MT 305 Field Specifications

14. Field 34a: Premium Payment

FORMAT

Option P	6!n3!a15d	(Date) (Currency) (Amount)
Option R	6!n3!a15d	(Date) (Currency) (Amount)

PRESENCE

Mandatory

DEFINITION

This field specifies the value date, currency code and premium amount which the buyer (holder) pays to the seller (grantor) for the option.

The letter option indicates the direction of the payment of the premium from the Sender's point of view.

P	Paid, ie, the Sender has bought the option.
R	Received, ie, the Sender has sold the option.

NETWORK VALIDATED RULES

Date must be a valid date expressed as YYMMDD (Error code(s): T50).

Currency must be a valid ISO 4217 currency code (Error code(s): T52).

The integer part of Amount must contain at least one digit. A decimal comma is mandatory and is included in the maximum length. The number of digits following the comma must not exceed the maximum number allowed for the specified currency (Error code(s): C03, T40, T43).

USAGE RULES

When the code CLOSEOUT appears in field 22, this field is used to specify the surrender premium.