To act in concert with the global standard of adopting ISO 20022 in SWIFT and Hong Kong RTGS for payment-related SWIFT messages, OTC Clear has planned to migrate money settlement messages from existing SWIFT MT messages to ISO 20022 XML-based message ("MX messages") on 22 April 2024* tentatively (“MX Migration”). This page aims to provide Settlement Banks and Clearing Members with a summary of OTC Clear’s implementation plan and requirements for a seamless rollout in April 2024.

Settlement Banks of OTC Clear will require to take action on corresponding changes on ISO 20022 standard.

Per HKICL's requirement, Money Settlement for OTC Clear via RTGS are required to adopt ISO 20022 standard. The related money settlement of OTC Clear will be enhanced and OTC Clear will join the market-wide Simulation Test arranged by HKICL to ensure a smooth transition. To ensure uninterrupted support to OTC Clear Direct Debit Payments after the HK RTGS system enhancement, OTC Clear’s Settlement Banks and Clearing Members are required to follow the guidelines and requirements from HKICL for the preparation of HKICL’s market-wide Simulation Test and other migration tasks required by HKICL. Clearing Members shall always maintain capability to construct payment messages in ISO 20022 standard to OTC Clear.

For further details of MX Migration and adoption of ISO20022 for RTGS in Hong Kong, Settlement Banks and Clearing Members should reach out to your usual business contact point in OTC Clear and HKICL.

Implementation Timeline of ISO 20022 Upgrade of SWIFT Messages for Money Settlement

This migration has no change to existing MX messages that are in-use.

Subject to further assessment, OTC Clear can provide transition period from Apr until end of 2024 to banks that are not ready for MX in Apr 2024 yet. Before the end of transition period, banks are required to ensure full readiness of MX messages that exchange with OTC Clear. Please reach out to your usual contact point from OTC Clear if banks need to utilize the transition period.

*Note: In case HKICL activates fallback of RTGS to MT messages on 21 April 2024, all MX enhancements of OTCC in this ISO MX migration will not launch on 22 April 2024. Existing MT messages will be expected to remain in use between Settlement Banks and OTCC.

Interface Test Information Package

Interface Test Information Package for Settlement Banks of OTCC Operations (Sep 2023)

Practice Session Information Package

Practice Session Information Package for Settlement Banks of OTCC Operations (Mar 2024)