This message is exchanged to confirm a commodity fixed term loan/deposit contract.
The message is used to confirm/notify the details of:
a new contract between the parties
an amendment to a previously agreed contract
the cancellation of a confirmation
a rolled over/renewed contract between the parties
the maturity of a contract.
This message is exchanged by or on behalf of the institutions or corporates, party A and party B, who have agreed to a commodity fixed term loan/deposit contract.
A broker may also send this message to the two parties (party A and party B) for which he arranged the deal.
If there are two brokers involved in arranging a deal between party A and party B, this message can also be exchanged between these brokers.
Party A and party B are the legal entities which have agreed to the transaction.
Party A is either:
the Sender, or
the institution/corporate on behalf of which the message is sent, or
one of the institutions for which the broker arranged the deal and to whom it is sending the confirmation, or
when a broker confirms to another broker, the party for which the sending broker arranged the deal.
Party B is either:
the Receiver, or
the institution/corporate on behalf of which the message is received, or
the other institution for which the broker arranged the deal, that is, party A's counterparty, or
when a broker confirms to another broker, party A's counterparty.
