The Depository Trust & Clearing Corp. (DTCC) and the Society for Worldwide Interbank Financial Telecommunication (Swift) are working together to introduce 12 interoperable XML-based message formats to the alternative investment community.

The initiative is designed to allow market participants to connect to DTCC's Alternative Investment Products (AIP) platform, slated to begin testing in the third quarter, via the Swift network using International Organization for Standardization (ISO) 20022-compliant XML messages. Firms will also be able to use proprietary formats through DTCC's Smart network.

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