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JASDEC and SWIFT signed MOU |
October 16, 2007
Japan Securities Depository Center, Inc.(“JASDEC”)
and The Society for Worldwide Interbank Financial Telecommunication
SCRL(“SWIFT”)
signed Memorandum of Understanding(“MoU”) on Oct. 3, stating that
JASDEC and SWIFT cooperate to a)conduct a gap analysis exercise between
ISO15022
and proprietary ISO15022 associated with JASDEC’s Pre- Settlement Matching
System(“PSMS”),
b)incorporate these gaps into ISO15022/ISO20022 and c)explore promoting
access to PSMS through SWIFT Network for existing and prospective
PSMS users, assuming that b) is accomplished successfully.
JASDEC adapted ISO15022 as international standard to PSMS from the
beginning in September 2001, however, JASDEC had to customize it
from some reasons such as Japanese laws, regulations and tax requirements,
the difference of the functions between custodians in U.S./EU and trust banks in
Japan, Japanese market customs, difference between asset class, type of trades, etc. covered by ISO15022 and PSMS.
Meanwhile migrating to ISO20022 from ISO15022 is
becoming substantial, for example, SWIFT executive committee decided
to adopt ISO20022
on SWIFT Net. JASDEC recognizes that ISO20022 is more flexible to
accept various needs promptly compared with ISO15022 and this is
a good opportunity to incorporate the gaps between ISO15022
and proprietary ISO15022 associated with PSMS into ISO20022. This
is why JASDEC decided to signed the MoU with SWIFT, the Registration
Authority of ISO/TC68 and the provider of SWIFT Network that is to
adopt ISO20022.
JASDEC believes that JASDEC and SWIFT can reap the benefit of the
existing and potential users who would like to connect to PSMS through
SWIFT Net and thus enhance the efficiency and reduce the risk and
cost of Japan’s securities market.
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