KVG/SCD Interface: What Version 6.0 Brings in 2027

Real estate goes ESG

The most visible change concerns the instrument category real estate (SNST/270): ten new fields are being added. Three are address details (city, street, house number); seven cover ESG and sustainability metrics — ESG area and ESG area type, CO2 emission and CO2 reference year, energy consumption intensity together with a data quality indicator, and the economic year of construction.

The ESG fields are modelled on the BVI's data collection sheet for fund-of-funds reporting, so anyone already reporting there has done much of the groundwork. Two new domains accompany the extension: ESGFlaecheTyp (ERA, GEA, GIA, RA) defines the area basis on which CO2 and EVI figures are calculated, while DatenqualitaetEVI (A, C, E, N) makes transparent whether an EVI value was collected, derived from an energy performance certificate, approximated, or is simply not available. The existing Nutzungsart domain gains three values: healthcare and care, student housing, and data centres.

In parallel, the field „Postleitzahl" has been extended from String(5) to String(16). QS-168 will now only check German postal codes against the five-digit numeric format — the previous requirement to leave the field empty for non-German locations has been dropped without replacement. International properties can therefore deliver their postal codes for the first time.

New sector field: „Partner Branche1 V26"

The background is a change at WM: field GD205B, on which the current sector taxonomy is based, will no longer be supplied from June 2027 and is being replaced by GV2B1. The values and their meaning differ between the two fields. The target system SCD switches to the new values as early as October 2026.

For asset managers this means a two-stage transition. While you are still delivering on version 5.x, nothing changes: you populate „Partner Branche 1" with values from the Branche1 domain, and the interface applies a mapping on export. With the switch to 6.0 you move entirely to „Partner Branche1 V26" and exclusively to values from the Branche1V26 domain. The old field loses its role as the primary sector field — consistently, its relevance indicator has been lowered from „w" (warning) to „s", while a missing value in the new field now triggers the warning. Both position and address data are affected.

One point to watch for interest rate swaps (fixed/floating) and FX forwards: QS-172 checks the new sector field for consistency across both legs. If the values differ, both legs of the position are filtered out.

Fix-to-float bonds: relief for EUR and USD

Until now the rule was absolute: if the interest rate reset date fell before the decomposition date, a fix-to-float bond had to be delivered as an INT instrument („Sonstiges"). Version 6.0 extends QS-153 by the currency field and creates an exception — fix-to-float bonds denominated in EUR or USD may now be delivered under their ISIN in both interest phases. For all other currencies, the switch to INT after the reset date remains in place.

This is a meaningful simplification, but it takes preparation: identify your active fix-to-float holdings, sort them by currency, and migrate EUR and USD paper that previously ran as an internal instrument in the floating phase over to ISIN delivery.

Interest fields and QS checks

Several clarifications concern interest logic. „Zinslauf ab" and „Erster Kupon am" must always be delivered as the original date, without holiday or business day adjustment. For instruments whose first interest period has not yet begun at the decomposition date, there is a new and consistent flag: „Fixingtermin" equals the first fixing date (identical to „Zinslauf ab"), and „Aktueller Kupon" carries the value „99". The two fields correlate — the special case always applies to both.

QS-130 has been reworked accordingly and now references the relationship to the decomposition date; the former QS-134 has been absorbed into it and abolished. QS-188 is new: „Erster Kupon am" must be strictly greater than „Zinslauf ab" and less than or equal to maturity — otherwise the check raises an error of type „FEHLER".

In addition, the field „Aktueller Kupon" has been upgraded from „s" to mandatory „X" for seven floating rate note categories (including FLRN/270, FNSC/200, FNMC/180, SNST/190, ULRE/170, ULRE/180 and ULRE/200). The description of the off-balance-sheet position has been sharpened with a second example for futures, and a new column, „Art des anzuliefernden Partners", clarifies which partner type is expected per instrument category.

Timeline and recommendation

The UAT environment already runs v6.0, so you can validate your data in the new format right away. Productive delivery follows from January 2027, and the migration should be in place by the April 2027 delivery date (not the decomposition date).

Our advice: move early. The effort lies less in the technology than in sourcing the data — ESG metrics for real estate holdings and the remapping of sector keys in particular need lead time and coordination with data providers. Anyone starting in spring 2027 will have very little buffer.