MT 360 Field Specifications

4. Field 22A: Type of Operation

FORMAT

Option A

4!c

(Function)

PRESENCE

Mandatory

DEFINITION

This field specifies the function of the message.

CODES

Function must contain one of the following codes (Error code(s): T36):

AMND	Replaces a previously sent message with the amended one contained in this message. Used to add settlement agents to an MT 360 previously sent -or- to correct error(s) in an MT 360 previously sent.
CANC	Cancels a previously sent message. Used to cancel an MT 360 previously sent -or- to cancel an MT 360 which contains erroneous information.
DUPL	Duplicates the same previously sent confirmation. Used to inform the Receiver that a confirmation was already sent by telex, fax or SWIFT
NEWT	New confirmation. Used to send the MT 360 for the first time -or- to send a corrected MT 360 when the erroneous one was cancelled using an MT 360 with function CANC.

USAGE RULES

As the amend message replaces the previously sent confirmation, it must contain both the amended fields and the fields which are not changed, including the information related to past payment dates.

The amend function cannot be used to confirm bilaterally agreed changes to the notional amount or interest rate. In this case the MT 364 Single Currency Interest Rate Derivative Termination/ Recouponing Confirmation must be used.

When the cancel function is used, the message must reconfirm the full details of the original transaction even though some payment dates may be past.

The cancel function cannot be used to confirm the bilaterally agreed termination of the deal. In this case the MT 364 must be used.

An amendment or cancellation message always refers to the previous confirmation identified in field 21.