Changes to the quantity of the metal, and/or strike price, and/or premium price, and/or exercise date, and/or settlement instructions require another confirmation.
This message type handles only the contract part of the precious metal option.
In those cases where the message is exchanged to confirm a new contract, or an amendment, cancellation or close out of a previously agreed contract, the content of the confirmations should be identical, and is used to confirm information already known to the two parties. Careful verification of the exchanged messages is, of course, required.
A precious metal option may be exercised by the buyer. To confirm the settlement of the exercise of a precious metal option, an MT 600 Precious Metal Trade Confirmation may be used, with the function code EXOPTION in field 22 and field 21 containing the TRN of the related MT 601.