Societe Generale Securities Services (SGSS) completed migration to the SWIFT ISO 20022 (MX) standard for its routing and centralizing of UCITS orders in France.
The migration was completed in December 2012.
The new SWIFT ISO 20022 standard for the funds activity, which defines the international standard for subscription and redemption orders, is part of a more general worldwide movement in the funds industry, being driven in particular by French institutions. Use of this standard in the framework of the SWIFT messaging system will become mandatory in 2015.
Between October and December 2012, SGSS, a stakeholder of the Euroclear routing platform, migrated its routing and centralizing of UCITS orders in France to this new standard, in close collaboration with Euroclear.
This adoption of the ISO 20022 (MX) standard in France follows a range of developments, including SGSS successfully obtaining ISAE 3402 certification for its internal control system and ISAE 3000 certification for control of departments producing Key Investor Information Documents (KIIDs).
(JDC)