The information flow will be as follows:
- Visual Trader will receive a file with the brokers’ settlement instructions and it will transform those instructions into the appropriate SWIFT settlement messages addressed to the Custodian Entities.
- The Custodian Entities will send the Visual Trader settlement transaction status by means of the appropriate SWIFT messages, VT will transform them and it will forward the information to the destination brokers by file.

Phase II. The object of Phase II is to connect the brokers’ back office systems and those of the Custodian Entities using the Visual Trader technical platform, allowing communication of the settlement instructions for the securities traded in the various international markets. The exchange of information between the Visual Traders brokers and their Custodian Entities will take place using the SWIFT messaging network to which the Madrid Stock Exchange is adhered. Therefore is will not be necessary for VT brokers to adhere to the network.