MT541: (57) Field 22F: Indicator

QUALIFIER

Order	M/O	Qualifier	R/N	CR	Options	Qualifier Description
1	O	STCO	R		F	Settlement Transaction Condition Indicator
2	M	SETR	N		F	Type of Settlement Transaction Indicator
3	O	TRCA	N		F	Party Capacity Indicator
4	O	STAM	N		F	Stamp Duty Indicator
5	O	RTGS	N		F	Securities Real-Time Gross Settlement Indicator
6	O	REGT	N		F	Registration Indicator
7	O	BENE	N		F	Beneficial Ownership Indicator
8	O	CASY	N		F	Cash Settlement System Indicator
9	O	DBNM	N		F	Settlement Standing Instruction Database Indicator
10	O	TCPI	N		F	Tax Capacity Party Indicator
11	O	MACL	N		F	Market Side Indicator
12	O	FXCX	N	C12	F	Forex Order Cancellation Indicator
13	O	BLOC	N		F	Block Trade Indicator
14	O	REST	N		F	Restrictions
15	O	SETS	N		F	Settlement System/Method Indicator
16	O	NETT	N		F	Netting Eligibility Indicator
17	O	CCPT	N		F	CCP Eligibility Indicator
18	O	LEOG	N		F	Letter of Guarantee Indicator
19	O	COLA	N		F	Exposure Type Indicator
20	O	COOW	N		F	Collateral Ownership Indicator
21	O	TRAK	N		F	Tracking Indicator
22	O	REPT	N		F	Repurchase Type Indicator

DEFINITION

This qualified generic field specifies:

BENE	Beneficial Ownership Indicator	Specifies whether there is change of beneficial ownership.
BLOC	Block Trade Indicator	Specifies whether the settlement instruction is a block parent or child.
CASY	Cash Settlement System Indicator	Specifies what cash settlement system is instructed to be used.
CCPT	CCP Eligibility Indicator	Specifies whether the settlement transaction is CCP (Central Counterparty) eligible.
COLA	Exposure Type Indicator	Specifies the underlying business area/type of trade causing the collateral movement.
COOW	Collateral Ownership Indicator	Specifies the ownership of the collateral being delivered or received.
DBNM	Settlement Standing Instruction Database Indicator	Specifies what settlement standing instruction database is to be used to derive the settlement parties involved in the transaction.
FXCX	Forex Order Cancellation Indicator	Specifies the action to be taken on the underlying FX.
LEOG	Letter of Guarantee Indicator	Specifies whether physical settlement may be executed using a letter of guarantee or if the physical certificates should be used.
MACL	Market Side Indicator	Specifies whether an instruction is for a market side or a client side transaction.
NETT	Netting Eligibility Indicator	Specifies whether the settlement transaction is eligible for netting.
REGT	Registration Indicator	Specifies whether registration should occur upon receipt.
REPT	Repurchase Type Indicator	Specifies the type of repurchase transaction.
REST	Restrictions	Specifies the regulatory restrictions applicable to a financial instrument.
RTGS	Securities Real-Time Gross Settlement Indicator	Specifies whether the settlement transaction is to be settled through an RTGS or a non RTGS system.
SETR	Type of Settlement Transaction Indicator	Specifies underlying information regarding the type of settlement transaction.
SETS	Settlement System/Method Indicator	Specifies whether the settlement instruction is to be settled through the default or the alternate settlement system.
STAM	Stamp Duty Indicator	Specifies the stamp duty type or exemption reason applicable to the settlement instruction.
STCO	Settlement Transaction Condition Indicator	Specifies the conditions under which the order/trade is to be settled.
TCPI	Tax Capacity Party Indicator	Specifies the tax role capacity of the instructing party.
TRAK	Tracking Indicator	Specifies whether the loan and/or collateral is tracked.
TRCA	Party Capacity Indicator	Specifies the role of the party in the transaction.

CODES

If Qualifier is STCO and Data Source Scheme is not present, Indicator must contain one of the following codes :

ASGN	Assignment	Transfer of ownership of the asset to another party during the closing of an option.
BUTC	Buy to Cover	Transaction is a buy to cover.
CLEN	Clean	Tax-exempt financial instruments are to be settled.
DIRT	Dirty	Taxable financial instruments are to be settled.
DLWM	Delivery Without Matching	Matching receipt instruction not required (only for concerned ICSD and CSD).
DRAW	Drawn	Settlement transactions relates to drawn securities.
EXER	Exercised	Settlement transaction relates to options, futures or derivatives that are exercised.
FRCL	Free Clean Settlement	Delivery will be made free of payment but a clean payment order will be sent.
KNOC	Knocked out	Settlement transaction relates to options, futures or derivatives that are expired worthless.
NPAR	No Partial Settlement Allowed	Partial settlement is not allowed.
PART	Partial Settlement	Partial settlement is allowed.
PHYS	Physical	Securities are to be physically settled.
SPCS	Split Currency Settlement	Settlement is in two different currencies.
SPDL	Special Delivery	Settlement transactions to be settled with special delivery.
SPST	Split Settlement	Money and financial instruments settle in different locations.
UNEX	Unexposed	Delivery cannot be performed until money is received.

CODES

If Qualifier is SETR and Data Source Scheme is not present, Indicator must contain one of the following codes :

BSBK	Buy Sell Back	Relates to a buy sell back transaction.
CNCB	Central Bank Collateral Operation	Relates to a collateral delivery/receipt to a National Central Bank for central bank credit operations.
COLL	Collateral	Relates to a collateral movement in the form of securities.
CONV	DR Conversion	Relates to a depository receipt conversion.
FCTA	Factor Update	Relates to a factor update.
INSP	Move of Stock	Relates to a movement of shares into or out of a pooled account.
ISSU	DR Issue	Relates to issue of a depositary receipt.
MKDW	Mark-Down	Relates to the decrease of positions held by an ICSD at the common depository due to custody operations (repurchase, pre-release, proceed of corp. event realigned).
MKUP	Mark-Up	Relates to the increase of positions held by an ICSD at the common depository due to custody operations (repurchase, pre-release, proceed of corporate event realigned).
NETT	Netting	Relates to the netting of settlement instructions.
NSYN	Non Syndicated	Relates to the issue of medium and short term paper (CP, CD, MTN, notes ...) under a program and without syndication arrangement.
OWNE	External Account Transfer	Relates to an account transfer involving more than one instructing party (messages sender) and/or account servicer (messages receiver).
OWNI	Internal Account Transfer	Relates to an account transfer involving one instructing party (messages sender) at one account servicer (messages receiver).
PAIR	Pair-Off	Relates to a pair-off: the transaction is paired off and netted against one or more previous transactions.
PLAC	Placement	Relates to the placement/new issue of a financial instrument.
PORT	Portfolio Move	Relates to a portfolio move from one investment manager to another and/or from an account servicer to another. It is generally charged differently than another account transfer (OWNE, OWNI, INSP), hence the need to identify this type of transfer as such.
REAL	Realignement	Relates to a realignment of positions.
REDI	Withdrawal	Relates to the withdrawal of specified amounts from specified sub-accounts.
REDM	Redemption (Funds)	Relates to a redemption of Funds (Funds Industry ONLY).
RELE	DR Release/Cancellation	Relates to a release (into/from local) of Depository Receipt operation.
REPU	Repo	Relates to a repurchase agreement transaction.
RODE	Return of delivery without matching	Relates to the return of financial instruments resulting from a rejected delivery without matching operation.
RPTO	Reporting	Relates to a transaction that is for reporting purposes only.
RVPO	Reverse Repo	Relates to a reverse repurchase agreement transaction.
SBBK	Sell Buy Back	Relates to a sell buy back transaction.
SBRE	Borrowing Reallocation	Internal reallocation of a borrowed holding from one safekeeping account to another.
SECB	Securities Borrowing	Relates to a securities borrowing operation.
SECL	Securities Lending	Relates to a securities lending operation.
SLRE	Lending Reallocation	Internal reallocation of a holding on loan from one safekeeping account to another.
SUBS	Subscription (Funds)	Relates to a subscription to funds (Funds Industry ONLY).
SYND	Syndicate of Underwriters	Relates to the issue of financial instruments through a syndicate of underwriters and a Lead Manager.
TBAC	TBA Closing	Relates to a To Be Announced (TBA) closing trade.
TRAD	Trade	Relates to the settlement of a trade.
TRPO	Triparty Repo	Relates to a triparty repurchase agreement.
TURN	Turnaround	Relates to a turnaround: the same security is bought and sold to settle the same day, to or from different brokers.

CODES

If Qualifier is REPT and Data Source Scheme is not present, Indicator must contain one of the following codes :

CADJ	Swap/Substitution	Relates to a repo collateral substitution.
CALL	Repo Call	Relates to a change in the closing or maturity date.
PAIR	Pair-Off	Relates to a repo that is part of a pair-off.
RATE	Repo Rate	Relates to a change in the repo rate.
ROLP	Rollover	Relates to a repo rollover of a position extending the closing or maturity date.
TOPU	Top-Up	Relates to a cover of securities position due to deficit of collateral following mark to market valuation.
WTHD	Withdrawal	Relates to a return of securities position due to excess of collateral following mark to market valuation.

CODES

If Qualifier is COLA and Data Source Scheme is not present, Indicator must contain one of the following codes :

COMM	Commodities	Trading of exchanged traded commodities.
CRSP	Credit Support	Cash lending/borrowing; Letter of Credit; signing of master agreement.
FUTR	Futures	Related to futures trading activity.
OPTN	Options	Related to options trading activity.
REPO	Repurchase Agreement	Relates to Repo trading.
SECL	Securities Lending	Relates to securities lending activity.
SECB	Securities Borrowing	Relates to securities borrowing activity.
SWAP	Swap	Related to interest rate swap activity.

USAGE RULES

The conditions of the use of the codes for the qualifiers BENE, CASY, CCPT, COLA, COOW, BLOC, DBNM, FXCX, LEOG, NETT, REGT, REPT, RTGS, SETS, STCO, and TRAK must be pre-agreed between account owner and account servicer.

When the code YREG in the registration indicator is present, additional registration details must be specified in the registration details narrative in the Settlement Parties sequence.

The cash settlement system codes are to be used only by agents directly involved in the settlement process, such as local settlement agents, CSD's and central banks.

The use of settlement transaction type codes CONV, ISSU, REAL, RELE, NETT, NSYN, MKUP, MKDW, SYND is governed by the existence of a bilateral agreement.

When settlement condition BUTC is used, at least one linkage subsequence A1 must be present with the reference of the sell instruction (may be more than one) to be covered by the concerned buy.

In a cancellation request (field 23G:CANC),:22F::FXCX//FXNO and FXYE indicate whether a forex instructed in the message to be cancelled is also to be cancelled. In a new message (field :23G:NEWM), :22F::FXCX//SINO indicates that a forex standing instruction should NOT apply as an original FX order has been retained.

The modification of a repo or reverse repo instruction, eg, :22F::REPT//RATE must follow the normal cancel and replace settlement process.

For the settlement of two leg transactions (repo, reverse repo, securities lending, securities borrowing, buy sell back, sell buy back), the opening/initiation of the transaction will be instructed by sending the below combination of Message Type (MT) and Type of Settlement Transaction (:22F::SETR):

Repo opening	Reverse repo opening	Securities lending initiation	Securities borrowing initiation	Sell-buy back: sell	Buy-sell back: buy
MT 543	MT 541	MT 543	MT 541	MT 543	MT 541
REPU	RVPO	SECL	SECB	SBBK	BSBK

If, following market practices, a closing/return leg needs to be instructed, it will be instructed by sending the below combination of Message Type (MT) and Type of Settlement Transaction (:22F::SETR):

Repo closing	Reverse repo closing	Securities lending return	Securities borrowing return	Sell-buy back: buy back	Buy-sell back: sell back
MT 541	MT 543	MT 541	MT 543	MT 541	MT 543
REPU	RVPO	SECL	SECB	SBBK	BSBK

This is also applicable to MT 540 and 542 for free of payment scenarios.

Physical settlement:
In case of physical receipt at local agent level, the receiving agent must receive a receipt free instruction for reconciliation purposes. If the final beneficiary of the securities uses a global custodian, the receipt free instruction will be sent to the global custodian that will forward it to his receiving agent on the market.
For physical settlement, settlement condition indicator :22F::STCO//PHYS must be used.
Partial settlement:
This market practice only applies in markets where partial settlement is allowed.
If an account owner wants to specify in its original instruction that partial settlement is not allowed, they must use the settlement condition indicator :22F::STCO//NPAR (no partial settlement allowed). Similarly, if a client wants to specify in its original instruction that partial settlement is allowed (for instance, to override a standing instruction not to allow partial settlement), the settlement condition indicator :22F::STCO//PART is to be used.
Book Transfer:
The use of settlement transaction types :22F::SETR//OWNI, OWNE, INSP and PORT and other book-transfer related fields is governed by a market practice document.
Block Trades:
The parent transaction must be identified using the indicator field :22F::BLOC//BLPA. The children transactions must be identified using the indicator field :22F::BLOC//BLCH.

For more details, see the relevant market practice document on www.smpg.info

CUST	Settling as a Custodian	Settlement party is a custodian. It receives/delivers the securities and carries out custodial duties.
SAGE	Settling as an Agent.	Party settles trades on behalf of his client for which he also traded.
SPRI	Settling as a Principal	Party settles its own trades.

NRTG	Non-RTGS	Settle through the non-RTGS system. If there is a standing instruction in place for settlement through the RTGS instruction, then this standing instruction is to be ignored.
YRTG	RTGS	Settle through the RTGS system. If there is a standing instruction in place for settlement through the non-RTGS system, then this standing instruction is to be ignored.

NREG	Street Name	Hold the securities in street name. If there is a standing instruction in place to register on receipt, then this standing instruction is to be ignored.
YREG	Register	Register on receipt. If there is a standing instruction in place to hold the securities in street name, then this standing instruction is to be ignored.

NBEN	NCBO	No Change of Beneficial Ownership (NCBO). If a standing instruction is in place for change of beneficial ownership (CBO), then this standing instruction is to be ignored.
YBEN	CBO	Change of Beneficial Ownership (CBO). If a standing instruction is in place for no change of beneficial ownership (NCBO), then this standing instruction is to be ignored.

BOKW	Bank of Korea Wire	Settle money through Bank of Korea Wire.
CHEC	Cheque	Settle money through Cheque.
GBSC	UK Domestic	Settle money through UK domestic.
GROS	Gross Settlement System	Settle money through gross settlement system.
NETS	Net Settlement System	Settle money through net settlement system.
USCH	CHIPS (US)	Settle money through CHIPS (US).
USFW	Fedwire (US)	Settle money through Fedwire (US).