The Global Technical Committee has reviewed and preliminarily approved the Gap Analysis submitted by the FIX Global Post-Trade Working Group. As an extension of the existing FIX Allocations and Confirmation workflows, four new message types are proposed to allow the broker, custodian or an outsourcer (e.g. vendor system) to communicate security settlement status back to the investment manager. The new report message allows to carry through the content of the MT548 fields 25D (Status code) and 24B (Reason code).
The document now enters a public comment period in which public review and feedback is encouraged. Once the public comment period closes, the GTC will review public comments before final approval by the GTC Governance Board.
Please post feedback, comments, and questions as replies to this discussion thread. The public comment period ends on June 7, 2023.
@tomwoolfenden The two sets of messages have different scope of use and purposes. The Pay Management set of messages is about confirming scheduled payments during the post-trade life cycle of an agreement - for example if you have periodic payments to make. The current recommended practices for these messages can be downloaded from here.
These new messages Settlement Status set of messages are about conveying the status of securities settlement. It bridges the gap between what is presently conveyed over SWIFT but that status may not reach the investment manager in an electronic “near real time” form.
Thanks @Itaikit a response is much appreciated. See below for further context/background to my question.
From 3.1 of your link, it states that the below are future enhancements in scope…
• Confirmation from the Broker to the Investment Manager that payment (i.e. remittance status)
has been completed successfully.
Section 6.3 also contains details about how remittance status could be reported using the EA/EB messages, hence the question whether a new message is really needed to close the MT548 gap of two fields.