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:
confirm the delivery of financial instruments free of payment, physically or by book-entry, from a specified party (the function of the message is NEWM)
cancel a confirmation of a delivery free of payment previously sent by the account servicer (the function of the message is CANC)
reverse a confirmation of a delivery free of payment previously sent by the account servicer (the function of the message is RVSL).
The message is also used to pre-confirm settlement or to confirm a partial settlement of a delivery of financial instruments free of payment.
