Swift India has tied up with Marketplace Technologies, a fully-owned subsidiary of the Bombay Stock Exchange, in its bid to boost standardisation and harmonisation in the securities markets.
The tie-up will act as the service bureau for securities markets providing a standardised, cost-effective, robust and secured infrastructure to all market participants, Swift said in a statement today.
As the regulators are encouraging adoption of global messaging standards like ISO 20022 to bring in operational efficiency in the securities market, the partnership is expected to provide easy access to industry players like AMCs, brokers/dealers to connect to Swift India network.
This will help securities participants to automate and standardise their communication including areas but not limited to investment account management, fixed income trade settlement and trade reporting, investment funds subscription and redemption which will bring operational efficiency and reduce risk.
Commenting on the tie-up, BSE chief Ashishkumar Chauhan said it will provide a cost-effective solution for our market participants to connect to the exchange in a secure, resilient and standardised way.