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ISO 15022
Data Field Dictionary

MT540: (63) Field 22F: Indicator

FORMAT

Option F :4!c/[8c]/4!c (Qualifier)(Data Source Scheme)(Indicator)

PRESENCE

Mandatory in mandatory sequence E

QUALIFIER

(Error code(s): T89)

Order

M/O

Qualifier

R/N

CR

Options

Qualifier Description

1

O

STCO

R

 

F

Settlement Transaction Condition Indicator

2

M

SETR

N

C12

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

C5, C10, C11

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

C9

F

Forex Order Cancellation Indicator

13

O

BLOC

N

 

F

Block Trade Indicator

14

O

REST

N

 

F

Restrictions Indicator

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

TRAK

N

 

F

Tracking Indicator

21

O

REPT

N

 

F

Repurchase Type Indicator

22

O

COLE

N

 

F

Collateral Pool Indicator

23

O

SSBT

N

 

F

Securities Sub Balance Type Indicator

24

O

CSBT

N

 

F

Cash Sub Balance 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.

COLE

Collateral Pool Indicator

Specifies whether securities should be included in the pool of securities eligible for collateral purposes.

CSBT

Cash Sub Balance Type Indicator

Specifies the cash sub balance type indicator (example restriction type for a market infrastructure).

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 Indicator

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.

SSBT

Securities Sub Balance Type Indicator

Specifies the securities sub balance type indicator (example restriction type for a market infrastructure).

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.

NACT

Not Accounting Related

Security transaction is not for accounting.

NOMC

No Automatic Market Claim

No market claim should be automatically generated.

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.

RESI

CSD Payment Only

Relates to transaction on a security that is not eligible at the Central Securities Depository (CSD) but for which the payment will be enacted by the CSD.

RHYP

Re-hypothecation

Collateral position is available for other purposes (for example, onwards delivery).

RPTO

Reporting

Relates to a transaction that is for reporting purposes only.

SPDL

Special Delivery

Settlement transactions to be settled with special delivery.

SPST

Split Settlement

Money and financial instruments settle in different locations.

TRAN

Transformation

Transaction resulting from a transformation.

TRIP

Triparty Collateral Segregation

Triparty segregation of collateral, typically requested by an IM to their custodian to comply with a no delivery of collateral regulation.

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.

BYIY

Buy In

The transaction relates to a buy-in by the market following a delivery transaction failure.

CLAI

Market Claim

Transaction resulting from a market claim.

CNCB

Central Bank Collateral Operation

Relates to a collateral delivery/receipt to a National Central Bank for central bank credit operations.

COLI

Collateral In

Relates to a collateral transaction, from the point of view of the collateral taker or its agent.

COLO

Collateral Out

Relates to a collateral transaction, from the point of view of the collateral giver or its agent.

CONV

DR Conversion

Relates to a depository receipt conversion.

ETFT

Exchange Traded Funds

Relates to an exchange traded fund (ETF) creation or redemption.

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

Issuance

Relates to the issuance of a security such as an equity or a depository 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

Realignment

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.

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).

SWIF

Switch From

Transaction is a change of an investment from one sub-fund to another sub-fund (redemption-leg).

SWIT

Switch To

Transaction is a change of an investment from one sub-fund to another sub-fund (subscription-leg).

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.

TRVO

Triparty Reverse Repo

Relates to a triparty reverse 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 TRCA and Data Source Scheme is not present, Indicator must contain one of the following codes:

CUST

Settling as a Custodian

Settlement party is a custodian. It receives/delivers the securities and carries out custodial duties.

RISP

Settling as Riskless Principal

Party settles trades that were simultaneously offset.

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.

CODES

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

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.

CODES

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

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.

CODES

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

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.

CODES

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

GROS

Gross Settlement System

Settle money through gross settlement system.

NETS

Net Settlement System

Settle money through net settlement system.

CODES

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

BRKR

Broker

Settlement standing instruction database to be used is the broker's database.

INTE

Internal

Settlement standing instruction database to be used is the receiver's internal database.

VEND

Vendor

Settlement standing instruction database to be used is the database of the vendor.

CODES

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

AGEN

Agent

Acting as an agent for tax liability.

PRIN

Principal

Acting as a principal for tax liability.

CODES

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

CLNT

Client Side

Instruction is for a client side transaction.

MAKT

Market Side

Instruction is for a market side transaction.

CODES

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

FXNO

FX not to be Cancelled

Forex instructed in the original instruction is not to be cancelled.

FXYE

FX to be Cancelled

Forex instructed in the original instruction is also to be cancelled.

SINO

SI does not Apply

Forex standing instruction in place does not apply. This instruction is an amendment to a previously cancelled instruction for which the FX order has not been cancelled.

CODES

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

BLCH

Block Trade Child

Transaction is a block trade child.

BLPA

Block Trade Parent

Transaction is a block trade parent.

CODES

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

144A

Pursuant to 144A

Ownership or transfer of an unregistered security issued, pursuant to US legal restrictions 144A.

NRST

Not Subject to Restrictions

Ownership or transfer of a security that is not subject to restrictions.

RSTR

Subject to Restrictions (not pursuant to 144A)

Ownership or transfer of a security that is subject to restrictions, and not pursuant to 144A.

CODES

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

NSET

Default Settlement System/Method

Settle through the default settlement system/method. If there is a standing instruction in place for settlement through the alternate settlement system/method, then this standing instruction is to be ignored.

YSET

Alternate Settlement System/Method

Settle through the alternate settlement system/method. If there is a standing instruction in place for settlement through the default settlement system/method, then this standing instruction is to be ignored.

CODES

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

NNET

Not Netting Eligible

Settlement instruction is not eligible for netting.

YNET

Netting Eligible

Settlement instruction is eligible for netting.

CODES

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

NCCP

Not CCP Eligible

Settlement instruction is not CCP eligible.

YCCP

CCP Eligible

Settlement instruction is CCP eligible.

CODES

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

NLEG

Letter of Guarantee Not Accepted

Letter of guarantee is not accepted. If there is a standing instruction in place to accept a letter of guarantee, then this standing instruction is to be ignored.

YLEG

Letter of Guarantee Accepted

Letter of guarantee is accepted. If there is a standing instruction in place not to accept a letter of guarantee, then this standing instruction is to be ignored.

CODES

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

BFWD

Bond Forward

Any securities traded out beyond 3 days which include treasury notes, JGBs and Gilts.

CCIR

Cross Currency IRS

Cross Currency Interest Rate Swap, indicating the exchange of fixed interest payments in one currency for those in another.

CCPC

CCP Collateral

Collateral covering the initial margin requirements for OTC trades cleared through a CCP.

COMM

Commodities

Commodities trades for example futures and options on gold, silver, wheat.

CRDS

Credit Default Swap

Trading of credit default swap.

CRPR

Cross Product

Combination of various types of trades.

CRSP

Credit Support

Cash lending/borrowing; letter of Credit; signing of master agreement.

CRTL

Credit Line

Opening of a credit line before trading.

EQPT

Equity Option

Trading of equity option (Also known as stock options).

EQUS

Equity Swap

Equity swap trades where the return of an equity is exchanged for either a fixed or a floating rate of interest.

EXPT

Exotic Option

Trading of exotic option for example a non-standard option.

EXTD

Exchange Traded Derivatives

Trading of exchanged traded derivatives in general (Opposite to Over the Counter (OTC)).

FIXI

Fixed Income

Trading of fixed income instruments.

FORW

Forward Foreign Exchange

FX trades with a value date in the future.

FORX

Foreign Exchange

FX trades in general.

FUTR

Futures

Related to futures trading activity.

LIQU

Liquidity

In support of settlement via an RTGS or other clearing system.

OPTN

FX Option

Trading of option on Foreign Exchange.

OTCD

OTC Derivatives

Over-the-counter (OTC) Derivatives in general for example contracts which are traded and privately negotiated.

PAYM

Cash Settlement

In support of any type of cash settlement.

REPO

Repurchase Agreement

In support of a repurchase agreement transaction.

RVPO

Reverse Repurchase Agreement

In support of a reverse repurchase agreement transaction.

SBSB

Securities Buy Sell Back

Securities buy sell back.

SCIE

Single Currency IRS Exotic

Exotic single currency interest rate swap.

SCIR

Single Currency IRS

Single Currency Interest Rate Swap.

SCRP

Securities Cross Product

Combination of securities-related exposure types.

SHSL

Short Sale

Short sale exposure.

SLEB

Securities Lending and Borrowing

Securities lending and borrowing.

SLOA

Secured Loan

Secured loan.

SWPT

Swaption

Option on interest rate swap.

TBAS

To Be Announced

To Be Announced (TBA) related collateral.

TCRP

Treasury Cross Product

Combination of treasury-related exposure types.

CODES

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

UNTR

Untracked

The loan/collateral instruction is untracked.

TRAC

Tracked

The loan/collateral instruction is tracked.

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 the early closing/maturity date for a term repo or the termination date of an open repo with underlying collateral.

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

Repo Contract Rollover

Relates to a repo rollover of a contract extending the closing or maturity date without impacting underlying collateral.

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

COLA

Eligible for Collateral Purposes

The securities are eligible for collateral purposes.

COLN

Not Eligible for Collateral Purposes

The securities are not eligible for collateral purposes.

CODES

If Qualifier is STAM, the Data Source Scheme must be used to indicate the stamp duty type or exemption reason, for example, in the United Kingdom and Ireland (CRST), in South Africa (STRA), etc.

CODES

If Qualifier is SSBT, the Data Source Scheme must be used to indicate the securities sub balance type.

CODES

If Qualifier is CSBT, the Data Source Scheme must be used to indicate the cash sub balance type.

USAGE RULES

The conditions of the use of the codes for the qualifiers BENE, CASY, CCPT, COLA, COLE, 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 unless already available at the account servicer via standing instruction/SLA.

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, for example, :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):

Two leg transaction

Message Type

Type of Settlement Transaction

Repo opening

543

REPU

Reverse repo opening

541

RVPO

Triparty repo opening

543

TRPO

Triparty reverse repo opening

541

TRVO

Securities lending initiation

543

SECL

Securities borrowing initiation

541

SECB

Sell-buy back: sell

543

SBBK

Buy-sell back: buy

541

BSBK

Collateral (giver) out: initiation

543

COLO

Collateral (taker) in: initiation

541

COLI

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):

Two leg transaction

Message Type

Type of Settlement Transaction

Repo closing

541

REPU

Reverse repo closing

543

RVPO

Triparty repo closing

541

TRPO

Triparty reverse repo closing

543

TRVO

Securities lending return

541

SECL

Securities borrowing return

543

SECB

Sell-buy back: buy back

541

SBBK

Buy-sell back: sell back

543

BSBK

Collateral (giver) out: return

541

COLO

Collateral (taker) in: return

543

COLI

Note

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

Market Practice Rules

  • 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.