SWIFT experienced strong growth in all major markets in 2006. A traffic increase of 13.7% and sustained financial performance have given SWIFT a total return of €65m. Messaging traffic increased by 13.7% compared to 2005, to a total of 2.86 billion messages and remains SWIFT’s largest source of revenue. Securities messages remain the major growth driver, with a 22.1% year-on-year volume increase. Payments messages were up 9.3% compared to last year. Traffic in the treasury market was driven by volatility in the foreign exchange markets and increased 12.8%. A new peak day of 13.6 million messages was reached on 20 December. The savings for the community constituted €23m in free hardware security modules, an 8% mid-year price reduction of €16m, and a rebate for the fifth consecutive year worth €26m. For the first time, the 7% rebate was applicable to all messaging services, not only FIN. Before rebate, revenue amounted to €588m, a 5.2% increase due mainly to revenue from interface sales and strong messaging traffic. The March 2006 Board approved the ongoing SWIFT2010 strategy, which incorporates four strategic growth thrusts: Extending client reach into corporates and trade services; European harmonisation by supporting SEPA, TARGET2, Giovannini and MiFID in payments and securities; expansion in emerging markets; and establishing a presence in the pre-settlement space of securities and derivatives. The strategy has been positively received by the community and progress to date is on target.
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