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MT 306 Field Specifications

88. Field 14S: Settlement Rate Source

FORMAT

Option S 3!a2n[/4!n/4!c] (Rate Source)(Time and Location)

PRESENCE

Mandatory in conditional (see rule C25) sequence J

DEFINITION

This field specifies the rate source that is used to determine the rate for each averaging date for the option or forward. The rate source includes an optional time and location.

NETWORK VALIDATED RULES

Time must be a valid time expressed as HHMM (Error code(s): T38).

USAGE RULES

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.

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: