Last updated 2 October 2015
Investment Funds Working Group
An Overview APAC RMPG
October 2015 1
• Welcome
• Overview Funds SMPG Working Group
• NMPG
• Publication of market practice
Agenda
Background and History
The investment funds (IF) sub-group of SMPG was launched in 2005 at the Frankfurt SMPG meeting, so it is now 10 years old.
The Securities Market Practice Group, SMPG, has been in existence since 1998 (17 years old).
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SMPG overall
Steering Committee
SMPG - Investment Funds Working Group
NMPG – National Market Practice Groups
Asset managers, distributors, intermediaries, platforms, transfer agents,
administrators, etc.
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SMPG Organisation - Steering Committee
Chairperson Vice Chairperson
General Secretary Programme Director
Regional Directors
Karla McKenna(US) Rudolf Siebel (DE) Jacques Littre(SWIFT) Evelyne Piron (SWIFT)
Americas Jason Brasile (US) TBD
Asia Jyi-Chen Chueh (SG) Election in progress
EMEA Christine Strandberg (SE) Armin Borries (DE)
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SMPG Working Groups
Settlement & Reconciliation
Corporate Actions
Investment Funds
CO-CHAIRS
Bernard Lenelle Christine Strandberg
Marcin Zawistowski Axelle Wurmser
Nadine Muhigiri Charles Boniver
SMPG Working Groups
FACILITATORS
Evelyn Piron
Jacques Littre
J. Chapman
Trade Initiation & Confirmation (Dormant)
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SMPG Investment Funds Working Group
The scope and focus of investment fund SMPG is defined as:
“Collective investment schemes traded on primary markets on behalf of the fund.” This excludes secondary market transactions on investment funds. It was decided to follow the 80/20 rule and focus on the 80%. But if a country has a specific issue in the “20%”, then it would be looked at. ISO 20022 is the standard on which work is to be focused.
May have to be expanded
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• Funds was first SMPG group to work with XML standard
• Very few had adopted it in 2005 • We had to find our way! • No tools to help us specify market practice for the
XML standard • Had to work manually (painful) • Many education-type sessions • SMPG took the lead to define market practice for
the order process • To some extent, SMPG still takes the lead if a
particular standard is not used very much
How we did it
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Market Practice Process
SMPG
NMPGs
Publish MyStandards SMPG IF *1
Review, discussion, refinement
Collate common elements, identify further opportunities
for harmonisation
Analyse & document local practices
Publish MyStandards NMPG CC IF *1
*1 May also be published on www.smpg.com 9
Participation in SMPG Funds IF Market Infrastructures
Singapore
AFAC (HK)
Italy
Spain
Norway
Sweden
Luxembourg
Switzerland Great Britain
Brazil
Australia
France
Germany
Denmark
New
Contact via SWIFT, HK office Ireland
Participation in past
Austria
Taiwan 10
Funds NMPG convenors
Country Convenor / Vice-convenor Organisation
AU Suresh Chinnappa (temporary) NAB
BR Ana Abidor Anbima
CH Rainer Vogelgesang Six Group
DE Thorsten Hühne --
DK Niels W. Hougaard VP
ES Rafael Higueruelo Islan ,
Juan Carlos Gallego
All Funds
FR Valerie Vaudel BNP Paribas
GB Ben Cocks, David Aspinall Altus, Skandia
IT Andrea Milanesio Pine 3
LU Charles Boniver RBC
NO Svein R. Borgersen, Pal Bergquist VPS, VPS
SE Henrik Staffas Skandia
-- Nadine Muhigiri ECLR
-- Tomas Bremin CEDE
SG ???
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SMPG Meeting Schedule
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SMPG Investment Funds WG - Monthly conference calls Once a month, the third Tuesday, 1200 CET. Next calls are: November 17 2015 December 15 2015
Global SMPG (S & R, CA and Funds) – physical meeting twice a year
Typically, the investment funds WG attends the global meeting when held in Europe.
If investment funds does not join the global meeting, then a separate investment funds physical meeting is held. For example, when SMPG was in Toronto (2011), funds held its own meeting in London.
NMPGs Investment Funds – as appropriate
Setting up the NMPG for Singapore Investment Funds
• Agree on who is to be the convenor and vice convenor of the ‘NMPG SG IF’
• Invite representation from representative number of SG funds institutions
• Agree on a schedule of meetings, conference calls etc • Agree priorities for the group and a possible time-line • Inform SMPG IF working group of the names of the
convenor and vice-convenor • SMPG IF will include NMPG SG IF convenors in e-mail list for
SMPG IF monthly meetings and other activities • Inform MyStandards of names of persons to be
administrator and publisher for the MyStandards NMPG SG IF group
• NMPG SG IF convenors attend SMPG IF monthly calls and global SMPG meetings 13
Publication of Market Practice
Today, the prime publication mechanism for market practice is MyStandards (more later).
Information about events and minutes documents are published on www.smpg.info. In addition, some markets publish market practice documents on smpg.info.
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APAC RMPG Meeting 6 October 2015 - Singapore
PRESS RELEASE – April 17 2015
Global RMPG Meeting 7 – 9 October 2015 - Singapore
FX_Order_and_Confirmation_MP_v2.2.pdf
Third_Party_Foreign_Exchange_SMPG_MP_V1.6.pdf
August 28 2015
August 28 2015
www.smpg.info – Home Page
Information about events and minutes documents published on www.smpg.info. Some NMPGs also publish documents on smpg.info.
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www.smpg.info Folders for Investment Funds
If Singapore NMPG Investment Funds wants to publish on smpg.info, a folder for Singapore will be added
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Publication of National Market Practice
Today, the prime publication mechanism for market practice for investment funds is MyStandards.
The various funds NMPGs have a group on MyStandards.
The four SMPG groups
Italy have an additional licence for MyStandards, formal centralised message implementation support has been put in place
A group for NMPG SG IF will be added
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Publication of National Market Practice - SG
A group will be set up for ‘NMPG SG IF’
NMPG SG IF must decide who will:
• Be the administrator for the group
this involves actioning requests for membership to the group
• Be a publisher for the group
• The publisher will download the Usage Guideline Editor and repositories
• Input market practice with and on behalf of NMPG SG IF
• Upload market practice to MyStandards
• Run comparisons against other market practices
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