Changes to the quantity of commodity, and/or price per unit, and/or consideration and/or settlement instructions require another confirmation.
This message handles only the contract part of a commodity trade.
The actual transfer/delivery of commodity is handled through the MT 604 Commodity Transfer/Delivery Order and the confirmation of debits or credits is handled through the MT 606 Commodity Debit Advice/MT 607 Commodity Credit Advice/MT 608 Statement of a Commodity Account. In all cases, the common reference of the MT 600 must be quoted in the relevant reference field (that is, field 21 of the MT 604/606/607 or field 61, subfield 7 of the MT 608).
The actual transfer of funds (that is, the consideration) is handled through the financial institution transfer messages (MT 202/203/205) and the confirmation of debits or credits is handled through the MT 900/910/950. In all cases, the common reference of the MT 600 must be quoted in the relevant reference field (that is, field 21 of the MT 202/203/205/910 or field 61, subfield 7 of the MT 950).
If field 77H specifies ISDA as the type of master agreement, 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 are incorporated into this confirmation unless field 14C states another version of the above mentioned FX definitions.
If field 77H specifies ISDA as the type of master agreement and Party A and Party B are parties to an ISDA Master Agreement or an Interest Rate and Currency Exchange Agreement (each an Agreement), this Confirmation constitutes a Confirmation as referred to in, and supplements, forms a part of, and is subject to that Agreement.
If Party A and Party B are not parties to an agreement, this Confirmation evidences a complete and binding agreement between Party A and Party B as to the terms of the Transaction to which this Confirmation relates. Party A and Party B agree to use all reasonable efforts promptly to negotiate, execute, and deliver an agreement in the form of a 2002 ISDA Master Agreement (Multicurrency-Cross Border) (the "ISDA Form"), with such modifications as Party A and Party B will in good faith agree. Upon the execution by Party A and Party B of such an agreement, this Confirmation will supplement, form part of, and be subject to that agreement. All provisions contained or incorporated by reference in that agreement upon its execution will govern this Confirmation except as expressly modified below. Until Party A and Party B execute and deliver that agreement, this Confirmation, together with all other documents referring to the ISDA Form (each a "Confirmation") confirming transactions (each a "Transaction") entered into between Party A and Party B (notwithstanding anything to the contrary in a Confirmation) shall supplement, form a part of, and be subject to an agreement in the form of the ISDA Form as if Party and Party B had executed that agreement in such form (but without any Schedule thereto except for the election of English Law as the governing law, EUR as Termination Currency and Automatic Early Termination not applicable to Party A and Party B, provided, however, that where the Event of Default specified in Sections 5(a)(vii)(1), (3), (4), (5), (6) of the ISDA Form or, to the extent analogous thereto, Section 5(a)(vii)(8) of the ISDA Form is governed by a system of law which does not permit termination to take place after the occurrence of the relevant Event of Default, then the Automatic Early Termination provision of Section 6(a) of the ISDA Form shall apply to the Defaulting Party) on the Trade Date of the first such Transaction between us. In the event of any inconsistency between the provisions of that agreement and this Confirmation, this Confirmation will prevail for the purpose of this Transaction.
If some of the standard definitions linked to the agreement specified in field 77H do not apply to the confirmation of a trade under that agreement, a long form confirmation must be sent.
