KVG/SCD Interface: What Changes with Version 5.4
The July 2026 newsletter on the KVG/SCD fund data interface goes beyond editorial corrections. For debt financing, fix-to-float loans and index CDS, the delivery logic changes – and it applies to existing positions too. Here are the essentials.
1. Debt Financing: Interest Rate Fixation Ending Before Maturity
Until now, loans whose interest rate fixation end did not coincide with maturity had to be delivered via the fallback category “Fremdfinanzierung (Sonstige)” (230). A differentiated allocation to categories 231–237 was not possible.
Going forward, a uniform rule applies: at the fund decomposition component, the interest rate valid for the current interest rate phase is delivered. The maturity date is not shortened but continues to correspond to the contractually agreed end of the term. If the interest rate changes – for example on reaching the next interest rate step or through a new contractual agreement – the loan must be delivered with a new internal WPID and the then valid rate. For instalment or irregular redemption, categories 233/234 or 236/237 apply.
2. Fix-to-Float Loans Can Now Be Mapped Precisely
Fix-to-float loans could not previously be mapped cleanly via categories 231–237 and therefore also ended up in fallback category 230. This changes for loans due as a single payment at the end of the term: during the fixed interest rate phase, delivery takes place under category 231 with the currently valid fixed rate. Upon switching to the variable interest rate phase, the loan must be delivered with a new WPID under category 232. For instalment or irregular redemption, categories 233/234 or 236/237 apply instead.
Important: the maturity date is not shortened to the interest rate switch date here either. This deliberately differs from the previous handling of fix-to-float ISINs.
3. Index CDS: “Can” Becomes “Must”
The previous wording in Chapter 9.14 was sometimes read as an optional provision, and Chapter 6.14 still described index CDS as “not mappable”. Both chapters have been revised. For index CDS on the positive list, delivery as “Credit Default Index Swap (Positivliste)” (105) with synthetic underlying is now mandatory.
4. Clarified Business Descriptions for Futures and Options
In the reference document (tab “Fachl. Beschreibung Instrumente”), it has been added that on the maturity or exercise date either physical delivery or cash settlement takes place. For equity index futures, only cash settlement is provided; for swaptions, the establishment of the underlying swap agreement is an alternative.
The affected categories are Aktienindex-Future (60), Aktien-Forward (41), Aktien-Future (50), Aktien-Option (70), Bond-Future-Option (90), Credit Default Index Swap Sonstige (100) and Positivliste (105), Credit Linked Note fixed-rate (120) and floating (130), Zins-Future (520), Zins-Future-Option (530), Zinsoption Bondoption (540) and Zinsoption Swaption (570).
In addition, for Zins-Futures (520): only bonds or CTD bonds are permitted as underlying. Contracts on money market rates such as Euribor are not permitted.
5. Updated Domain Values
The domain “Waehrungscross” has been extended by BRL/MXN and DKK/CAD. The domain “KVG” has been extended by the technical codes IDAC (Private Markets Fonds AllianzGI and Allianz Capital Partners), ARDN (ARDIAN Real Estate III GP S.à r.l.) and IDDG (DWS Grundbesitz GmbH).
Support for the Transition
The changes affect existing data more than future deliveries: positions that are compliant today have to be reallocated. Fenion supports capital management companies and institutions through exactly these steps – from analysing the affected holdings and adapting the delivery logic to ongoing quality assurance of interface deliveries. We are happy to talk.
