.: MCDR :.

S.W.I.F.T

Misr for Central Clearing, Depository and Registry
S.W.I.F.T Service
Introduction:
Within the framework of the efforts exerted to develop the Egyptian Capital Market through applying the International standards, MCDR has found it inevitable to participate in the S.W.I.F.T system.
Considering the development witnessed by the Egyptian capital market and the high cost, MCDR took the initiative and paid the cost of creating a direct link and subscribed to the S.W.I.F.T in order to work as a service center for member companies (brokerage or bookkeepers) or any other interested entities with the purpose of reducing costs to the minimum and maintaining the advantages of the system.
The system aims at providing the most recent scientific methods in linking and exchanging messages and information between capital markets through relevant banks in different countries. Thus a subscriber can fulfill the requirements of his foreign and local clients.

More than 7000 financial institutions apply the S.W.I.F.T in more than 189 countries.

The S.W.I.F.T system could be applied in the field of securities in exchanging messages in different transactions such as client order verification and the relevant attestation as in cash transfers, settlement results. This is in addition to approving the execution of trading transactions and settlement between different parties, it also could be applied in all transactions related to change in clients' balances.

As regards, MCDR as a service center or agent in the Egyptian market, a direct link has been established between MCDR and the system so that all members are linked through MCDR to achieve flexibility, ease and speed of data exchange in a secure manner as the system does not allow any party to have access to the second party's data.

Through the MCDR's work as the headquarters for providing the service, it was keen to do the following:
1-   Save the costs through members' subscription at MCDR and without the need to make direct subscription to the organization and bear all the costs.
2-   Provide technical support to the service through loading and maintaining the system in addition to training employees in different companies on how to use the system.
3-   Guarantee and protect the confidentiality of financial messages exchanged between different entities and ensure the execution of transfers at the least cost.
4-   Make use of the system not only in the field of bank transfers but in the field of securities as follows:
•   Receive different orders from clients.
•   Financial settlement and issuing statements of accounts.
•   Corporate actions