MT 361 Field Specifications

4. Field 22A: Type of Operation

FORMAT

Option A

4!c

(Function)

PRESENCE

Mandatory in mandatory sequence A

DEFINITION

This field specifies the function of the message.

CODES

This field must contain one of the following codes (Error code(s): T36):

AMND	Amendment	Replaces a previously sent message with the amended one contained in this message. Used to add settlement agents to an MT 361 previously sent or to correct error(s) in an MT 361 previously sent.
CANC	Cancellation	Cancels a previously sent message. Used to cancel an MT 361 previously sent or to cancel an MT 361 which contains erroneous information.
DUPL	Duplicate	Duplicates the same previously sent confirmation. Used to inform the Receiver that a confirmation was already sent by telex, fax or SWIFT.
NEWT	New Confirmation	Used to send an MT 361 for the first time or to send a corrected MT 361 when the erroneous one was cancelled using an MT 361 with function CANC.

USAGE RULES

As the amend message replaces the previously sent confirmation, it must contain both the amended fields and the fields which are not changed, including the information related to past payment dates.

When the cancel function is used, the message must reconfirm the full details of the original transaction even though some payment dates may be past.

The amend function cannot be used to confirm bilaterally agreed changes to the notional amount or interest rate. In this case the MT 365 must be used.

The cancel function cannot be used to confirm the bilaterally agreed termination of the deal. In this case the MT 365 Cross Currency Interest Rate Swap Termination/Recouponing Confirmation must be used.

An amendment or cancellation message always refers to the previous confirmation identified in field 21.