The Spanish Central Securities Depository (CSD) and BME subsidiary, Iberclear, has adopted SWIFT’s MyStandards service.
It is a tool that, on the basis of a collaborative environment, allows participants in Iberclear to align their financial messaging with the ISO 15022 standards.
The service also aims to assist in the integration of these entities into the new TARGET2-Securities (T2S) pan-European settlement platform, designed to settle transactions between participants in different CSDs through a single platform, which Iberclear will join in September this year.
Jesús Benito, CEO of Iberclear, said: "MyStandards is a key tool for our participants, who in a collaborative way can benefit from a pool of ideas and knowledge, which will be very useful in implementing the specifications of our standards and in preparing for T2S.The service’s open and participative format is one of its main strengths”.
MyStandards aims to help users reduce the time, effort and risk they take when managing and implementing those standards. According to Jonathan Ehrenfeld, SWIFT's Securities Market Manager: "Settlement fails account for 2% of the total and and they cost the industry $2.9 trillion. The main causes of these fails are incorrect data, different market practices, operational inefficiencies and liquidity. MyStandards will analyse, in collaboration with the industry, the causes of such failures so as to set priorities when developing services aimed at minimising them. Their progress draws on the feedback received from practitioners through SWIFT-led quarterly surveys whose aim is to elicit comments, ideas and proposals from the community.