ISO 15022 Data Field Dictionary

MT370 Scope

The MT 370 Netting Position Advice message is sent by a financial or non-financial institution to another financial or non-financial institution.

It is used to advise the netting position of a currency resulting from foreign exchange, non deliverable forward (NDF), options and other trades. It also specifies the settlement information for the currency.

flow 1 - financial institution 1 is owed money

  1. PEFICHZZ sends an MT 370 Netting Position Advice message to BDAPGB22 to advise the THB that BDAPGB22 must pay. PEFICHZZ wants the THB paid to its account at JANITHBK.

  2. BDAPGB22 sends an MT 370 Netting Position Advice message to PEFICHZZ to advise the THB that it must pay to PEFICHZZ. BDAPGB22 will pay the THB to PEFI's account at JANITHBK.

  3. BDAPGB22 generates, for example, an MT 202 to its THB correspondent, WWYMTHBK instructing the payment of the THB to JANITHBK in favour of the account of PEFICHZZ.

flow 2 - financial institution 1 owes money

  1. PEFICHZZ sends an MT 370 Netting Position Advice message to BDAPGB22 to advise the THB that PEFICHZZ must pay, specifying it will pay PEFI's account at JANITHBK.

  2. BDAPGB22 sends an MT 370 Netting Position Advice message to PEFICHZZ to advise the THB that PEFICHZZ must pay. BDAPGB22 wants the THB paid to its account at WWYMTHBK.

  3. PEFICHZZ generates, for example, an MT 202 to its THB correspondent, JANITHBK instructing the payment of the THB to WWYMTHBK in favour of the account of BDAPGB22.

flow 3 - amendment

  1. PEFICHZZ sends an MT 370 Netting Position Advice message to BDAPGB22 to advise the THB that BDAPGB22 must pay. PEFICHZZ wants the THB paid to its account at JANITHBK.

  2. BDAPGB22 sends an MT 370 Netting Position Advice message to PEFICHZZ to advise the THB that it must pay to PEFICHZZ. BDAPGB22 will pay the THB to PEFI's account at JANITHBK.

  3. As the net amount does not match, PEFICHZZ contacts BDAPGB22 by telephone and requests that BDAPGB22 sends the MT 370 Netting Position Advice message as an amendment.

  4. BDAPGB22 duly sends an MT 370 Netting Position Advice message amendment.

  5. BDAPGB22 generates, for example, an MT 202 to its THB correspondent, WWYMTHBK instructing the payment of the THB to JANITHBK in favour of the account of PEFICHZZ.

MT370 Format Specifications

Status Tag Qualifier Generic Field Name Detailed Field Name Content/Options No.

Mandatory Sequence A General Information

M

16R

 

 

Start of Block

GENL

1

M

20C

SEME

Reference

Sender's Message Reference

:4!c//16x

2

M

23G

 

 

Function of the Message

4!c[/4!c]

3

O

98a

PREP

Date/Time

Preparation Date/Time

A, C, or E

4

-----> Optional Repetitive Subsequence A1 Linkages

M

16R

 

 

Start of Block

LINK

5

M

20C

4!c

Reference

(see qualifier description)

:4!c//16x

6

M

16S

 

 

End of Block

LINK

7

-----| End of Subsequence A1 Linkages

M

95P

PTYA

Party

Party A

:4!c//4!a2!a2!c[3!c]

8

Optional Subsequence A2 FX Order Party

M

16R

 

 

Start of Block

ORDRPRTY

9

M

95a

INVE

Party

Investor

P, Q, or R

10

O

97A

SAFE

Account

Safekeeping Account

:4!c//35x

11

M

16S

 

 

End of Block

ORDRPRTY

12

End of Subsequence A2 FX Order Party

M

95P

PTYB

Party

Party B

:4!c//4!a2!a2!c[3!c]

13

M

16S

 

 

End of Block

GENL

14

End of Sequence A General Information

Mandatory Sequence B Netting Position Details

M

16R

 

 

Start of Block

NETPOS

15

M

20C

NETT

Reference

Netting Position Reference

:4!c//16x

16

O

98a

NETT

Date/Time

Netting Date/Time

A or C

17

O

97A

CASH

Account

Internal Account Identification

:4!c//35x

18

M

19A

NETT

Amount

Netting Amount

:4!c//[N]3!a15d

19

M

22H

RECP

Indicator

Receive Pay Indicator

:4!c//4!c

20

M

98A

VALU

Date/Time

Value Date

:4!c//8!n

21

O

99a

TRAD

Number Count

Number of Trades

A or C

22

----->

O

22F

TRAN

Indicator

Type of Underlying Trades

:4!c/[8c]/4!c

23

-----|

----->

O

70E

ADTX

Narrative

Additional Text Narrative

:4!c//10*35x

24

-----|

-----> Optional Repetitive Subsequence B1 Cash Parties

M

16R

 

 

Start of Block

CSHPRTY

25

M

95a

4!c

Party

(see qualifier description)

P, Q, or R

26

O

97A

CASH

Account

Cash Account

:4!c//35x

27

M

16S

 

 

End of Block

CSHPRTY

28

-----| End of Subsequence B1 Cash Parties

M

16S

 

 

End of Block

NETPOS

29

End of Sequence B Netting Position Details

MT370 Network Validated Rules

  • C1 If the message is a cancellation or an amendment, that is, field 23G is CANC or AMND, then field :20C::PREV must be present in at least one occurrence of subsequence A1.

    Sequence A

    if field :23G: is ...

    Then subsequence A1 is ...

    Subsequence A1

    and field :20C::PREV is ...

    AMND or CANC

    Mandatory (at least one occurrence)

    Mandatory (in at least one occurrence of subsequence A1)

    NEWM

    Optional

    Not applicable

  • C2 In sequence B, if the value in subfield 4 of field :19A::NETT is zero, then field :22H::RECP must contain the code NOPA.

    In sequence B, if the value in subfield 4 of field :19A::NETT is not zero, then field :22H::RECP must not contain the code NOPA.

    Sequence B

    if subfield 4 of field :19A::NETT is ...

    Sequence B

    then subfield 2 of field :22H::RECP must be ...

    Zero (0)

    NOPA

    Not zero (0)

    Not NOPA

  • C3 In sequence B, if subfield 2 of field :22H::RECP is PAYO or RECE, then subsequence B1 must be present at least twice, once with field :95a::ACCW and once with field :95a::BENM.

    In sequence B, if subfield 2 of field :22H::RECP is NOPA, then subsequence B1 must not be present.

  • C4 The following party fields cannot appear more than once in a message:

    Subsequence B1 Cash Parties

    :95a::INT2

    :95a::INT1

    :95a::ACCW

    :95a::BENM

  • C5 In sequence B, if subsequence B1 contains:95a::INT2, then another subsequence B1 must be present with field :95a::INT1.

    Subsequence B1

    if field :95a::INT1 is ...

    Subsequence B1

    then field :95a::INT2 is ...

    Present

    Optional

    Not present

    Not allowed

MT370 Usage Rules

When two counterparties have agreed the criteria under which the MT 370 is to be exchanged to advise a currency position, should the netting position be zero, the MT 370 must still be sent. The Receive Pay Indicator, field :22H::RECP, must specify the code NOPA.

------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------