SWIFT Finally Votes To Let Fund Managers In; But Changeover, Acceptance, May Be Slow

TECHNOLOGY

The vote by members of SWIFT (Society for Worldwide Interbank Financial Telecommunication) this week to finally allow investments managers to use its network will likely have an impact on speed and efficiency of foreign exchange settlements, but the change may take a while to show up, say SWIFT officials and fund managers.

In a remarkable about face, 95 percent of the 2,044 member banks voted in favor of the change, after rejecting the idea for the previous two years running. In the past, say

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