MT 305 Field Specifications

15. Field 14S: Settlement Rate Source

FORMAT

Option S

3!a2n[/4!n/4!c]

(Rate Source)(Time and Location)

PRESENCE

Optional in mandatory sequence A

DEFINITION

This field specifies the rate source for the settlement of the non-deliverable option and includes an optional time and location for the settlement.

NETWORK VALIDATED RULES

Time must be a valid time expressed as HHMM (Error code(s): T38).

USAGE RULES

The values to be used for the settlement rate source are published in Annex A of the 1998 FX and Currency Option Definitions (the FX definitions, as published by the International Swaps and Derivatives Association, Inc., the Emerging Markets Traders Association and the Foreign Exchange Committee) as amended and supplemented from time to time.

Time and Location should only be populated if different from Time and Location in field 31G.

For some cross currency NDOs two separate settlement rate sources may be quoted.

Subfield Location consists of a two character ISO country code and a two character location code. The location code is made up as follows:

• if the location name is one word, then the location code is the first two letters of the location name

• if the location name consists of at least two words, then the location code is the first letter of the first word followed by the first letter of the second word