MT 304 Field Specifications| Option S |
3!a2n[/4!n/4!c] |
(Rate Source)(Time and Location) |
Conditional (see rule C8) in mandatory sequence A
This field specifies the rate source for the settlement of the non-deliverable trade and includes an optional time and location for the settlement.
Time must be a valid time expressed as HHMM (Error code(s): T38).
A maximum of two occurrences of this field is allowed (Error code(s): T10).
The values to be used for the settlement rate source are published in Annex A of 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.
Rate Source must be "EMT00" for confirmations where the terms are governed by an EMTA template.
For some cross currency NDFs two separate settlement rate sources may be quoted, in which case the fields must appear in alphabetical order of Rate Source.
In subfield Time and Location, Location (4!c) consists of a two character ISO country code and a two character location code. The location code is made up as follows:
if the location name is one word, then the location code is the first two letters of the location name
if the location name consists of at least two words, then the location code is the first letter of the first word followed by the first letter of the second word
