This message type is exchanged between the financial institutions which have agreed to a precious metal option contract.
It is used to confirm the details of
a new contract between the parties
an amendment to a previously agreed contract
the cancellation of a contract
the surrender of an option by the buyer (holder) to the seller (grantor) for compensation.
In some cases, only one of the financial institutions involved in a contract will send a confirmation to the second financial institution. These cases include:
retransmission due to errors in a previously sent confirmation
additional information about a previously confirmed contract.