This message type is exchanged by or on behalf of the institutions or corporates, party A and party B, which have agreed to a commodity trade. This message is also used when one of the trading parties is a fund manager.
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 settlement of a commodity option which has been exercised.
This message may also be exchanged to confirm the liquidation of a forward deal.
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, (for example, to provide the name of the party in field 57a and/or 87a, in those cases where the previous confirmation contained the code UNKNOWN).
It may also be used to report the details of a contract to a trade repository.
