Standards - Category 6 - MT 601 - 4. Field 22: Code/Common Reference

MT 601 Field Specifications

4. Field 22: Code/Common Reference

FORMAT

8a/4!a2!c4!n4!a2!c

(Code)(Common Reference)

PRESENCE

Mandatory in mandatory sequence A

DEFINITION

This field identifies the function of the message and contains the reference of the contract common to both the Sender and Receiver.

CODES

Code must contain one of the following codes:

AMEND	Amendment	In confirmations sent by both financial institutions. Confirmation of mutually agreed changes to the quantity of the commodity, and/or strike price, and/or premium price and/or exercise date and/or settlement information of the contract for which a confirmation message has been previously sent.
CANCEL	Cancellation	In confirmations sent by both financial institutions. Confirmation of the mutually agreed cancellation of a contract.
CLOSEOUT	Close Out	In confirmations sent by both financial institutions. Confirmation of the mutually agreed surrender of the option by the buyer (holder) to the seller (grantor) for compensation.
COMPLETE	Complementary Information	In confirmations sent by one financial institution. Complementary information used to advise for the first time the name of the financial institution in field 53a and/or 57a (for example, in those cases where the previous confirmation contained the code UNKNOWN in field 57a).
CORRECT	Correction	In confirmations sent by one financial institution. Retransmission due to error - to correct error(s) in a previously sent MT 601.
NEW	New Contract	In confirmations sent by both financial institutions. Confirmation of a new commodity option.

NETWORK VALIDATED RULES

Common Reference must contain the bank and location codes of the Sender and Receiver, that is, their BIC without the country code (Error code(s): T95). These codes must appear in alphabetical order, with letters taking precedence over numbers (Error code(s): T96).

The codes are separated by four digits, which must consist of the rightmost non-zero digits of the strike price specified in field 32B (Error code(s): T22), preceded by the three digits to the left of it. If there are no digits to the left of it, the space must be zero-filled.