Description
The Settlement Instructions message provides the broker's, the institution's, or the intermediary's instructions for trade settlement. This message has been designed so that it can be sent from the broker to the institution, from the institution to the broker, or from either to an independent "standing instructions" database or matching system or, for CIV, from an intermediary to a fund manager.
The Settlement Instructions message can be used in one of three modes (SettlInstMode <160>):
- To provide "standing instructions" for the settlement of trades occurring in the future. The message could either be sent in an 'unsolicited' fashion (i.e. a 'push'-style update from one firm to that firm's counterparties) or in response to a SettlementInstructionRequest <AV> message. In either of these scenarios, this message can provide multiple settlement instructions.
- To reject a SettlementInstructionRequest <AV> message (e.g. unable to process request, no matching settlement instructions found).
- To provide settlement instructions for a specific Order with a single account either as overriding or standing instructions to support matching. The ClOrdID <11> field should be used to link the settlement instructions to the corresponding Order message.
See VOLUME 7 - "PRODUCT: COLLECTIVE INVESTMENT VEHICLES"
The Settlement Instruction detail can be either explicitly specified (via the <SettlInstructionsData> component block) or can exist within an independent standing instructions database and can be referenced via the StandInstDbType <169>, StandInstDbName <170>, and StandInstDbID <171> fields. See Volume 6 - Appendix 6-H for further details regarding the construction and formatting of settlement instruction details.
Settlement Instructions
Structure
| Tag | Field Name | Req'd | Comments | |
|---|---|---|---|---|
| Component Block - <StandardHeader> | Y | MsgType <35> = T | ||
| 777 | SettlInstMsgID | Y | Unique identifier for this message | |
| 791 | SettlInstReqID | N | Only used when this message is used to respond to a settlement instruction request (to which this ID refers) | |
| 160 | SettlInstMode | Y | 1=Standing Instructions, 2=Specific Allocation Account Overriding, 3=Specific Allocation Account Standing, 4=Specific Order, 5=Reject SSI request | |
| 792 | SettlInstReqRejCode | N | Required for SettlInstMode = 5. Used to provide reason for rejecting a Settlement Instruction Request message. | |
| 58 | Text | N | Can be used to provide any additional rejection text where rejecting a Settlement Instruction Request message. | |
| 354 | EncodedTextLen | N | ||
| 355 | EncodedText | N | ||
| 11 | ClOrdID | N | Required for SettlInstMode <160> = 4 and when referring to orders that where electronically submitted over FIX or otherwise assigned a ClOrdID. | |
| 60 | TransactTime | Y | Date/time this message was generated | |
| Component Block - <SettlInstGrp> | N | Required except where SettlInstMode is 5=Reject SSI request | ||
| Component Block - <StandardTrailer> | Y | |||