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Swift Proposes Standard Protocol for EU Clearing & Settlement

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Swift has published a consultation paper outlining proposals for a standardised communication protocol for European clearing and settlement. This is in response to the Giovannini Group report to improve efficiency of EU cross border clearing and settlement. Specifically Swift is aiming to define a solution for Barrier 1 of the 15 identified barriers to efficient EU cross-border clearing and settlement, which would address national differences in information technology and interfaces used for transmitting data to clearing and settlements providers. The consultation period is running until April 15, 2005 and Swift has indicated that a final protocol definition and implementation road map will be published next year.

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