MT542: (3) Field 23G: Function of the Message

CODES

Function must contain one of the following codes :

CANC	Cancellation Request	Message requesting the cancellation of a previously sent message.
NEWM	New	New message.
PREA	Preadvice	Message preadvising a settlement instruction. It can be used for matching purposes, but is, without further notice from the account owner, not binding for execution.

CODES

Subfunction, when present, must contain one of the following codes :

CODU	Copy Duplicate	Message is a copy to a party other than the account owner/account servicer, for information purposes and the message is a duplicate of a message previously sent.
COPY	Copy	Message is a copy to a party other than the account owner/account servicer, for information purposes.
DUPL	Duplicate	Message is for information/confirmation purposes. It is a duplicate of a message previously sent.
RECO	Reconciliation Only	Settlement instruction has already been sent on the market. Sent to an account servicer for reconciliation purposes.

USAGE RULES

To cancel a previously sent message, Function is CANC. The reference in the linkages sequence must contain the Sender's reference of the message to be cancelled. A copy of at least the mandatory fields of the message to be cancelled must be present; optional fields need not be present for SWIFT validation.

Function of the message usage clarifications have been published by the Securities Market Practice Group (SMPG).

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