MT502 Format Specifications

MT502 Network Validated Rules

• C1. If an Exchange Rate (field :92B::EXCH) is present, the corresponding Resulting Amount (field :19A::RESU) must be present in the same subsequence. If the Exchange Rate is not present then the Resulting Amount is not allowed .

  Subsequence C3 if field :92B::EXCH is ...	Subsequence C3 then field :19A::RESU is ...
  Present	Mandatory
  Not present	Not allowed

• C2. If the Function of the Message (field :23G:) is CANC and the Ordered Quantity (field :36B::ORDR) is present, then the Quantity to Cancel (field :36B::CANC) must be present in the order details sequence.

  If the Function of the Message (field :23G:) is CANC and the Ordered Amount (field :19A::ORDR) is present, then the Amount to Cancel (field :19A::CANC) must be present in the order details sequence.

  If the Function of the Message is not CANC, the Quantity to Cancel and the Amount to Cancel are not allowed .

  Sequence A if field :23G is ...	Sequence B and field :36B::ORDR is ...	Sequence B then field :36B::CANC is ...
  NEWM	Present	Not allowed
  REPL	Present	Not allowed
  CANC	Present	Mandatory

  Sequence A if field :23G is ...	Sequence B and field :19A::ORDR is ...	Sequence B then field :19A::CANC is ...
  NEWM	Present	Not allowed
  REPL	Present	Not allowed
  CANC	Present	Mandatory

• C3. The Type of Order Indicator (field :22F::TOOR) and/or the Price Limit (field :90a::LIMI) must be present .

  Sequence B if field :22F::TOOR is ...	then Subsequence B1 is ...	Subsequence B1 and field :90a::LIMI is ...
  Present	Optional	Optional
  Not present	Mandatory	Mandatory in at least one of the occurrences of subsequence B1

• C4. If the message is a cancellation or a replacement, ie, Function of the Message (field 23G) is CANC or REPL, then subsequence A1 (Linkages) must be present at least once in the message, and in one and only in one occurrence of A1, field :20C::PREV must be present; consequently, in all other occurrences of A1, field :20C::PREV is not allowed .

  Sequence A if field :23G: is ...	then subsequence A1 is ...	and field :20C::PREV is ...
  CANC or REPL	Mandatory (minimum one occurrence of A1 must be present)	Mandatory in one occurrence of subseq. A1, and not allowed in all other occurrences of subseq. A1
  NEWM	Optional	Not Applicable

• C5. The following party fields for subsequences C1 and C2 cannot appear more than once in sequence C. The party fields for sequence D cannot appear more than once in a message .

  Subsequence C1	Subsequence C2	Sequence D
  :95a::BUYR	:95a::ACCW	:95a::EXCH
  :95a::DEAG	:95a::BENM	:95a::MEOR
  :95a::DECU	:95a::PAYE	:95a::MERE
  :95a::DEI1		:95a::TRRE
  :95a::DEI2		:95a::VEND
  :95a::PSET		:95a::TRAG
  :95a::REAG
  :95a::RECU
  :95a::REI1
  :95a::REI2
  :95a::SELL

• C6. In sequence B, either an ordered quantity (field :36B::ORDR) or an ordered amount (field :19A::ORDR) must be present, but not both .

  Sequence B if field :36B::ORDR is ...	Sequence B then field :19A::ORDR is ...
  Present	Not allowed
  Not present	Mandatory

• C7. If a qualifier from the list Deliverers is present in a subsequence C1 in a field :95a::4!c, then all the remaining qualifiers following this qualifier in the list Deliverers (see below) must be present .

  In other words, in sequence C, the following scenarios must be validated:

  • If :95a::DEI2 is present in subseq C1, then :95a::DEI1 must be present in another subseq C1.

  • If :95a::DEI1 is present in subseq C1, then :95a::DECU must be present in another subseq C1.

  • If :95a::DECU is present in subseq C1, then :95a::SELL must be present in another subseq C1.

  • If :95a::SELL is present in subseq C1, then :95a::DEAG must be present in another subseq C1.

  If a qualifier from the list Receivers is present in a subsequence C1 in a field :95a::4!c, then all the remaining qualifiers following this qualifier in the list Receivers (see below) must be present.

  In other words, in sequence C, the following scenarios must be validated:

  • If :95a::REI2 is present in subseq C1, then :95a::REI1 must be present in another subseq C1.

  • If :95a::REI1 is present in subseq C1, then :95a::RECU must be present in another subseq C1.

  • If :95a::RECU is present in subseq C1, then :95a::BUYR must be present in another subseq C1.

  • If :95a::BUYR is present in subseq C1, then :95a::REAG must be present in another subseq C1.

  Deliverers		Receivers
  DEI2	Deliverer's Intermediary 2	REI2	Receiver's Intermediary 2
  DEI1	Deliverer's Intermediary 1	REI1	Receiver's Intermediary 1
  DECU	Deliverer's Custodian	RECU	Receiver's Custodian
  SELL	Seller (Deliverer)	BUYR	Buyer (Receiver)
  DEAG	Delivering Agent	REAG	Receiving Agent

• C8. In subsequence C1, if field :95a::PSET is present, then field :97a::SAFE is not allowed in the same sequence .

  Subsequence C1 if field :95a::PSET is ...	Subsequence C1 then field :97a::SAFE is ...
  Present	Not allowed within the same occurrence
  Not present	Optional

• C9. In sequence B, if field :22H::BUSE//SWIT is present, then subsequence A1 Linkages is mandatory, and field :20C::PREV must be present in minimum one occurrence of subsequence A1 Linkages .

  Sequence B if field :22H::BUSE//SWIT is ...	then subsequence A1 is ...	and field :20C::PREV is ...
  Present	Mandatory, ie minimum one occurrence of A1	Mandatory, ie must be present in minimum one occurrence of A1
  Not present	Optional	Not applicable

• C10. If field :22F::DBNM//VEND is present in sequence C, then a vendor must be specified; i.e. one occurrence of sequence D must contain field :95a::VEND .

  If Seq. C is ...	and in Seq. C if field :22F::DBNM//VEND is ... If the Data Source Scheme is present in field :22F::DBNM//VEND then the conditional rule does not apply.	then Seq. D is ...	and in one occurrence of Seq. D field :95a::VEND is ...
  Present	Present	Mandatory, i.e. Seq. D must be present minimum once	Mandatory
  	Not present	Optional	Optional
  Not present	Not Applicable	Optional	Optional

MT502 Usage Rules

• When an instruction is sent to a party other than the original Receiver, this original Receiver is identified in the other parties sequence as :95a::MERE (Recipient of the Message).

• In cross-border, broker-to-broker trades, the place of settlement (:95a::PSET), must be present.

• When a broker is identified as a confirming party, the party capacity (:22F::TRCA) must be specified.

• When there is a need to pre-allocate, a master reference must be used in the linkage sequence of the MT 502. The MT 514 Trade Allocation Instruction, is used to instruct the pre-allocation. The master reference must be used in the linkage sequence of all the associated MT 514s.

• Field 22F Indicator, with the qualifier PRCO, ie, Pre-Allocation Condition, must be used to indicate how to allocate if the block cannot be fully executed, and to convey rounding instructions in case of fractional shares.

• Optional sequence C Settlement Details may be used to convey early information regarding settlement.

• The Receiver of a request to cancel or replace must advise the requesting party that the request has been accepted or denied in an MT 509 Trade Status Message.