This message is sent by an executing party, eg, a broker-dealer, to an instructing party, eg, a client, or its authorised representative.
This message is used to confirm the details of a purchase or sale executed by the executing party on behalf of the instructing party. It is also used to provide details on the payment side of the transaction.
It may also be used to:
request the cancellation of a previously sent client confirmation
re-send a client confirmation previously sent
provide a third party with a copy of the message (be it the confirmation or request for cancellation) being sent.
Where legally accepted, this message serves as an electronic contract note which is legally binding on both parties.
Where a block trade has been executed and allocation instructions provided, one client confirmation must be sent per allocation.
This message may be sent directly or via an ETC service provider between parties to the trade. It may also be sent as a copy from the instructing party and/or executing party to their respective custodians, to provide settlement information where an agreement to this effect exists.
This message must not be sent by an ETC service provider to a custodian.