The Interactive Messaging Participant Specification guide was written for systems and development personnel including managers, analysts and programmers. It presumes readers are familiar with technical concepts and terms, and have a basic understanding of FICC GSD's products and services.
Due to GSD's Real-time Comparison services:
- Members have the ability to submit trade input to GSD intra-day, as trades are executed, using the SWIFT MT515 message format.
- Submitters can immediately receive trade status information (i.e., notification of whether the trade has been accepted or rejected) via the SWIFT MT509 message format. This format is also used to provide up-to-the-minute trade status information to members as transactions are processed by GSD (for example, a message is sent when a trade compares, is canceled or is modified).
- Trade contra-parties can be notified immediately via a SWIFT MT518 message when a trade has been submitted against them. The SWIFT MT518 message contains full trade details and is quite similar to the MT515. It is also used to communicate to the Participant those changes that GSD may have made to trade records that were previously submitted.
- Members are apprised of GSD system availability and major system events through MT599 Administrative Messages.
While GSD continues to support its existing batch input and output facilities initially, plans are to eventually stop supporting these older formats. Members are encouraged to make the shift from batch to interactive processing as soon as it is feasible for them to do so. In order to incentivize participants to submit their activity on a timely basis, there is a 10% comparison rate penalty for all participants that do not submit their trades within one hour of execution. GSD will continue to implement disincentives to discourage members from continuing to submit and receive data via the old batch formats.
To provide the most flexible input and output options during the transitional period when members are converting from batch to interactive messaging, GSD has allowed for members to receive either interactive or batch output, regardless of their mode of input. That means that a member could choose, at least initially, to submit interactive messages in real-time while continuing to receive end-of-day batch output. To further increase flexibility during this period, members will also be able to submit SWIFT messages in a batch mode as well as to receive batch output in SWIFT formats. This exceptional processing will be discontinued after the transitional period.
GSD's Comparison process will continue to run in real-time, enabling members to compare trades as close as possible to their execution. With interactive messaging, however, members have the ability to submit trade data to GSD, review output and identify and correct any errors, all within minutes of execution. To ensure participants are able to maintain a controlled environment on a real-time basis, it is highly recommended that they process interactive output.
Interactive Messaging Participant Specifications
The guide and subsequent appendices listed below provide an overview of interactive messaging for real-time trade comparison along with the required detailed input and output specifications for messages that are used to support the process. Additions and modifications to these specifications have already been made and will continue to be required in order to support the functionality associated with subsequent implementation phases. The Interactive Messaging Participant Specifications for Comparison Input and Output Guide is therefore a "living" guide that will be updated as interactive services are expanded.
Click on the links below to view and download the Interactive Messaging Participant Specifications for Comparison Input and Output Guide and related Appendices.