 Option C |
:4!c//2!a |
(Qualifier)(Country Code) |
| Option L |
:4!c//18!c2!n |
(Qualifier)(Legal Entity Identifier) |
| Option P |
:4!c//4!a2!a2!c[3!c] |
(Qualifier)(Identifier Code) |
| Option Q |
:4!c//4*35x |
(Qualifier)(Name and Address) |
| Option R |
:4!c/8c/34x |
(Qualifier)(Data Source Scheme)(Proprietary Code) |
| Option S |
:4!c/[8c]/4!c/2!a/30x |
(Qualifier)(Data Source Scheme)(Type of ID)(Country Code)(Alternate ID) |
Mandatory in mandatory subsequence E1
(Error code(s): T89)
| Order |
M/O |
Qualifier |
R/N |
CR |
Options |
Qualifier Description |
|---|---|---|---|---|---|---|
| 1 |
M |
BUYR |
N |
C5, C7, C11 |
P, Q, or R |
Buyer |
| |
or |
DEAG |
N |
C5 |
P, Q, or R |
Delivering Agent |
| |
or |
DECU |
N |
C5, C7 |
P, Q, or R |
Deliverer's Custodian |
| |
or |
DEI1 |
N |
C5, C7 |
P, Q, or R |
Deliverer's Intermediary 1 |
| |
or |
DEI2 |
N |
C5, C7 |
P, Q, or R |
Deliverer's Intermediary 2 |
| |
or |
PSET |
N |
C5, C6 |
C, P, or Q |
Place of Settlement |
| |
or |
REAG |
N |
C5, C6 |
P, Q, or R |
Receiving Agent |
| |
or |
RECU |
N |
C5, C7 |
P, Q, or R |
Receiver's Custodian |
| |
or |
REI1 |
N |
C5, C7 |
P, Q, or R |
Receiver's Intermediary 1 |
| |
or |
REI2 |
N |
C5, C7 |
P, Q, or R |
Receiver's Intermediary 2 |
| |
or |
SELL |
N |
C5, C7 |
P, Q, or R |
Seller |
| 2 |
O |
ALTE |
R |
C18 |
L or S |
Alternate ID |
This qualified generic field specifies:
| ALTE |
Alternate ID |
Alternate identification for a party. |
| BUYR |
Buyer |
Party that receives the financial instrument. |
| DEAG |
Delivering Agent |
Delivering party that interacts with the Place of Settlement. |
| DECU |
Deliverer's Custodian |
Party that interacts with the delivering agent unless intermediaries exist. |
| DEI1 |
Deliverer's Intermediary 1 |
Party that interacts with the delivering intermediary 2, if present. If the delivering intermediary 2 is not present, this is the party that interacts with the delivering agent. |
| DEI2 |
Deliverer's Intermediary 2 |
When present, party that interacts with the delivering agent. |
| PSET |
Place of Settlement |
Place of settlement. |
| REAG |
Receiving Agent |
Receiving party that interacts with the place of settlement. |
| RECU |
Receiver's Custodian |
Party that interacts with the receiving agent unless intermediaries exist. |
| REI1 |
Receiver's Intermediary 1 |
Party that interacts with the receiving intermediary 2, if present. If the receiving intermediary 2 is not present, this is the party that interacts with the receiving agent. |
| REI2 |
Receiver's Intermediary 2 |
When present, party that interacts with the receiving agent. |
| SELL |
Seller |
Party that delivers the financial instrument. |
In option C, Country Code specifies in physical settlement transactions the country of settlement. This allows the custodian to direct instructions to a local agent in the country of settlement.
In option P, Identifier Code specifies a BIC. For more details, see the Standards MT General Information.
In option R, Proprietary Code specifies a local national code or market segment code identifying the party.
In option S:
Type of ID specifies the type of alternate identification which can be used to give an alternate identification of the party identified in the sequence.
Country Code specifies the country for which the alternate identification is relevant.
Alternate ID specifies an alternate identification of the party identified in the same sequence.
In option S, if Qualifier is ALTE and Data Source Scheme is not present, Type of ID must contain one of the following codes (Error code(s): K95):
| ARNU |
Alien Registration Number |
Number assigned by a government agency to identify foreign nationals. |
| CCPT |
Passport Number |
Number assigned by a passport authority. |
| CHTY |
Tax Exempt Identification Number |
Number assigned to a tax exempt entity. |
| CORP |
Corporate Identification |
Number assigned to a corporate entity. |
| DRLC |
Driver's Licence Number |
Number assigned to a driver's licence. |
| FIIN |
Foreign Investment Identity Number |
Number assigned to a foreign investor (other than the alien number). |
| TXID |
Tax Identification Number |
Number assigned by a tax authority to an entity. |
Country Code must be a valid ISO country code (Error code(s): T73).
Identifier Code must be a registered BIC (Error code(s): T27,T28,T29,T45).
Proprietary code (Format Option R), Alternate ID (Format Option S) and Name and Address (Format Option Q) must not start or end with a slash '/' and must not contain two consecutive slashes '//'. For field formats with more than 1 line, the rule applies for each line (Error code(s): T26).
Qualifiers used to identify the parties do not specify the business role of the parties but their position in the settlement chain and the relationship which the parties have with one another.
Further explanations and examples are available in the Category 5 Securities Markets Message Usage Guidelines.
10 common elements:
SMPG recommends that at least three settlement parties be instructed in equity or fixed income delivery free or against payment settlement instructions; the place of settlement, the receiving agent and the client of the receiving agent.
The data format for the identification of the receiving agent depends on the market. If no country-specific requirement is available, BIC is recommended.
If the buyer is not the direct client of the receiving agent, then an intermediary must also be provided - RECU.
Place of settlement:
The place of settlement is to be understood as the requested place of settlement of the counterparty. The indicated place of settlement in the message is always relating to the counterparty.
The field must be populated with the BIC of a national or international CSD. When no CSD exists in a particular market, the stock exchange BIC will be used.
Country code should be used for settlement taking place outside of an institution published in the PSET's BIC list. This includes physical deliveries and investment funds not settling at a CSD.
The format and content of the settlement party sequences will comply with the market practices published for the place of settlement included in the message.
Physical settlement:
Place of settlement must be used with format 95C::PSET// followed by the ISO country code of the country where the physical securities will be delivered to.
The receiving party will be identified as the REAG with its name and address (format Q) or with its BIC.
If the receiving party is a local agent or depository, REAG will identify the agent's address or BIC. BUYR (and RECU) will also be present to identify the underlying receiving party(ies).
If the receiving party is a physical client, REAG will identify the physical client. BUYR is not needed. Indeed, the first (and only) receiving party in the settlement chain is the physical client. It will therefore be identified using the first settlement party level qualifier: REAG.
For more details, see the relevant market practice document on www.smpg.info.
