Global messaging organization SWIFT and the Depository Trust & Clearing Corporation (DTCC) plan to expand options for communicating with the DTCC's new Alternative Investment Products (AIP) suite of services. This collaboration on global message standards will provide market participants the enhanced ability to connect to the AIP service suite using ISO 20022-compliant XML messages and the SWIFT network, in addition to the proprietary message formats and direct link to DTCC that is currently available.
AIP is a service that links broker/dealers, fund managers, administrators and custodians to provide settlement of subscriptions and redemptions for various alternative investment vehicles. It automates the exchange of all trade-related account information. AIP received regulatory approval from the Securities and Exchange Commission in May.