Message Usage Guidelines - NDF - Swift

Message Usage Guidelines - NDF - Swift

Standards Category 3 – Treasury Markets Message Usage Guidelines - NDF These usage guidelines provide information about the category 3 message stand...

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Standards

Category 3 – Treasury Markets

Message Usage Guidelines - NDF These usage guidelines provide information about the category 3 message standards (MT 300 and MT 304) for Non Deliverable Forward (NDF) trades. The information given is based on that of the SWIFT User Handbook but in some cases includes usage for specific market infrastructures.

31 January 2011

Category 3 - Treasury Markets – Message Usage Guidelines

Table of Contents 1

Introduction ...................................................................................................................................... 4

2

Coverage ......................................................................................................................................... 4

3

Message Types for NDF .................................................................................................................. 5 3.1

4

5

6

Message Type Formats ................................................................................................................... 6 4.1

MT 300 ........................................................................................................................ 6

4.2

MT 304 ...................................................................................................................... 10

4.3

Transaction Information ............................................................................................. 14

Events/Flows .................................................................................................................................. 16 5.1

Opening Information .................................................................................................. 16

5.2

Closing Information ................................................................................................... 17

Settlement ...................................................................................................................................... 20 6.1

7

MT 300 and MT 304 .................................................................................................... 5

Settlement through CLS ............................................................................................ 20

Settlement through an agent ......................................................................................................... 39 7.1

Settlement Information .............................................................................................. 39

7.2

Examples ................................................................................................................... 41

8

Legal Notices ................................................................................................................................. 43

2

Message Usage Guidelines

Category 3 - Treasury Markets

Preface Purpose of this document This document contains guidelines for the use of MT 300 Foreign Exchange Confirmation and MT 304 Advice/Instruction of a Third Party Deal messages to confirm NDF trades. Intended audience This document is for the following audience: Back office users who send and receive treasury trade confirmations Application Developers Interface Developers Related documentation SWIFT UserHandbook - Category 3 - Volume 1 Message Usage Guidelines – MT 304 Settlement Instructions CLS Documentation

Version SR10/11_01

Message Usage Guidelines

3

Category 3 - Treasury Markets – Message Usage Guidelines

1 Introduction The treasury markets are subject to an ever-increasing pace of change. New participants are now exchanging treasury messages and this has led to the emergence of new flows. SWIFT has analysed the potential effects of these changes and has collated usage guidelines resulting from these new trends.

2 Coverage The usage guidelines which are included in the current User Handbook have been grouped and included in this document. They aim at clarifying the usage of current messages for NDF.

4

Message Usage Guidelines

Category 3 - Treasury Markets

3 Message Types for NDF 3.1 MT 300 and MT 304 To confirm a Non Deliverable Forward Trade, both parties should exchange MT 300 confirmations at the opening and at the fixing of the trade. To notify a Non Deliverable Forward Trade to a party such as a custodian or settlement system, MT 304 notifications have to be sent to this party at the opening and at the fixing (closing) of the trade.

Message Usage Guidelines

5

Category 3 - Treasury Markets – Message Usage Guidelines

4 Message Type Formats 4.1 MT 300 Only the fields relevant to an NDF are described below. For a complete description of the message, please refer to the SWIFT User Handbook.

Content / Options

Tag

Field Name

:15A:

New Sequence

empty

Sequence A General Information.

:20:

Sender's Reference

16x

Unique reference number assigned to the confirmation by the Sender.

:21:

Related Reference

16x

Reference number of the confirmation to which the current message is related.

Mandatory field if field 22 contains "AMND" or "CANC"; otherwise optional.

AMND

Amendment.

Used to add optional sequences/fields to a previously sent confirmation message. Also used to confirm bilaterally agreed changes, in this case each party must send an AMND message.

CANC

Cancellation.

Used to cancel a previously sent confirmation message.

DUPL

Duplication.

Used to inform the custodian that an confirmation was already sent by telex, fax or SWIFT.

NEWT

New.

Used to send a confirmation for the first time or to send a corrected MT 300 when the erroneous one was cancelled using an MT 300 with CANC.

BILA

Type of foreign exchange confirmation = bilateral contract.

Indicates that the foreign exchange confirmations are exchanged between party A and party B.

:22:

:94A:

6

Definition

Type of Operation

Scope of Operation

Comments and Notes

Message Usage Guidelines

Category 3 - Treasury Markets

AGNT

:22C:

Common Reference

Type of foreign exchange confirmation = agent confirmation.

Indicates that one or both foreign exchange confirmations are sent on behalf of party A by the Sender and/or received on behalf of party B by the Receiver.

Reference common to both the Sender and the Receiver.

Reference must contain Sender Bank Code, Receiver Bank Code and Location Code in alphabetical order separated by the last 4 non-zero digits of the exchange rate.

A :82a:

Party A

D J A

:87a:

Party B

D J

With BIC in first line. Identifies the trading party at the sending side – corporate, fund manager, executing broker or any other financial institution.

Identifies the trading party at the receiving side – corporate, fund manager, executing broker or any other financial institution.

A :83a:

Fund

D

With description in first line. With /ABIC/, /NAME/, etc. tags in any order. With BIC in first line. With description in first line. With /ABIC/, /NAME/, etc. tags in any order. With account number in first line and BIC in second line.

Identifies the fund.

J

With account number in first line and description in second line. With /ABIC/, /ACCT/, /NAME/, etc. tags in any order. When the trade is an NDF opening, this field specifies:

:77D

Terms and Conditions

Specifies the underlying legal agreement and/or NDF parameters.

the code VALD and the date on which the spot rate is to be applied. the code SETC and the settlement currency of the NDF trade. When the trade is an NDF fixing (valuation), the field specifies: the code FIX and the reference to the original NDF opening confirmation.

:15B:

New Sequence

Message Usage Guidelines

empty

Sequence B Transaction Details. 7

Category 3 - Treasury Markets – Message Usage Guidelines

:30T:

Trade Date

YYYYMMDD

Date the transaction was agreed between both trading parties.

No control on content, only on format.

:30V:

Value Date

YYYYMMDD

Value date of the transaction.

No control on content, only on format.

Exchange Rate

12d

Agreed exchange rate of the transaction.

:36:

Subsequence B1 Amount Bought. :32B:

Currency, Amount Bought

3!a15d

Specifies the currency and amount bought.

A :53a:

:56a::

:57a:

Delivery Agent

Intermediary

Receiving Agent

D

Currency must be a valid ISO 4217 currency code With BIC in first line.

Identifies the financial institution from which the payer will transfer the amount bought.

With description in first line.

J

With /ABIC/, /NAME/, etc. tags in whichever order

A

With account number in first line and BIC in second line.

D

Identifies the intermediary for the transfer of the funds.

With account number in first line and description in second line.

J

With /ABIC/, /ACCT/, /NAME/, etc. tags in any order

A

With account number in first line and BIC in second line.

D

Identifies the financial institution and account where the payee will receive the amount bought.

J

With account number in first line and description in second line. With /ABIC/, /ACCT/, /NAME/, etc. tags in any order.

Subsequence B2 Amount Sold. :33B:

8

Currency, Amount Sold

3!a15d

Identifies the currency and amount sold.

Currency must be a valid ISO 4217 currency code.

Message Usage Guidelines

Category 3 - Treasury Markets

A :53a:

:56a:

:57a:

:58a:

Delivery Agent

Intermediary

Receiving Agent

Beneficiary Institution

D

With description in first line.

J

With /ABIC/, /NAME/, etc. tags in any order.

A

With account number in first line and BIC in second line.

D

Identifies the intermediary for the transfer of the funds.

With account number in first line and description in second line.

J

With /ABIC/, /ACCT/, /NAME/, etc. tags in any order.

A

With account number in first line and BIC in second line.

D

Identifies the financial institution and account where the payee will receive the amount sold.

With account number in first line and description in second line.

J

With /ABIC/, /ACCT/, /NAME/, etc. tags in any order.

A

With account number in first line and BIC in second line.

D J

Message Usage Guidelines

With BIC in first line. Identifies the financial institution from which the payer will transfer the amount sold.

Identifies the institution in favour of which the payment is done.

With account number in first line and description in second line. With /ABIC/, /ACCT/, /NAME/, etc. tags in any order.

9

Category 3 - Treasury Markets – Message Usage Guidelines

4.2 MT 304 Only the fields relevant to an NDF are described below. For a complete description of the message, please refer to the SWIFT User Handbook. There is a second mechanism for specifying an NDF in the MT 304. As this is still at proposal stage, this is not included in this version of the document. CLS has, for many of the fields, specific usage and CLS’s own documentation should be consulted.

Content / Options

Tag

Field Name

:15A:

New Sequence

empty

Sequence A General Information.

:20:

Sender's Reference

16x

Unique reference number assigned to the notification by the Sender.

:21:

Related Reference

16x

Reference number of the confirmation to which the current message is related.

Mandatory field if field 22 contains "AMND" or "CANC"; otherwise optional.

AMND

Amendment.

Used to add settlement agents to an MT304 previously sent or to correct error(s) in an MT 304 previously sent or to add optional sequences/fields to an MT 304 previously sent.

CANC

Cancellation

Used to cancel an MT304 previously sent or to cancel an MT304 which contains erroneous information.

DUPL

Duplication.

Used to inform the custodian that an advice / instruction was already sent by telex, fax or SWIFT.

NEWT

New.

Used to send an advice / instruction for the first time or to send a corrected MT 304 when the erroneous one was cancelled using an MT 304 with function CANC.

:22:

:94A:

Definition

Type of Operation

Scope of Operation

ASET

Type of foreign exchange contract = settlement contract.

Comments and Notes

Indicates that the foreign exchange is a physical settlement in which both the buy and sell currencies will move on the settlement (value) day. For an NDF opening and NDF valuation (fixing), the code ASET must

10

Message Usage Guidelines

Category 3 - Treasury Markets

be used. A :83a:

:82a:

:87a:

Fund

Fund Manager

Executing Broker

D

With account number in first line and BIC in second line. Identifies the fund.

With account number in first line and description in second line, that is, /Fund Id in first line followed by Fund Name in second line.

J

With /ABIC/, /ACCT/, /NAME/, etc. tags in any order.

A

With BIC in first line.

D

Identifies the fund manager.

With description in first line.

J

With /ABIC/, /NAME/, etc. tags in any order.

A

With BIC in first line.

D

Identifies the executing broker.

J

With description in first line. With /ABIC/, /NAME/, etc. tags in any order.

:15B:

New Sequence

empty

Sequence B Forex Transaction Details.

:30T:

Trade Date

YYYYMMDD

Date the transaction was agreed between the fund manager and the executing broker.

No control on content, only on format.

:30V:

Value Date

YYYYMMDD

Value date of the transaction.

No control on content, only on format .

Exchange Rate

12d

Agreed exchange rate of the transaction.

:36:

Subsequence B1 Amount Bought.

Message Usage Guidelines

11

Category 3 - Treasury Markets – Message Usage Guidelines

:32B:

Currency, Amount Bought

3!a15d

Identifies the currency and amount bought.

A :53a:

:56a:

:57a:

Delivery Agent

Intermediary

Receiving Agent

D

Currency must be a valid ISO 4217 currency code. With BIC in first line.

Identifies the financial institution from which the payer will transfer the amount bought.

With description in first line.

J

With /ABIC/, /NAME/, etc. tags in any order.

A

With account number in first line and BIC in second line.

D

Identifies the intermediary for the transfer of the funds.

With account number in first line and description in second line.

J

With /ABIC/, /ACCT/, /NAME/, etc. tags in any order.

A

With account number in first line and BIC in second line.

D

Identifies the financial institution and account where the payee will receive the amount bought.

J

With account number in first line and description in second line. With /ABIC/, /ACCT/, /NAME/, etc. tags in any order.

Subsequence B2 Amount Sold. :33B:

Currency, Amount Sold

3!a15d A

:53a:

Delivery Agent

D J

:56a: 12

Intermediary

A

Identifies the currency and amount sold. Identifies the financial institution from which the payer will transfer the amount sold. Note: not used for CLS settlement. Identifies the intermediary for the

Currency must be a valid ISO 4217 currency code. With BIC in first line. With description in first line. With /ABIC/, /NAME/, etc. tags in any order. With account number in first line and BIC in second line. Message Usage Guidelines

Category 3 - Treasury Markets

transfer of the funds. D

With account number in first line and description in second line.

J

With /ABIC/, /ACCT/, /NAME/, etc. tags in whichever order

A :57a:

Receiving Agent

D

With account number in first line and BIC in second line. Identifies the financial institution and account where the payee will receive the amount sold.

J A :58a:

Beneficiary Institution

With /ABIC/, /ACCT/, /NAME/, etc. tags in any order. Identifies the institution in favour of which the payment is done.

D J

With account number in first line and description in second line.

With account number in first line and BIC in second line. With account number in first line and description in second line.

CLS Usage: not used for CLS settlement.

With /ABIC/, /ACCT/, /NAME/, etc. tags in any order.

Sequence C General Information. When the trade is an NDF opening, this field specifies:

72

Sender to Receiver Information

Specifies NDF parameters.

the code VALD and the date on which the spot rate is to be applied. the code SETC and the settlement currency of the NDF trade. When the trade is an NDF fixing (valuation), the field specifies: the code FIX and the reference to the original NDF opening confirmation.

Message Usage Guidelines

13

Category 3 - Treasury Markets – Message Usage Guidelines

4.3 Transaction Information 4.3.1

References – Field 20, Field 21 and Field 22C Each confirmation and each notification must contain a unique identification in field 20. When an amendment or a cancellation has to be sent, field 21 must contain a reference (that is, the original field 20) of the message being cancelled/amended. It should be noted that in that case, field 20 of the cancellation/amendment message should contain a new identification. In the MT 300, field 22C contains a reference common to both parties and it should be used as related reference in any subsequent payment or advice to receive message.

4.3.2

Scope of Operation – Field 92

4.3.2.1 MT 300 AGNT is used when the Sender and/or Receiver of the confirmation is not one of the trading parties (centralised back office, service bureau, etc). BILA is used when both Sender and Receiver are trading parties. BROK is used when a money broker is notifying a trading party of a trade agreed on its behalf. The majority of systems (matching, back office, etc) ignore field 92.

4.3.2.2 MT 304 ASET is used to notify the receiver of the opening or of the fixing (valuation) of an NDF. AFWD is currently not used for NDFs.

4.3.3

Parties Roles – Field 82 and Field 87 In many cases, the Sender and/or the Receiver are confirming trades on behalf of another party. For instance, a centralised back-office will confirm trades on behalf of several local branches. Field 82 must contain the party that has executed the trade with the counterparty. Field 87 contains the counterparty of the FX trade. Field 82 and Field 87 must contain the parties whose accounts are used for the settlement of the trade. The only exception to this rule is related to the use of field 83.

4.3.3.1 MT 304 For notifications from Fund Manager to Custodian: Field 82 contains the Fund Manager. Field 87 contains the Executing Broker. For notifications from CLS Settlement Member to CLS: Field 82 contains the Settlement Member (or a Third Party is settling through the Settlement Member). Field 87 contains the Counterparty. For notifications from Third Party to CLS Settlement Member: Field 82 contains the Third Party (settling through the Settlement Member). Field 87 contains the Counterparty

14

Message Usage Guidelines

Category 3 - Treasury Markets

4.3.4

Reference to a Master Agreement – Field 77D of MT 300 This field may refer to master agreements which have been put in place on a bilateral basis. This field may also refer to local regulations or to specific conditions applicable to the trade. If this field is not present, the deal conforms either to bilateral agreements or to usual banking practice. When one party has indicated a reference to the usual Master Agreement and the other party has not specified that information in field 77D, it is normally understood that the usual Master Agreement applies. In the case of a deviation to the master agreement or to the usual banking practices agreed, it is best practice that both parties specify it.

Message Usage Guidelines

15

Category 3 - Treasury Markets – Message Usage Guidelines

5 Events/Flows 5.1 Opening Information — The Opening Confirmation contains: — the amount in non-deliverable currency — the amount in settlement currency — the agreed exchange rate — the trade date — the settlement date — the settlement parties — the valuation date (/VALD/) — the settlement currency (/SETC/) — the settlement rate source (/SRCE/ (optional as not all markets can provide)

5.1.1

Amounts - Field 32B and Field 33B The amounts are always confirmed from Party A’s point of view (notification sending side). Field 32B in subsequence B1 contains the amount bought. Field 33B in subsequence B2 contains the amount sold.

Message sent Trading Party (Party A) receives the Non Deliverable Notional Amount Sequence B 36:Exchange Rate

Forward Rate

Subsequence B1 32B:Amount Bought

Non Deliverable Notional Amount

Subsequence B2 33B: Amount Sold

Deliverable Amount

Message sent Trading Party (Party A) pays the Non Deliverable Notional Amount Sequence B

16

Message Usage Guidelines

Category 3 - Treasury Markets

36:Exchange Rate

Forward Rate

Subsequence B1 32B:Amount Bought

Deliverable Amount

Subsequence B2 33B: Amount Sold

5.1.2

Non Deliverable Notional Amount

NDF Specific Information – Field 72 and Field 77D Field 77D of an MT 300 and field 72 of an MT 304 specify information that indicates that the message is for the opening of an NDF: — /VALD/ followed by the valuation date on the first line — /SETC/ followed by the settlement currency on the second line — Optionally /SRCE/ followed by the settlement rate source on the third line (optional as not all markets can provide) Note: For a cross-currency NDF (non-deliverable currency against a deliverable currency other than USD), the Settlement Rate Source can be specified in the third line, followed by the fixing time and the time zone in which the fixing time is expressed (identified by means of the offset against the UTC). Example: :77D:/VALD/20090525 /SETC/EUR /SRCE/ECB37/0915+0200

5.2 Closing Information The closing message contains: — the amount in non-deliverable currency — the updated amount in deliverable currency (recalculated on the basis of the fixing rate) — the trade date for the fixing instruction — the fixing exchange rate — the settlement date — the settlement parties — the net amount is not specified in the valuation message, it is the difference between the deliverable currency amounts of the opening and of the closing messages.

Message Usage Guidelines

17

Category 3 - Treasury Markets – Message Usage Guidelines

5.2.1

Amounts - Field 32B and Field 33B The amounts are always confirmed from Party A’s point of view (sending side). Field 32B in subsequence B1 contains the amount bought. Field 33B in Subsequence B2 contains the amount sold. The closing message contains the amounts in the opposite direction of the opening message. (Currency Bought becomes Currency Sold, Currency Sold becomes Currency Bought.)

5.2.2

NDF Specific Information - Field 72 and Field 77D In the MT 300, field 77D is used to indicate that the message is the valuation (closing) of an NDF trade. Field 77D will contain /FIX/ followed by the reference (field 20) of the opening MT 300. In the MT 304, field 72 is used to indicate that the message is the valuation (closing) of an NDF trade. Field 72 will contain /FIX/ followed by the reference (field 20) of the opening MT 300. MT 300 #

Fields

Event

1

:20:123 :22:NEWT

Create Opening

2

:20:125 :22:NEWT :77D:/FIX/123

Create Closing

#

Fields

Event

1

:20:123

MT 304

Create Opening

:22:NEWT 2

:20:125 :22:NEWT

Create Closing

:72D:/FIX/123

5.2.3

References - Field 20, Field 21 and Field 72 /FIX/ Normally, the messages are sent in sequence and linked through the indication of the reference of the opening message in the valuation one (/FIX/ + reference). Field 21 (Related Reference) should be specified only in an amendment or a cancellation message and is used to link an updated message to the original one. MT 300 – with amendment #

Fields

Event

:20:123 1

18

:22:NEWT

Create Opening

Message Usage Guidelines

Category 3 - Treasury Markets

:20:124 2

:21:123

Amend Opening

:22:AMND :20:125 3

:22:NEWT

Create Closing

:77D:/FIX/124 When the opening is amended, the closing message will reference the amendment If an amendment or a cancellation of the opening message is required, it should be sent whenever possible before the valuation message is sent. If an amendment or a cancellation occurs out of sequence, care should be taken that both messages can still be linked. # 1

Fields

Event

:20:123 :22:NEWT

Create Opening

:20:124 2

:21:123 :22:AMND

Amend Opening

:20:125 3

:22:NEWT /FIX/124

Create Closing

:20:126 4

:21:125 :22:AMND /FIX/124

Amend Closing

:20:127 5

:21:124 :22:CANC

Cancel Opening

:20:128 6

:21:126 :22:CANC

Cancel Closing

/FIX/124

Message Usage Guidelines

19

Category 3 - Treasury Markets – Message Usage Guidelines

5.2.4

Difference between Beneficiary Customer and Beneficiary Institution When one of the trading parties (specified in field 82 or in field 87) is acting on behalf of a fund or of a beneficiary customer, this party is considered as an intermediary and the party specified in field 83 is therefore one of the parties of the trade. This is the party with whom the deal is actually made. When the party in field 87a needs to be paid as a result of the deal, but has instructed that the funds be paid to another party, this other party is specified in the Beneficiary Institution (field 58).

6 Settlement 6.1 Settlement through CLS This document only contains the information related to MT 300 and MT 304. There are other ways to notify CLS of a trade to be settled through CLS Bank, which are not covered here. The table below describes different combinations of flows from the sender’s point of view. Note: In some cases, both an MT 300 and an MT 304 will be sent.

Sender

20

MT 300

MT 304

Sent to Counterparty

Copied to CLS

Sent to CLS

Sent to Settlement Member

CLS Member (own trade)

N

na

Y

na

CLS Member (own trade)

Y

N

Y

na

CLS Member (own trade)

Y

Y

N

na

Third Party

N

na

na

Y

Third Party

Y

na

na

Y

CLS Member on behalf of Third Party

na

na

Y

na

Message Usage Guidelines

Category 3 - Treasury Markets

6.1.1

Trade executed between 2 Settlement Members The FX trade is executed between 2 CLS Settlement Members. There are different possibilities: — The MT 300 confirmation sent by a Settlement Member is copied from the SWIFT network to CLS. or — The Settlement Member directly notifies CLS through an MT 304 or — The Settlement Member directly notifies CLS through GDI (Gross Direct Input) – not covered in this document.

Sample Flow

Settlement Instructions The table illustrates the settlement parties for the MT 304s in the above diagram. MT 304 (1) & (3)

TABLE 1

MT 304 (2 & (4)

Sender

Settlement Member 1

MEMBUS33

Settlement Member 2

SEMEGB2L

Receiver

Settlement Member 2

SEMEGB2L

Settlement Member 1

MEMBUS33

:82A:Party A

Settlement Member 1

MEMBUS33

Settlement Member 2

SEMEGB2L

:87A:Party B

Settlement Member 2

SEMEGB2L

Settlement Member 1

MEMBUS33

:83D:Fund or NA

NA

NA

NA

NA

Subsequence B1 Amount Bought

Message Usage Guidelines

21

Category 3 - Treasury Markets – Message Usage Guidelines

:53A:Delivery Agent

Settlement Member 2

SEMEGB2L

Settlement Member 1

MEMBUS33

:57A:Account With Bank

CLS

CLSBUS33

CLS

CLSBUS33

CLSBUS33

CLS

CLSBUS33

Subsequence B2 Amount Sold :57A:Account With Bank

CLS

Illustration SEMEGB2L, a CLS Settlement Member, agrees with MEMBUS33, another CLS Settlement Member that SEMEGB2L buys an NDF of 100,000,000 PHP against USD. The counterparties directly notify CLS via an MT 304.

Message Examples Extracts The following are message extracts of the MT 304 opening and closing from the above diagram.

Message 1: MT 304 Opening Opening

MT 304

Sender

MEMBUS33

Receiver

CLSBUS33

Sender’s Reference

:20:SM1-O-000001

Scope

:94A:ASET

Party A

:82A:MEMBUS33

Party B

:87A:SEMEGB2L

Fund

:83D:NA

Trade Date

:30T:20101015

Value Date

:30V:20101215

Forward Rate

:36:0,021

Subsequence B1 Amount Bought Counter value in USD

:32B:USD2100000,

Delivery Agent

:53A:SEMEGB2L

Account With Bank

:57A:CLSBUS33

Subsequence B2 Amount Sold

22

Non Deliverable Notional

:33B:PHP100000000,

Account With Bank

:57A:CLSBUS33 Message Usage Guidelines

Category 3 - Treasury Markets

NDF Information

:72:/VALD/20101213 /SETC/USD

Message 2: MT 304 Opening Opening

MT 304

Sender

SEMEGB2L

Receiver

CLSBUS33

Sender’s Reference

:20:SM2-O-000001

Scope

:94A:ASET

Party A

:82A:SEMEGB2L

Party B

:87A:MEMBUS33

Fund

:83D:NA

Trade Date

:30T:20101015

Value Date

:30V:20101215

Forward Rate

:36:0,021

Subsequence B1 Amount Bought Non Deliverable Notional

:32B:PHP100000000,

Delivery Agent

:53A:MEMBUS33

Account With Bank

:57A:CLSBUS33

Subsequence B2 Amount Sold Counter value in USD

:33B:USD2100000,

Account With Bank

:57A:CLSBUS33

NDF Information

:72:/VALD/20101213 /SETC/USD

Message 3: MT 304 Closing Opening

MT 304

Sender

MEMBUS33

Receiver

CLSBUS33

Sender’s Reference

:20:SM1-O-000002

Scope

:94A:ASET

Party A

:82A:MEMBUS33

Party B

:87A:SEMEGB2L

Fund

:83D:NA

Trade Date

:30T:20101015

Value Date

:30V:20101215

Forward Rate

:36:0,022

Message Usage Guidelines

23

Category 3 - Treasury Markets – Message Usage Guidelines Subsequence B1 Amount Bought Non Deliverable Notional

:32B:PHP100000000,

Delivery Agent

:53A:SEMEGB2L

Account With Bank

:57A:CLSBUS33

Subsequence B2 Amount Sold Counter value in USD

:33B:USD2200000,

Account With Bank

:57A:CLSBUS33

NDF Information

:72:/FIX/SM2-O-000001

Message 4: MT 304 Closing Opening

MT 304

Sender

SEMEGB2L

Receiver

CLSBUS33

Sender’s Reference

:20:SM2-O-000002

Scope

:94A:ASET

Party A

:82A:SEMEGB2L

Party B

:87A:MEMBUS33

Fund

:83D:NA

Trade Date

:30T:20101015

Value Date

:30V:20101215

Forward Rate

:36:0,022

Subsequence B1 Amount Bought Counter value in USD

:32B:USD2200000,

Delivery Agent

:53A:MEMBUS33

Account With Bank

:57A:CLSBUS33

Subsequence B2 Amount Sold Non Deliverable Notional

:33B:PHP100000000,

Account With Bank

:57A:CLSBUS33

NDF Information

:72:/FIX/SM2-O-000001

CLS will calculate and settle the net amount - 100,000 USD from MEMBUS33 to SEMEGB2L.

6.1.2

Trade executed between one Settlement Member and one Third Party The FX trade is executed between a CLS Settlement Member and a Third Party which is settling through another Settlement Member. There are different possibilities: — The MT 300 confirmation sent by the Settlement Member is copied from the SWIFT network to CLS

24

Message Usage Guidelines

Category 3 - Treasury Markets or — The Settlement Member directly notifies CLS through an MT 304 (or through GDI). — The MT 300 sent by the Third Party is copied from the SWIFT network to the Third Party Settlement Member. or — The Third Party sends an MT 304 to its Settlement Member — The Third Party Settlement Member notifies CLS through an MT 304 (or through GDI).

Sample Flow

Message Usage Guidelines

25

Category 3 - Treasury Markets – Message Usage Guidelines Settlement Instructions Table 1 illustrates the settlement parties for the MT 300s in the above diagram. MT 300 (1) & (6)

TABLE 1

MT 300 (2) & (7)

Sender

Third Party

THRDGB2L

Settlement Member 2

SEMEGB2L

Receiver

Settlement Member 2

SEMEGB2L

Third Party

THRDGB2L

:82A:Party A

Third Party

THRDGB2L

Settlement Member 2

SEMEGB2L

:87A:Party B

Settlement Member 2

SEMEGB2L

Third Party

THRDGB2L

Subsequence B1 Amount Bought :56A:Intermediary

CLS

CLSBUS33

CLS

CLSBUS33

:57A:Account With Bank

Settlement rd Member 1 (3 party’s settlement member)

THMBUS33

CLS

CLSBUS33

CLS

CLSBUS33

Settlement rd Member 1 (3 party’s settlement member)

THMBUS33

Subsequence B2 Amount Sold :56A:Intermediary :57A:Account With Bank

CLSBUS33

CLS

Tables 2 & 3 illustrate the settlement parties for the MT 304s in the above diagram. TABLE 2

26

MT 304 (3) & (8)

MT 304 (4 & (9)

Sender

Third Party

THRDGB2L

Settlement rd Member 1 (3 party’s settlement member

THMBUS33

Receiver

Settlement rd Member 1 (3 party’s settlement member

THMBUS33

CLS

CLSBUS33

:82A:Party A

Third Party

THRDGB2L

Third Party

THRDGB2L

Message Usage Guidelines

Category 3 - Treasury Markets

:87A:Party B

Settlement Member 2

SEMEGL2L

Settlement Member 2

SEMEGL2L

:83D:Fund or NA

NA

NA

NA

NA

Settlement Member 2

SEMEGL2L

Subsequence B1 Amount Bought :53A:Delivery Agent

Settlement Member 2

SEMEGL2L

:56A:Intermediary

CLS

CLSBUS33

:57A:Account With Bank

Settlement rd Member 1 (3 party’s settlement member

THMBUS33

CLS

CLSBUS33

CLSBUS33

CLS

CLSBUS33

Subsequence B2 Amount Sold :57A:Account With Bank

CLS

TABLE 3

MT 304 (5) & (10)

Sender

Settlement Member 2

SEMEGB2L

Receiver

CLS

CLSBUS33

:82A:Party A

Settlement Member 2

SEMEGB2L

:87A:Party B

Third Party

THRDGB2L

:83D:Fund or NA

NA

NA

Subsequence B1 Amount Bought :53A:Delivery Agent

Settlement rd Member 1 (3 party’s settlement member)

THMBUS33

CLS

CLSBUS33

:56A:Intermediary :57A:Account With Bank

Subsequence B2 Amount Sold :57A:Account With Bank

Message Usage Guidelines

CLS

CLSBUS33

27

Category 3 - Treasury Markets – Message Usage Guidelines

6.1.3

Trade executed between two Third Parties Sample Flow

Settlement Instructions Table 1 illustrates the settlement parties for the MT 300s in the above diagram. MT 300 (1) & (7)

TABLE 1

MT 300 (2) & (8)

Sender

Third Party 1

THRDGB2L

Third Party 2

OTHRFRPP

Receiver

Third Party 2

OTHRFRPP

Third Party 1

THRDGB2L

:82A:Party A

Third Party 1

THRDGB2L

Third Party 2

OTHRFRPP

:87A:Party B

Third Party 2

OTHRFRPP

Third Party 1

THRDGB2L

Subsequence B1 Amount Bought :56A:Intermediary

CLS

CLSBUS33

CLS

CLSBUS33

:57A:Account With Bank

Settlement rd Member 1 (3 Party 1’s settlement member)

THMBUS33

Settlement rd Member 2 (3 Party 2’s settlement member)

OTMBUS33

Subsequence B2 Amount Sold

28

:56A:Intermediary

CLS

CLSBUS33

CLS

CLSBUS33

:57A:Account With Bank

Settlement rd Member 2 (3 Party 2’s settlement

OTMBUS33

Settlement rd Member 1 (3 Party 1’s settlement

THMBUS33

Message Usage Guidelines

Category 3 - Treasury Markets member)

member)

Tables 2 & 3 illustrate the settlement parties of the MT 304s in the above diagram. MT 304 (3) & (9)

TABLE 2

MT 304 (4) & (10)

Sender

Third Party 1

THRDGB2L

Settlement rd Member 1 (3 Party 1’s settlement member)

THMBUS33

Receiver

Settlement rd Member 1 (3 Party 1’s settlement member)

THMBUS33

CLS

CLSBUS33

:82A:Party A

Third Party 1

THRDGB2L

Third Party 1

THRDGB2L

:87A:Party B

Third Party 2

OTHRFRPP

Third Party 2

OTHRFRPP

:83D:Fund or NA

NA

NA

Settlement rd Member 2 (3 Party 2’s settlement member)

OTMBUS33

CLS

CLSBUS33

CLS

CLSBUS33

Subsequence B1 Amount Bought :53A:Delivery Agent

Settlement rd Member 2 (3 Party 2’s settlement member)

OTMBUS33

:56A:Intermediary

CLS

CLSBUS33

:57A:Account With Bank

Settlement rd Member 1 (3 Party 1’s settlement member)

THMBUS33

Subsequence B2 Amount Sold :56A:Intermediary

CLS

CLSBUS33

:57A:Account With Bank

Settlement rd Member 2 (3 Party 2’s settlement member)

OTMBUS33

MT 304 (5) & (11)

TABLE 3 Sender

Third Party 2

Message Usage Guidelines

OTHRFRPP

MT 304 (6) & (12) Settlement rd Member 2 (3 Party 2’s

OTMBUS33

29

Category 3 - Treasury Markets – Message Usage Guidelines settlement member) Receiver

Settlement rd Member 2 (3 Party 2’s settlement member)

OTMBUS33

CLS

CLSBUS33

:82A:Party A

Third Party 2

OTHRFRPP

Third Party 2

OTHRFRPP

:87A:Party B

Third Party 1

THRDGB2L

Third Party 1

THRDGB2L

:83D:Fund or NA

NA

NA

NA

NA

Settlement rd Member 1 (3 Party 1’s settlement member)

THMBUS33

CLS

CLSUS33

CLS

CLSUS33

Subsequence B1 Amount Bought :53A:Delivery Agent

Settlement rd Member 1 (3 Party 1’s settlement member)

THMBUS33

:56A:Intermediary

CLS

CLSBUS33

:57A:Account With Bank

Settlement rd Member 2 (3 Party 2’s settlement member)

OTMBUS33

Subsequence B2 Amount Sold :56A:Intermediary

CLS

CLSBUS33

:57A:Account With Bank

Settlement rd Member 1 (3 Party 1’s settlement member)

THMBUS33

Illustration OTHRFRPP, a CLS Third Party, agrees with THRDGB2L, another CLS Third Party that ORTHFRPP buys an NDF of 100,000,000 PHP against USD. OTHRFRPP settles through Settlement Member OTMBUS33. THRDGB2L settlements through Settlement Member THMBUS33.

Message Example Extracts The following are message extracts of the MT 300 and MT 304 opening and closing from the above diagram.

30

Message Usage Guidelines

Category 3 - Treasury Markets Message 1: MT 300 Opening Opening

MT 300

Sender

THRDGB2L

Receiver

OTHRFRPP

Sender’s Reference

:20:TP1-O-000001

Party A

:82A:THRDGB2L

Party B

:87A:OTHRFRPP

Fund NDF Information

:77D:/VALD/20101213 /SETC/USD

Trade Date

:30T:20101015

Value Date

:30V:20101215

Forward Rate

:36:0,021

Subsequence B1 Amount Bought Counter value in USD

:32B:USD2100000,

Delivery Agent Intermediary

:56A:CLSBUS33

Account With Bank

:57A:THMBUS33

Subsequence B2 Amount Sold Non Deliverable Notional

:33B:PHP100000000,

Intermediary

:56A:CLSBUS33

Account With Bank

:57A:OTMBUS33

Message 2: MT 300 Opening Opening

MT 300

Sender

OTHRFRPP

Receiver

THRDGB2L

Sender’s Reference

:20:TP2-O-000001

Party A

:82A:OTHRFRPP

Party B

:87A:THRDGB2L

Fund NDF Information

:77D:/VALD/20101213 /SETC/USD

Trade Date

:30T:20101015

Value Date

:30V:20101215

Forward Rate

:36:0,021

Subsequence B1 Amount Bought Message Usage Guidelines

31

Category 3 - Treasury Markets – Message Usage Guidelines Non Deliverable Notional

:32B:PHP100000000,

Delivery Agent Intermediary

:56A:CLSBUS33

Account With Bank

:57A:OTMBUS33

Subsequence B2 Amount Sold Counter value in USD

:33B:USD2100000,

Intermediary

:56A:CLSBUS33

Account With Bank

:57A:THMBUS33

Message 3: MT 304 Opening Opening

MT 304

Sender

THRDGB2L

Receiver

THMBUS33

Sender’s Reference

:20:TP1-O-000002

Scope

:94A:ASET

Party A

:82A:THRDGB2L

Party B

:87A:OTHRFRPP

Fund

:83D:NA

Trade Date

:30T:20101015

Value Date

:30V:20101215

Forward Rate

:36:0,021

Subsequence B1 Amount Bought Counter value in USD

:32B:USD2100000,

Delivery Agent

:53A:OTMBUS33

Intermediary

:56A:CLSBUS33

Account With Bank

:57A:THMBUS33

Subsequence B2 Amount Sold Non Deliverable Notional

:33B:PHP100000000,

Intermediary

:56A:CLSBUS33

Account With Bank

:57A:OTMBUS33

NDF Information

:72:/VALD/20101213 /SETC/USD

Message 4: MT 304 Opening

32

Opening

MT 304

Sender

THMBUS33

Message Usage Guidelines

Category 3 - Treasury Markets Receiver

CLSBUS33

Sender’s Reference

:20:SM1-O-000001

Scope

:94A:ASET

Party A

:82A:THRDGB2L

Party B

:87A:OTHRFRPP

Fund

:83D:NA

Trade Date

:30T:20101015

Value Date

:30V:20101215

Forward Rate

:36:0,021

Subsequence B1 Amount Bought Counter value in USD

:32B:USD2100000,

Delivery Agent

:53A:OTMBUS33

Intermediary Account With Bank

:57A:CLSBUS33

Subsequence B2 Amount Sold Non Deliverable Notional

:33B:PHP100000000,

Intermediary Account With Bank

:57A:CLSBUS33

NDF Information

:72:/VALD/20101213 /SETC/USD

Message 5 : MT 304 Opening Opening

MT 304

Sender

OTHRFRPP

Receiver

OTBMBUS33

Sender’s Reference

:20:TP2-O-000002

Scope

:94A:ASET

Party A

:82A:OTHRFRPP

Party B

:87A:THRDGB2L

Fund

:83D:NA

Trade Date

:30T:20101015

Value Date

:30V:20101215

Forward Rate

:36:0,021

Subsequence B1 Amount Bought Non Deliverable Notional

:32B:PHP100000000,

Delivery Agent

:53A:THMBUS33

Message Usage Guidelines

33

Category 3 - Treasury Markets – Message Usage Guidelines Intermediary

:56A:CLSBUS33

Account With Bank

:57A:OTMBUS33

Subsequence B2 Amount Sold Counter value in USD

:33B:USD2100000,

Intermediary

:56A:CLSBUS33

Account With Bank

:57A:THMBUS33

NDF Information

:72:/VALD/20101213 /SETC/USD

Message 6 : MT 304 Opening Opening

MT 304

Sender

OTMBUS33

Receiver

CLSBUS33

Scope

:94A:ASET

Sender’s Reference

:20:SM2-O-000001

Party A

:82A:OTMBUS33

Party B

:87A:THRDGB2L

Fund

:83D:NA

Trade Date

:30T:20101015

Value Date

:30V:20101215

Forward Rate

:36:0,021

Subsequence B1 Amount Bought Non Deliverable Notional

:32B:PHP100000000,

Delivery Agent

:53A:THMBUS33

Intermediary Account With Bank

:57A:CLSBUS33

Subsequence B2 Amount Sold Counter value in USD

:33B:USD2100000,

Intermediary Account With Bank

:57A:CLSBUS33

NDF Information

:72:/VALD/20101213 /SETC/USD

Message 7: MT 300 Closing

34

Opening

MT 300

Sender

THRDGB2L

Receiver

OTHRFRPP Message Usage Guidelines

Category 3 - Treasury Markets Sender’s Reference

:20:TP1-C-000003

Scope

:94A:BILA

Party A

:82A:THRDGB2L

Party B

:87A:OTHRFRPP

Fund NDF Information

:77D:/FIX/TP1-O-000001

Trade Date

:30T:20101015

Value Date

:30V:20101215

Forward Rate

:36:0,022

Subsequence B1 Amount Bought Non Deliverable Notional

:32B:PHP100000000,

Delivery Agent Intermediary

:56A:CLSBUS33

Account With Bank

:57A:THMBUS33

Subsequence B2 Amount Sold Counter value in USD

:33B:USD2200000,

Intermediary

:56A:CLSBUS33

Account With Bank

:57A:OTMBUS33

Message 8: MT 300 Closing Opening

MT 300

Sender

OTHRFRPP

Receiver

THRDGB2L

Sender’s Reference

:20:TP2-C-000003

Scope

:94A:BILA

Party A

:82A:OTHRFRPP

Party B

:87A:THRDGB2L

Fund NDF Information

:77D:/FIX/TP2-O-000001

Trade Date

:30T:20101015

Value Date

:30V:20101215

Forward Rate

:36:0,022

Subsequence B1 Amount Bought Counter value in USD

:32B:USD2200000,

Delivery Agent Intermediary

:56A:CLSBUS33

Account With Bank

:57A:OTMBUS33

Message Usage Guidelines

35

Category 3 - Treasury Markets – Message Usage Guidelines Subsequence B2 Amount Sold Non Deliverable Notional

:33B:PHP100000000,

Intermediary

:56A:CLSBUS33

Account With Bank

:57A:THMBUS33

Message 9: MT 304 Closing Opening

MT 304

Sender

THRDGB2L

Receiver

THMBUS33

Sender’s Reference

:20:TP1-C-000004

Scope

:94A:ASET

Party A

:82A:THRDGB2L

Party B

:87A:OTHRFRPP

Fund

:83D:NA

Trade Date

:30T:20101015

Value Date

:30V:20101215

Forward Rate

:36:0,022

Subsequence B1 Amount Bought Non Deliverable Notional

:32B:PHP100000000,

Delivery Agent

:53A:OTMBUS33

Intermediary

:56A:CLSBUS33

Account With Bank

:57A:THMBUS33

Subsequence B2 Amount Sold Counter value in USD

:33B:USD2200000,

Intermediary

:56A:CLSBUS33

Account With Bank

:57A:OTMBUS33

NDF Information

:72:/FIX/TP1-O-000002

Message 10: MT 304 Closing

36

Opening

MT 304

Sender

THMBUS33

Receiver

CLSBUS33

Sender’s Reference

:20:SM1-C-000002

Scope

:94A:ASET

Party A

:82A:THRDGB2L

Party B

:87A:OTHRFRPP Message Usage Guidelines

Category 3 - Treasury Markets Fund

:83D:NA

Trade Date

:30T:20101015

Value Date

:30V:20101215

Forward Rate

:36:0,022

Subsequence B1 Amount Bought Non Deliverable Notional

:32B:PHP100000000,

Delivery Agent

:53A:OTMBUS33

Intermediary Account With Bank

:57A:CLSBUS33

Subsequence B2 Amount Sold Counter value in USD

:33B:USD2200000,

Intermediary Account With Bank

:57A:CLSBUS33

NDF Information

:72:/FIX/SM1-O-000001

Message 11: MT 304 Closing Opening

MT 304

Sender

OTHRFRPP

Receiver

OTMBUS33

Sender’s Reference

:20:TP2-C-000004

Scope

:94A:ASET

Party A

:82A:OTHRFRPP

Party B

:87A:THRDGB2L

Fund

:83D:NA

Trade Date

:30T:20101015

Value Date

:30V:20101215

Forward Rate

:36:0,021

Subsequence B1 Amount Bought Counter value in USD

:32B:USD2200000,

Delivery Agent

:53A:THMBUS33

Intermediary

:56A:CLSBUS33

Account With Bank

:57A:OTMBUS33

Subsequence B2 Amount Sold Non Deliverable Notional

:33B:PHP100000000,

Intermediary

:56A:CLSBUS33

Message Usage Guidelines

37

Category 3 - Treasury Markets – Message Usage Guidelines Account With Bank

:57A:THMBUS33

NDF Information

:72:/FIX/TP2-O-000002

Message 12: MT 304 Closing Opening

MT 304

Sender

OTMBUS33

Receiver

CLSBUS33

Sender’s Reference

:20:SM2-C-000002

Scope

:94A:ASET

Party A

:82A:OTHRFRPP

Party B

:87A:THRDGB2L

Fund

:83D:NA

Trade Date

:30T:20101015

Value Date

:30V:20101215

Forward Rate

:36:0,021

Subsequence B1 Amount Bought Counter value in USD

:32B:USD2200000,

Delivery Agent

:53A:THMBUS33

Intermediary :57A:CLSBUS33

Account With Bank Subsequence B2 Amount Sold

:33B:PHP100000000,

Non Deliverable Notional Intermediary Account With Bank

:57A:CLSBUS33

NDF Information

:72:/FIX/SM2-O-000001

6.1.3.1 Summary for MT 300 SM1 = Settlement Member 1 SM2 = Settlement Member 2 TP1 = Third Party 1 TP2 = Third Party 2 TPMember1 = Settlement Member of Third Party 1 TPMember2 = Settlement Member of Third Party 2

38

Sender

SM1

SM1

TP1

Receiver

SM2

TP2

TP2 Message Usage Guidelines

Category 3 - Treasury Markets

Subsequence B1 - Amount Bought :56A:

-

CLSBUS33

:57A:

CLSBUS33

CLSBUS33

TPMember1

Subsequence B2 - Amount Sold :56A:

-

CLSBUS33

CLSBUS33

:57A:

CLSBUS33

TPMember2

TPMember2

7 Settlement through an agent 7.1 Settlement Information Opening Confirmations Sender

Party A

Party B

Receiver

Party B

Party A

Subsequence B1 Amount Bought :32B:Amount Bought

Non Deliverable

Deliverable

:57a:Account With Bank

NET

Party B’s Agent

:33B:Amount Sold

Deliverable

Non Deliverable

:57a:Account With Bank

Party B’s Agent

NET

Subsequence B2 Amount Sold

Closing Confirmations Sender

Party A

Party B

Receiver

Party B

Party A

:32B:Amount Bought

Deliverable

Non Deliverable

:57a:Account With Bank

Party A’s Agent

NET

Subsequence B1 Amount Bought

Subsequence B2 Amount Message Usage Guidelines

39

Category 3 - Treasury Markets – Message Usage Guidelines Sold :33B:Amount Sold

Non Deliverable

Deliverable

:57a:Account With Bank

NET

Party A’s Agent

From Party A’s point of view, if Party A has to receive the net amount in deliverable currency, its settlement information is specified in field 57 of Subsequence B1 of the closing confirmation. If Party A has to pay the net amount in deliverable currency, the settlement information of Party B is specified in field 57 of Subsequence B2 of the opening confirmation.

40

Message Usage Guidelines

Category 3 - Treasury Markets

7.2 Examples 7.2.1

Confirmation of the opening of a Non Deliverable Trade Sender

BANAFRPP

Receiver

BANBITRR

MT

300

General Information

:15A:

Sender's Reference

:20:93170-1466

Type of Operation

:22A:NEWT

Common Reference

:22C:BANAPP6283BANBRR

Party A

:82A:BANAFRPP

Party B

:87A:BANBITRR

Terms and Conditions

:77D:/VALD/20090525 /SETC/EUR /SRCE/ECB37/0915+0200

Transaction Details

:15B:

Trade Date

:30T:20090408

Value Date

:30V:20090527

Exchange Rate

:36:14316,6283

Amount Bought Currency, Amount

:32B:IDR143166283,

Receiving Agent

:57D:NET

Amount Sold Currency, Amount

:33B:EUR10000,00

Receiving Agent

:57A:BANBDEFF

Message Usage Guidelines

41

Category 3 - Treasury Markets – Message Usage Guidelines

7.2.2

Confirmation of the fixing of a Non Deliverable Trade Sender

BANAFRPP

Receiver

BANBITRR

MT

300

General Information

:15A:

Sender's Reference

:20:93170-1468

Type of Operation

:22A:NEWT

Common Reference

:22C:BANAPP7599BANBRR

Party A

:82A:BANAFRPP

Party B

:87A:BANBITRR

Terms and Conditions

:77D:/FIX/93170-1466

Transaction Details

:15B:

Trade Date

:30T:20090525

Value Date

:30V:20090527

Exchange Rate

:36:14527,7599

Amount Bought Currency, Amount

:32B:EUR9854,67

Receiving Agent

:57A:BANAFRPP

Amount Sold Currency, Amount

:33B: IDR143166283,

Receiving Agent

:57D:NET

Bank A will deliver the net amount to Bank B’s branch in Frankfurt as defined in the opening message.

42

Message Usage Guidelines

Category 3 - Treasury Markets

8 Legal Notices Copyright

SWIFT © 2011. All rights reserved. You may copy this publication within your organisation. Any such copy must include these legal notices. Confidentiality This publication contains SWIFT or third-party confidential information. Do not disclose this publication outside your organisation without the prior written consent of SWIFT.

Disclaimer

The information in this publication may change from time to time. You must always refer to the latest available version. SWIFTStandards Intellectual Property Rights (IPR) Policy - End-User License Agreement SWIFTStandards are licensed subject to the terms and conditions of the SWIFTStandards IPR Policy - End-User License Agreement, available at www.swift.com > Standards > More information

Translations The English version of SWIFT documentation is the only official and binding version.

Trademarks SWIFT is the trade name of S.W.I.F.T. SCRL. The following are registered trademarks of SWIFT: SWIFT, the SWIFT logo, Sibos, SWIFTNet, SWIFTReady, and Accord. Other product, service, or company names in this publication are trade names, trademarks, or registered trademarks of their respective owners.

Message Usage Guidelines

43