Srbinova, SWIFT; Ton Versteeg, Rabobank and SWIFT User Group Chair for The Netherlands; Brian Bonar, ANZ Bank and National
Member Group and User Group Chair for New Zealand.
4
SWIFT at Sibos I Wrap Up edition 2014
SWIFT at Sibos picture gallery
Northern Trust builds Trade and Cash Hub based on ISO 20022
Northern Trust is leveraging SWIFT’s in-depth ISO 20022 knowledge and expertise to prepare, plan and budget for its Trade and Cash
Hub Program.
Left to right: Patrik Neutjens, SWIFT; Pat Antonacci, SWIFT; Justin Chapman, Northern Trust; Kevin O’Connor, Northern Trust;
Robert Goldberg, SWIFT.
General Electric utilises SWIFT
eStatements for greater efficiency
GE continues to on-board banks for eStatements over SWIFT.
Left to right: Matt Monaco, SWIFT; Susan Boeri, General
Electric Company; Jim Wills, SWIFT.
Banco do Brasil extends relationship
with SWIFT
Banco do Brasil utilises Premium Plus Support to get the most
out of its SWIFT connection.
Left to right: Aurelindo Almeida Junior, Banco do Brasil;
Becky Almodovar, SWIFT; Christina Hutchinson, SWIFT;
Celso Souza, Banco do Brasil.
LSEG signs Fixed Fee Agreement, further strengthening partnership with SWIFT
The London Stock Exchange Group (LSEG) has signed a Fixed Fee agreement with SWIFT, further strengthening their strategic
partnership. The agreement will provide flexibility and cost-certainty as LSEG continues to grow, with strong results from CC&G, Monte
Titoli and LCH.Clearnet, and the launch of globeSettle, LSEG’s newly established Central Security Depository (CSD) in Luxembourg.
Left to right: Antonella Amadei, LSEG; Andre Boico, SWIFT; Serge Harry, LSEG; Erika Toso, SWIFT; Andrea Tranquillini, globeSettle.
SWIFT at Sibos I Wrap Up edition 2014
5
Share and share alike
Collaborating across industries and institutions on common challenges was a key
theme at the second Market Infrastructures Forum.
There’s clearly momentum around sharing
common needs and challenges.
Juliette Kennel, SWIFT
O
ver 1,000 people took part
in the Market Infrastructures
Forum at Sibos this year,
with standing room only at
several sessions. Representation was
well balanced across securities and
payments industries and from central
banks and regulatory bodies. “There’s
clearly momentum around sharing
common needs and challenges,” says
Juliette Kennel, head of market infrastructures at SWIFT.
“When polled, participants strongly
supported collaboration, with a majority
favouring
incremental,
non-radical
collaboration,” Kennel adds. There are a
number of non-competitive areas where
collaboration would bring cost and
efficiency benefits to all across traditional
silos. Christine Cumming, COO, Federal
Reserve Bank of New York, set the tone in
the forum’s opening session, suggesting
that it was time for institutions to share
more information, knowledge and best
practice in order to fight cyber-crime.
Market infrastructures (MIs) should also
look to shared services for their business
continuity and disaster recovery requirements, suggests Kennel. “At the Forum,
only 53 percent of respondents thought
MIs were resilient enough,” she says.
“Achieving high resilience is expensive, so
all MIs will need to find the most cost-effective way to do this.”
With that in mind, SWIFT worked with
seven central banks to develop its Market
Infrastructure Resiliency Service (MIRS).
Launched earlier this year, MIRS provides
a third line of defence for RTGS systems,
after their first and second-line back-up
systems. MIRS stores data independently
and securely, offering fast and effective
retrieval. The Bank of England went live
with MIRS last February and Hong Kong
Interbank Clearing is also to use MIRS to
support its RTGS for HKD, USD, EUR and
RMB currencies.
User demand for domestic low-value
real-time payments is also growing – and
requires a response that is cost-effective
to deliver, says Kennel. “SWIFT is exploring
the options for a solution that could be
replicable across different markets with
varying legacy infrastructure and payment
cultures,” she says. “We need to find
ways where we harmonise as much as
possible, so that we can reduce total cost
of ownership for our customers.”
Looking ahead, SWIFT is currently
consulting on its strategy for 2015 - 2020.
For MIs, Kennel sees three key areas of
focus: developing MIRS further; helping
the industry address the market shift
towards real-time payments; and helping
institutions transition to ISO 20022
standards – for example to participate in
TARGET2-Securities and later TARGET2
at a time and pace that suits their needs.
“The adoption of ISO 20022 is part of
the medium to long-term strategy for
institutions in more mature markets and
has become the de facto standard in
emerging markets,” says Kennel. “We
need to work closely with the market
to ensure the roll out is being done in a
consistent manner, and we also need to
offer services that will help the market to
migrate when they are ready and there is
a business case to do so.” □
Hear, hear!
The Forum approach at Sibos is proving
popular with growing segments of the
financial services industry.
B
oston is recognised globally as a popular location for
both custodians and investment managers. The inaugural
Investment Manager (IM) Forum at Sibos this year drew
more than 130 attendees – the vast majority Sibos firsttimers – to talk about regulation, outsourcing and innovation, among
other topics. “It was a bit of an experiment, but a successful one,”
says Fabian Vandenreydt, head of markets management, Innotribe
and the SWIFT Institute at SWIFT.
“Over the years it’s fair to say we haven’t had a large contingent
of investment managers attending Sibos,” says Vandenreydt. “We
continued on page 7
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SWIFT at Sibos I Wrap Up edition 2014
Adding value to SWIFT’s network and communities
SWIFT’s business information products and operational services deliver a unique
proposition.
A
s head of new business development at SWIFT, Stephen
Gilderdale has to keep a sharp
focus. “Our role is to leverage
the capability of our messaging network to
develop services that offer unique value,”
he says. The result is a set of products
and services – including the SWIFTRef,
Business Intelligence and MyStandards
product portfolios – which is well-used and
highly relevant to the SWIFT community.
“SWIFT has the network, the standards
and the expertise to help its customers
meet the current challenges of combining
various data flows, structuring analysis and
extracting the insights which will help them
in their business,” Gilderdale explains.
Building on the success of its payments
business intelligence products, SWIFT
launched Watch for Securities at this year’s
Sibos. The new service provides custodians, banks and asset managers with
consolidated access to monthly aggregated global, regional and country-level
data for securities messages that can be
used for benchmarking, analysis of market
trends and operational efficiency indicators.
The SWIFTRef family of products also
has strong momentum. Earlier this year,
Bankers World Online was launched,
providing a database of reference data
for banks that can be useful for excep-
Our role is to
leverage the
capability of our
messaging network
to develop services
that offer unique
value.
Stephen Gilderdale, SWIFT
engaged with them and their custodians with a simple proposition.
We said, ‘Look we are in Boston. It’s an opportunity to bring you
to Sibos; what are the topics that you think would be relevant to
your industry?’ We crafted the agenda with Custodians and IMs
together.” Buy-side interest in SWIFT solutions became evident
during the week, but, says Vandenreydt, “The point was more to
engage different sections of the value chain in the debate.”
Several other aspects of the Sibos programme touched on
Vandenreydt’s remit. In addition to the Investment Managers’
Forum and Sibos University, he was also responsible for the
overall securities programme, the Corporate Forum and Innotribe.
He points in particular to the growing recognition of securities
as a mainstream focus of the Sibos programme. “The securities
industry is a fast moving market,” says Vandenreydt. “At the
same time, it represents close to 50 percent of the volume and
about 70 percent of the growth in SWIFT traffic.”
The Market Infrastructure (MI) Forum focused most notably
on resilience and changes in the MI landscape. SWIFT also took
SWIFT at Sibos I Wrap Up edition 2014
tions and investigations and for the
pre-stages of know your customer (KYC)
requirements. “It links well with The KYC
Registry,” says Gilderdale.
Working
with National User Group chairpersons,
SWIFTRef’s Ambassador programme is
helping local communities to make quality
reference data available for specific needs
– for example, with local SEPA databases,
or collection and maintenance of national
bank identifiers.
MyStandards meanwhile makes it
easy for standards users to manage
their standards implementation projects
electronically by providing a channel
for distributing changes and updates,
for example. The new MyStandards
Readiness Portal helps banks to
streamline corporate onboarding and is
being adopted by institutions including Citi
and J.P. Morgan.
SWIFT is also seeing significant interest
in its operational services, including
Alliance Managed Operations, says
Gilderdale. “While our customers will
always want to maintain control over transactions and message flows, it can be very
cost-effective to have someone else take
care of the technology,” he says. Under
the new service, SWIFT can look after
set-up and configuration of the Alliance
Access interface, monitor the operations
on an ongoing basis and handle patches,
upgrades and user support. All of these
products and services are designed
to help customers both maximise and
optimise their SWIFT investment. □
the opportunity at Sibos to release a thought leadership study
commissioned from Oliver Wyman. The study covers the evolution
of capital markets in general and infrastructure more specifically.
Vandenreydt also observes an increasing number of securities
topics entering the Corporate Forum agenda. “It’s early days, but
issues such as collateral management and use of repos by corporates are likely to feature more prominently in Sibos in the years
ahead,” he says. □
The securities industry represents
close to 50 percent of the volume
and about 70 percent of the growth in
SWIFT traffic.
Fabian Vandenreydt, SWIFT
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SWIFT at Sibos I Wrap Up edition 2014