Messaging network SWIFT has signed a memorandum of understanding with the Tokyo Stock Exchange TSE to explore using standard ISO15022 messages for corporate action distribution. The deal was signed last week during a visit to the region by Francis Remacle, a member of SWIFT's executive committee in charge of securities. The agreement is likely to culminate in the TSE joining SWIFT by the end of the year.
If broad adoption can be achieved, all market participants will be brought into line with foreign custody and sub-custody banks which already use SWIFT messages to handle settlement and transmit data on corporate actions. The idea, says Remacle, should appeal to TSE members because...
