Is SWIFT Lagging on Corporate Actions or Serving its Membership?

SWIFT,  the international financial messaging firm, is being criticized by several market participants for not pushing its new XML standard for corporate actions more aggressively or moving to shut down the older message standard. SWIFT has been at the forefront of developing standards and processes to improve STP rates among its 10,000 participants, which includes all of the largest banks in the world, major securities firms and, more recently, global corporations. This October 2012 article discusses the speed of standards creation and adoption of change within a standards organisation and the divide between front and back office processes in finance.