MT 527 Field Specifications

3. Field 23G: Function of the Message

FORMAT

Option G

4!c[/4!c]

(Function) (Subfunction)

PRESENCE

Mandatory

DEFINITION

This field identifies the function of the message.

CODES

Function must contain one of the following codes (Error code(s): T86):

CANC	Cancellation Request	This is a request to cancel a previously sent collateral instruction.
NEWM	New	New message.
NEWM	New	This is a new collateral instruction.
REPL	Replace	Message replacing a previously sent message. This replaces a previously sent collateral instruction.

CODES

Subfunction, when present, must contain one of the following codes (Error code(s): T85):

CODU	Copy Duplicate	This instruction is being sent as a copy to a party other than the original Receiver, for information purposes. It is a duplicate of an instruction previously sent.
COPY	Copy	The message is being sent as a copy to a party other than the original Receiver, for information purposes.
DUPL	Duplicate	The message is for information purposes. It is a duplicate of an instruction previously sent.

USAGE RULES

To cancel a previously sent instruction, Function is CANC. A copy of at least the mandatory fields of the message to be cancelled must be present; optional fields need not be present for SWIFT validation.

The replacement is used to, eg, for matched deals, to modify the list of proposed collateral without changing the terms of the deal. In case the terms of the deal need to be changed, the instruction must be cancelled and a new instruction sent.