Changes to existing SSIs
Where SSIs are maintained on a centralised vendor platform used to communicate and reconcile SSI between counterparts, any change to an SSI should generate instant notifications. That notification should contain a forward effective date of 30 days.
If SSI communcation is not provided via vendor platform, the initiator of any SSI change should give at least 30 business days' notice via email or other agreed medium, such as SWIFT. That notification should provide a clear summary of the changes. Authentication and call back procedures should be performed prior to the effective date. All notified changes should be updated prior to or on the effective date by all parties. (IBP-107)
ISLA supports the use of ISO20022 Standing Settlement Instructions for Securities, Payments and FX which may be found here.
The Best Practice Working Group noted that many market participants use vendor solutions to store and swap standard settlement instruction. Where this is the case, counterparts should determine which vendor solution their counterpart uses and ensure data is distributed in a timely manner.
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