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 option contract. This message is also used when one of the 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 surrender of an option by the buyer (holder) to the seller (grantor) for compensation.
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.
It may also be used to report the details of a contract to a trade repository.
