This message type is sent by the executing party, eg, the broker-dealer, to an instructing party, eg, an institution, or its authorised representative. It may also be sent by a point of execution to the party which had previously submitted an order to buy or sell.
This message is used to provide the instructing party with brief and early information about a deal executed at its instruction. This advice applies to a deal that cannot yet be fully confirmed, for example, because it is a block trade which is to be allocated.
This message may also be used to:
request the cancellation of a previously sent advice of execution
re-send an advice of execution previously sent
provide a third party with a copy of the message (be it the advice of execution or request for cancellation) being sent.
This message may be sent directly or via an ETC service provider between the parties to the deal. It must not be sent to a custodian.