SECURITIES MARKET

Russian Securities Market Practice Group (Russian SMPG)


Following SWIFT recommendations many worlds’ leading countries have established national groups on analysis of securities market practice - Russian Securities Market Practice Group (Russian SMPG) (SMPG).

 

National groups are aimed at working out uniform requirements and specific recommendations on creation and usage of SWIFT messages on basis of ISO 15022 standard and with regard to national regulatory aspects.

 

Russian Securities Market Practice Group was established in November 1999. Among other activities Russian NSMPG has adapted 5th Message Category in User Handbook for Russian National Member Group. As part of working process NSMPG prepared “Usage Guidelines for SWIFT standards for financial messages exchange in securities market with consideration of requirements and particular features of the Russian market” (SWIFT-RUS). SWIFT-RUS contains main aspects of filling SWIFT Messages (5th Category) in settlements on Russian securities market.

 

Elena N. Solovyeva, Advisor to the Chairman of the Board of Directors of NSD (National Settlement Depository) is Chairperson of Russian NSMPG.

 

At the present time representatives of VTB Bank, Gazprombank, Deutsche Bank (Russia), ING (Eurasia), Morgan Stanley Bank, NSD, Rosbank, Citibank, UniCredit Bank, Raiffeisen BANK, SWIFT, Vnesheconombank, Alfa-Bank take part in the work of Russian NSMPG.  Current version of “Recommendations of use of SWIFT standards for financial messages exchange in securities market with consideration of requirements and particular features of the Russian market” (SWIFT-RUS 9) was approved by ROSSWIFT Steering Committee on 18 February 2014. 


Updated SWIFT-RUS 9 complies with the new version of standards. The Working group has taken into account comments of National settlement depository (NSD) on possible amendments to the document. Russian NSMPG prepared a request to SMPG; at the official meeting SMPG made modifications in recommendations on marking settlement date. Please note that Recommendations on receive/delivery confirmation (MT544-547) in TRADDET sequence with ESET qualifier specifying settlement date and reporting of transactions in an organization that provides the report (indicated in field 98a::) become effective on 1 January 2015.

 

It was agreed to approve alternative form of filling 70E::SPRO field with regard to the requests of foreign participants and subcustodians.

 

In the course of work on the new version of the document with the view to publish it at SWIFT MyStandards portal they added new values to directories in accordance with the changes in legislation and PARTAD directories. Transliteration table was brought in line with similar table used for monetary settlements on Russian market. With regard to the changes in procedure of conducting transaction accounting, fixed in Central depositary registers, they updated certain examples for securities settlement.

 

Following the adoption of the new version of SWIFT standards in November 2013 several volumes of UHB were updated so far as it relates to the usage of SWIFT 5th Message Category in Russian.

 

For all questions on Russian SMPG activity, please, contact Alsu Minnibaeva, ROSSWIFT Expert.

 

Recomendations SWIFT-RUS 9





           

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