ISITC
Market-practice body for SWIFT securities messaging.
Definition
ISITC develops and publishes Market Practice Guidelines that standardise how the fields of settlement messages (MT540-MT543, MT535, the MT54x family) are populated, removing ambiguity left open by the SWIFT User Handbook. Its recommendations are coordinated internationally with the Securities Market Practice Group (SMPG).
Origin
ISITC (International Securities Association for Institutional Trade Communication), founded in 1991; its Market Practice documents are published on isitc.org and aligned with the work of the SMPG (smpg.info).
Example in context
An ISITC recommendation, for instance, prescribes the expected use of field :22F::SETR (Settlement Transaction Type) in an MT541 instruction to distinguish a trade purchase from a portfolio move.