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ISO 15022
Data Field Dictionary

MT540: (65) Field 95a: Party

FORMAT

Option C :4!c//2!a (Qualifier)(Country Code)
Option L :4!c//18!c2!n (Qualifier)(Legal Entity Identifier)
Option P :4!c//4!a2!a2!c[3!c] (Qualifier)(Identifier Code)
Option Q :4!c//4*35x (Qualifier)(Name and Address)
Option R :4!c/8c/34x (Qualifier)(Data Source Scheme)(Proprietary Code)
Option S :4!c/[8c]/4!c/2!a/30x (Qualifier)(Data Source Scheme)(Type of ID)(Country Code)(Alternate ID)

PRESENCE

Mandatory in mandatory subsequence E1

QUALIFIER

(Error code(s): T89)

Order

M/O

Qualifier

R/N

CR

Options

Qualifier Description

1

M

BUYR

N

C4, C6

P, Q, or R

Buyer

 

or

DEAG

N

C4, C5

P, Q, or R

Delivering Agent

 

or

DECU

N

C4, C6

P, Q, or R

Deliverer's Custodian

 

or

DEI1

N

C4, C6

P, Q, or R

Deliverer's Intermediary 1

 

or

DEI2

N

C4, C6

P, Q, or R

Deliverer's Intermediary 2

 

or

PSET

N

C4, C5, C8

C, P, or Q

Place of Settlement

 

or

REAG

N

C4

P, Q, or R

Receiving Agent

 

or

RECU

N

C4, C6

P, Q, or R

Receiver's Custodian

 

or

REI1

N

C4, C6

P, Q, or R

Receiver's Intermediary 1

 

or

REI2

N

C4, C6

P, Q, or R

Receiver's Intermediary 2

 

or

SELL

N

C4, C6, C10

P, Q, or R

Seller

2

O

ALTE

R

C16

L or S

Alternate Identification

DEFINITION

This qualified generic field specifies:

ALTE

Alternate Identification

Alternate identification for a party.

BUYR

Buyer

Party that receives the financial instrument.

DEAG

Delivering Agent

Delivering party that interacts with the place of settlement.

DECU

Deliverer's Custodian

Party that interacts with the delivering agent unless intermediaries exist.

DEI1

Deliverer's Intermediary 1

Party that interacts with the delivering intermediary 2, if present. If the delivering intermediary 2 is not present, this is the party that interacts with the delivering agent.

DEI2

Deliverer's Intermediary 2

When present, party that interacts with the delivering agent.

PSET

Place of Settlement

Place of Settlement.

REAG

Receiving Agent

Receiving party that interacts with the place of settlement.

RECU

Receiver's Custodian

Party that interacts with the receiving agent unless intermediaries exist.

REI1

Receiver's Intermediary 1

Party that interacts with the receiving intermediary 2, if present. If the receiving intermediary 2 is not present, this is the party that interacts with the receiving agent.

REI2

Receiver's Intermediary 2

When present, party that interacts with the receiving agent.

SELL

Seller

Party that delivers the financial instrument.

CODES

In option S, if Qualifier is ALTE and Data Source Scheme is not present, Type of ID must contain one of the following codes:

ARNU

Alien Registration Number

Number assigned by a government agency to identify foreign nationals.

CCPT

Passport Number

Number assigned by a passport authority.

CHTY

Tax Exempt Identification Number

Number assigned to a tax exempt entity.

CORP

Corporate Identification

Number assigned to a corporate entity.

DRLC

Driver's Licence Number

Number assigned to a driver's licence.

FIIN

Foreign Investment Identity Number

Number assigned to a foreign investor (other than the alien number).

TXID

Tax Identification Number

Number assigned by a tax authority to an entity.

NETWORK VALIDATED RULES

Country Code must be a valid ISO country code.

Identifier Code must be a registered BIC.

Proprietary code (Format Option R), Alternate ID (Format Option S) and Name and Address (Format Option Q) must not start or end with a slash '/' and must not contain two consecutive slashes '//'. For field formats with more than 1 line, the rule applies for each line.

USAGE RULES

In option R, Proprietary Code specifies a local national code or market segment code identifying the party.

In option C, Country Code specifies in physical settlement transactions the country of settlement. This allows the custodian to direct instructions to a local agent in the country of settlement.

In option S:

  • Type of ID specifies the type of alternate identification that can be used to give an alternate identification of the party identified in this sequence.

  • Country Code specifies the country for which the alternate identification is relevant.

  • Alternate ID specifies an alternate identification of the party identified in this sequence.

Qualifiers used to identify the parties do not specify the business role of the parties but their position in the settlement chain and the relationship which the parties have with one another.

Further explanations and examples are available in the Category 5 Securities Markets Message Usage Guidelines.

Market Practice Rules

  • 10 common elements:

    SMPG recommends that at least three settlement parties be instructed in equity or fixed income receive free or against payment settlement instructions; the place of settlement, the delivering agent and the client of the delivering agent.

    The data format for the identification of the delivering agent depends on the market. If no country-specific requirement is available, BIC is recommended.

    If the seller is not the direct client of the delivering agent, then an intermediary must also be provided - DECU.

  • Place of settlement:

    The place of settlement is to be understood as the requested place of settlement of the counterparty. The indicated place of settlement in the message is always relating to the counterparty.

    The field must be populated with the BIC of a national or international CSD. When no CSD exists in a particular market, the stock exchange BIC will be used.

    Country code should be used for settlement taking place outside of an institution published in the PSET's BIC list. This includes physical deliveries and investment funds not settling at a CSD.

    The format and content of the settlement party sequences will comply with the market practices published for the place of settlement included in the message.

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