This message is sent by an account servicer (account servicing Institution) to an account owner or its designated agent. The account servicer may be a local agent (sub-custodian) acting on behalf of their global custodian customer, or a custodian acting on behalf of an investment management institution or a broker/dealer.
This message is used to advise the status of a settlement instruction previously sent by the account owner (the function of the message is INST).
The message may also be used to report on future settlement or forward transactions, eg, free receipts for which no instruction is required, which have become binding on the account owner.
The underlying instruction must be either a deliver or receive and be either free or against payment.
It is also used to reply to a cancellation request previously sent by the account owner (the function of the message is CAST).