The Business Flashcards
What does SWIFT stand for?
Society for Worldwide Interbank Financial Telecommunications.
What is SWIFT?
A messaging network that banks and other financial institutions use to quickly, accurately and securely send and receive information such as money transfer instructions.
Name some Trade details that are inputted?
Trade Date, Settlement Date, Trade ID (SEDOL), Quantity, Amount, Client Number
Name 4 Types of Trades (Tickets) processed as SWIFT Messages.
540 - Free Receive
541 - Purchase
542 - Free Delivery
543 - Sale
How are Tickets Processed when Valid?
70% Tickets are processed as STP and passed onto an Agent for clearing.
30% Tickets are processed manually by the Control Team.
What is Cash?
Available for Core Business Functions.
Held in various currencies.
Instructions received and held as Cash Voucher (CAVO)
How is Cash sent out?
Sent out as MT103 (Bank to Customer Payment) or MT202 (Bank to Bank Payment)
What are the 5 Account Types?
GLOB (Clients), GLED (General Ledger), SUBS (Agent), SECS (FX) & Nostro (Internal Cash)
What is FX?
Performs core business functions in foreign currencies
What are the 4 phases of FX service delivery model?
- Pre Execution - Check SLA
- Validation - Check Client Profile & Log Instruction
- Execution - Buy or Sell Base / Foreign
- Post Execution - Verification (Milvus) & Confirmation (SWIFT)
What are Settlements?
Ensures trades are settled on the intended date and is carried out by CREST (Central Settlement Depositary)
What is Custody?
Term for Post Settlement Services
What are the main departments in Custody?
- ESS - Entitlement Services Support
- Stock Lending
- Tax
- Network Services
What is a Corporate Action?
Action taken by a company that has a direct effect on the holdings of its shareholders
Name the 2 types of Corporate Actions.
Mandatory - No action required from client | Straight to processing
Voluntary - Instruction required from clients
What are the Client Instructions for Corporate Actions?
- MT565 - Corporate Action Instruction
- MT599 - Free format message
- MT540 - Receive free information
What is ESS?
Assesses risk for corporate action events
Deals with client queries on QTS (Query Tracking System)
What is Stock Lending?
Clients sign Lending agreements
Stock is loaned out to 3rd party
Stock returned at an agreed date
What is Inbound Swift?
Messages that are identified and received into MILVUS where they are processed.
What is Outbound Swift?
Message sent to and received by trading partners from MILVUS.
What is Investor Treasury Services?
A business within RBC that serves the needs of investing clients and provides custodial, advisory, financing and other services for clients to safeguard assets, maximize liquidity and manager risk in multiple jurisdictions around the world.
What is ServiceNow?
An Enterprise Resource Planning System used to automate workflows and is used as a ticketing system to resolve IT issues.
What is DevOps?
A set of practices that combines Software Development and IT Operations to provide high quality software and it is complementary with Agile Software Development
What is ARCAD?
A platform/software which intergrates tools such as GitHub, JIRA, IBM I for developers.
What is JIRA?
JIRA is a platform used to plan, track and manage products in an Agile / Software Development project.
