Conversion Table
The following is a conversion table between the ISDA and the AFB terms.
Where applicable, the field names used in the MTs 36n are based on the ISDA terms and definitions.
For swaps agreed under the AFB master agreement, the following table provides the correspondence between ISDA and the AFB terms. For the fields which are not present in this table, the same terms are valid under both agreements.
 # |
FIELD |
ISDA term |
AFB term |
|---|---|---|---|
| |
|||
| 10 |
Trade Date |
Trade Date |
Transaction Date |
| 11 |
Effective Date |
Effective Date |
Commencement Date |
| 12 |
Termination Date |
Termination Date |
Maturity Date |
| 30 |
Day Count Fraction |
Day Count Fraction |
Calculation Basis |
| 33 |
Financial Centre |
Business Days |
Financial Centre |
| 36 |
Cap Rate |
Cap Rate |
Cap Rate Guarantee |
| 37 |
Floor Rate |
Floor Rate |
Floor RateGuarantee |
| 39 |
Reset Date Specifications |
Reset Date Specifications |
Floating Rate Calculation Date |
| 40 |
Averaging Frequency |
Averaging Frequency |
not defined |
| 41 |
Designated Maturity |
Designated Maturity |
Floating Rate Interval |
| 49 |
Spread |
Spread |
not defined |
| 50,52 |
Compounding |
Compounding |
not defined |
Cancellation of a Message
Regarding cancellation of a previously sent MT 361, an MT 392 can also be used. The following issues however, have to be considered:
Acknowledgement: by sending the MT 392, the sender requests the receiver to cancel the confirmation previously sent. The receiver must acknowledge the request by sending an MT 396 back to the sender of the MT 392.
Routing: the MT 392 might not be routed to the same destination as the MT 361 to be cancelled.
Repetition of the original message: in the MT 392, only the sender's reference of the previous message is mandatory, all other fields are optional. When an MT 361 with CANC is used, the fields to be copied are mandated by the standard.
Settlement Details
The table below shows how the different settlement parties involved in the deal can be identified .The table is presented from party A's point of view.
Whenever possible, users should use option A to identify institutions in these fields. Use of free text, that is, option D, except when used to specify recognized code words, is strongly discouraged. Option D not only precludes party B from matching and further processing the message automatically but also is contrary to the message text standards which state that option D is only to be used when no other option is available.
Party A services account of party B. No separate settlement messages are sent.
| Party A will RECEIVE funds from Party B |
Party A will PAY funds to Party B |
|---|---|
| Party A will debit party B's account |
Party A will credit party B's account |
| :53a: not used |
:53a: not used |
| :56a: not used |
:56a: not used |
| :86a: not used |
:86a: not used |
| :57a:[/account no of party B]party A |
:57a:[/account no of party B]party A |
Party B services account of party A. No separate settlement messages are sent.
| Party A will RECEIVE funds from Party B |
Party A will PAY funds to Party B |
|---|---|
| Party B will credit party A's account |
Party B will debit party A's account |
| :53a: not used |
:53a: not used |
| :56a: not used |
:56a: not used |
| :86a: not used |
:86a: not used |
| :57a:[/account no of party A]party B |
57a:[/account no of party A]party B |
Beneficiary's account serviced by a financial institution other than party A or party B. The payer sends an MT 202 to its correspondent who will then send an MT 205 or equivalent to the correspondent of the payee. The correspondent can be a branch of the party.
| Party A will RECEIVE funds from Party B |
Party A will PAY funds to Party B |
|---|---|
| Credit to party A's account with that financial institution |
Credit to party B's account with that financial institution |
| [:53a: Correspondent of party B] |
[:53a: Correspondent of party A] |
| :56a: not used |
:56a: not used |
| :86a: not used |
:86a: not used |
| :57a:[/account no of party A]correspondent of party A |
:57a:[/account no of party B]correspondent of party B |
Beneficiary receives the funds through another institution (for example, BANK x for party x).
The payer sends an MT 202 to its correspondent. The correspondent will then send an MT 205 or equivalent to the correspondent of BANK x, that is, CORR x. CORR x will then send an MT 202 to BANK x who will then send an MT 950 to party x.
Field 56a identifies where BANK x will receive the funds.
| Party A will RECEIVE funds from Party B |
Party A will PAY funds to Party B |
|---|---|
| BANK A will receive the funds for party A |
BANK B will receive the funds for party B |
| [:53a:Correspondent of party B] |
[:53a:Correspondent of party A] |
| :56a:[/account no of BANK A]CORR A |
:56a:[/account no of BANK B]CORR B |
| :86a: not used |
:86a: not used |
| :57a:[/account no of party A]BANK A |
:57a:[/account no of party B]BANK B |
Beneficiary receives the funds through another institution (for example, BANK x for party x), the correspondent of BANK x, CORR x also uses a correspondent.
The payer sends an MT 202 to its correspondent. The correspondent will then send an MT 205 or equivalent to the correspondent of CORR x. The correspondent of CORR x will then send an MT 202 to CORR x. CORR x will then send an MT 202 to BANK x who will then send an MT 950 to party x.
Field 86a identifies where CORR x will receive the funds.
Field 56a identifies the correspondent of BANK x.
| Party A will RECEIVE funds from Party B |
Party A will PAY funds to Party B |
|---|---|
| BANK A will receive the funds for party A via CORR A |
BANK B will receive the funds for party B via CORR B |
| [:53a:Correspondent of party B] |
[:53a:Correspondent of party A] |
| :56a:[/account no of BANK A]CORR A |
:56a:[/account no of BANK B]CORR B |
| :86a:[/account of CORR A]correspondent of CORR A |
:86a:[/account no of CORR B]correspondent of CORR B |
| :57a:[/account no of partyA]BANK A |
:57a:[/account no of party B]BANK B |
Beneficiary to receive the funds directly through a clearing system.
The payer sends an MT 202 to its correspondent who will then send an MT 202 to the payee.
| Party A will RECEIVE funds from Party B |
Party A will PAY funds to Party B |
|---|---|
| Party A will receive the funds through clearing |
Party B will receive the funds through clearing |
| [:53a:Correspondent of party B] |
[:53a:Correspondent of party A] |
| :56a: not used |
:56a: not used |
| :86a: not used |
:86a: not used |
| :57J:/CLRC/party A |
:57J:/CLRC/party B |
The counterparties use their standing settlement instructions.
| Party A will RECEIVE funds from Party B |
Party A will PAY funds to Party B |
|---|---|
| :53a: not used |
:53a: not used |
| :56a: not used |
:56a: not used |
| :86a: not used |
:86a: not used |
| :57D:SSI |
:57D:SSI |
The payment flows are netted based on a bilateral agreement.
| Party A will RECEIVE funds from Party B |
Party A will PAY funds to Party B |
|---|---|
| :53a: not used |
:53a: not used |
| :56a: not used |
:56a: not used |
| :86a: not used |
:86a: not used |
| :57D:NET |
:57D:NET |
There is no payment (amount is zero) or the settlement details are irrelevant.
| Party A will RECEIVE funds from Party B |
Party A will PAY funds to Party B |
|---|---|
| :53a: not used |
:53a: not used |
| :56a: not used |
:56a: not used |
| :86a: not used |
:86a: not used |
| :57D:NONE |
:57D:NONE |
The settlement details are not known at the time the confirmation is issued.
| Party A will RECEIVE funds from Party B |
Party A will PAY funds to Party B |
|---|---|
| :53a: not used |
:53a: not used |
| :56a: not used |
:56a: not used |
| :86a: not used |
:86a: not used |
| :57D:UNKNOWN |
:57D:UNKNOWN |
Note: It is only necessary to quote an account number when multiple accounts are serviced for the same institution.
