The MT 300 is used to:
confirm the details of a new contract between the parties
confirm an exercised foreign currency option
confirm the details of an amendment to a previously sent confirmation
cancel a previously sent confirmation
report to a trade repository
This message is exchanged by or on behalf of the institutions or corporate customers, party A and party B, which have agreed to a foreign exchange contract.
This message may also be sent by a money broker to the two parties (party A and party B) for which the broker arranged the deal.
Where there are two money brokers involved in arranging a deal between party A and party B, this message is also exchanged between these money brokers.
This message is also used when one of the trading parties is a fund manager as the fund manager has to specify the fund for which he is dealing.
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 money broker confirms to another money 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 money broker confirms to another money broker, party A's counterparty.
This message allows:
the specification of the legal counterparties
the inclusion of a beneficiary
a split settlement
the inclusion of the underlying legal agreement.
