Summative Prep

Question 1

What is an MT200?

Answer 1

Financial institution transfers

Question 2

What is a MT300?

Answer 2

FX, MMF, Derivatives

Question 3

What is a MT400?

Answer 3

Collections and cash letters

Question 4

What is a MT600?

Answer 4

Precious metals

Question 5

What is a MT700?

Answer 5

Documentary credit and guarantees

Question 6

What is a MT800?

Answer 6

Travellers Cheque

Question 7

What is a MT900

Answer 7

Cash management and customer status

Question 8

Which MTs are commonly used by securities firms

Answer 8

100, 200, 300, 900 for cash
500 securities

Question 9

What is in the Header?

Answer 9

BIC codes of sender and reciever
MT number

Question 10

How can corporations use SWIFT?

Answer 10

Standardized Corporate Environment
Need to be on a stock exchange in a FATF country
Subsidiaries can join if in line with certain standards

Question 11

What is a Member-Administered Closed User Group?

Answer 11

Allows non swift members to join through a bank, essentially a clearing agent for swift messages