This message is exchanged by or on behalf of the institutions or corporates, party A and party B, who have agreed to a forward rate agreement (FRA).
It is used to confirm the settlement details of the forward rate agreement when the settlement rate has been fixed on the fixing date.
The message is also used for:
an amendment to a previously agreed settlement message
the cancellation of a settlement message.
It may also be used to report the agreement to a trade repository.
