| ISO20022

MT541: (63) Field 22F: Indicator

FORMAT

Option F

:4!c/[8c]/4!c

(Qualifier)(Data Source Scheme)(Indicator)

PRESENCE

Mandatory in mandatory sequence E

QUALIFIER

(Error code(s): T89)

Order	M/O	Qualifier	R/N	CR	Options	Qualifier Description
1	O	STCO	R	C15	F	Settlement Transaction Condition Indicator
2	M	SETR	N		F	Type of Settlement Transaction Indicator
3	O	TRCA	N		F	Party Capacity Indicator
4	O	STAM	N		F	Stamp Duty Indicator
5	O	RTGS	N		F	Securities Real-Time Gross Settlement Indicator
6	O	REGT	N		F	Registration Indicator
7	O	BENE	N		F	Beneficial Ownership Indicator
8	O	CASY	N		F	Cash Settlement System Indicator
9	O	DBNM	N	C6, C11, C12	F	Settlement Standing Instruction Database Indicator
10	O	TCPI	N		F	Tax Capacity Party Indicator
11	O	MACL	N		F	Market Side Indicator
12	O	FXCX	N	C10	F	Forex Order Cancellation Indicator
13	O	BLOC	N		F	Block Trade Indicator
14	O	REST	N		F	Restrictions Indicator
15	O	SETS	N		F	Settlement System/Method Indicator
16	O	NETT	N		F	Netting Eligibility Indicator
17	O	CCPT	N		F	CCP Eligibility Indicator
18	O	LEOG	N		F	Letter of Guarantee Indicator
19	O	COLA	N		F	Exposure Type Indicator
20	O	TRAK	N		F	Tracking Indicator
21	O	REPT	N		F	Repurchase Type Indicator
22	O	COLE	N		F	Collateral Pool Indicator
23	O	SSBT	N		F	Securities Sub Balance Type Indicator
24	O	CSBT	N		F	Cash Sub Balance Type Indicator

DEFINITION

This qualified generic field specifies:

BENE	Beneficial Ownership Indicator	Specifies whether there is change of beneficial ownership.
BLOC	Block Trade Indicator	Specifies whether the settlement instruction is a block parent or child.
CASY	Cash Settlement System Indicator	Specifies what cash settlement system is instructed to be used.
CCPT	CCP Eligibility Indicator	Specifies whether the settlement transaction is CCP (Central Counterparty) eligible.
COLA	Exposure Type Indicator	Specifies the underlying business area/type of trade causing the collateral movement.
COLE	Collateral Pool Indicator	Specifies whether securities should be included in the pool of securities eligible for collateral purposes.
CSBT	Cash Sub Balance Type Indicator	Specifies the cash sub balance type indicator (example restriction type for a market infrastructure).
DBNM	Settlement Standing Instruction Database Indicator	Specifies what settlement standing instruction database is to be used to derive the settlement parties involved in the transaction.
FXCX	Forex Order Cancellation Indicator	Specifies the action to be taken on the underlying FX.
LEOG	Letter of Guarantee Indicator	Specifies whether physical settlement may be executed using a letter of guarantee or if the physical certificates should be used.
MACL	Market Side Indicator	Specifies whether an instruction is for a market side or a client side transaction.
NETT	Netting Eligibility Indicator	Specifies whether the settlement transaction is eligible for netting.
REGT	Registration Indicator	Specifies whether registration should occur upon receipt.
REPT	Repurchase Type Indicator	Specifies the type of repurchase transaction.
REST	Restrictions Indicator	Specifies the regulatory restrictions applicable to a financial instrument.
RTGS	Securities Real-Time Gross Settlement Indicator	Specifies whether the settlement transaction is to be settled through an RTGS or a non RTGS system.
SETR	Type of Settlement Transaction Indicator	Specifies underlying information regarding the type of settlement transaction.
SETS	Settlement System/Method Indicator	Specifies whether the settlement instruction is to be settled through the default or the alternate settlement system.
SSBT	Securities Sub Balance Type Indicator	Specifies the securities sub balance type indicator (example restriction type for a market infrastructure).
STAM	Stamp Duty Indicator	Specifies the stamp duty type or exemption reason applicable to the settlement instruction.
STCO	Settlement Transaction Condition Indicator	Specifies the conditions under which the order/trade is to be settled.
TCPI	Tax Capacity Party Indicator	Specifies the tax role capacity of the instructing party.
TRAK	Tracking Indicator	Specifies whether the loan and/or collateral is tracked.
TRCA	Party Capacity Indicator	Specifies the role of the party in the transaction.

CODES

If Qualifier is STCO and Data Source Scheme is not present, Indicator must contain one of the following codes:

ASGN	Assignment	Transfer of ownership of the asset to another party during the closing of an option.
BPSS	Partial Successful Buy-In	Identification of settlement instructions created as a result of a partial successful buy-in.
BUTC	Buy to Cover	Transaction is a buy to cover.
CLEN	Clean	Tax-exempt financial instruments are to be settled.
DIRT	Dirty	Taxable financial instruments are to be settled.
DLWM	Delivery Without Matching	Matching receipt instruction not required (only for concerned ICSD and CSD).
DRAW	Drawn	Settlement transactions relates to drawn securities.
EXER	Exercised	Settlement transaction relates to options, futures or derivatives that are exercised.
FRCL	Free Clean Settlement	Delivery will be made free of payment but a clean payment order will be sent.
KNOC	Knocked Out	Settlement transaction relates to options, futures or derivatives that are expired worthless.
NACT	Not Accounting Related	Security transaction is not for accounting.
NOMC	No Automatic Market Claim	No market claim should be automatically generated.
NPAR	No Partial Settlement Allowed	Partial settlement is not allowed.
PART	Partial Settlement	Partial settlement is allowed.
PHYS	Physical	Securities are to be physically settled.
RESI	CSD Payment Only	Relates to transaction on a security that is not eligible at the Central Securities Depository (CSD) but for which the payment will be enacted by the CSD.
RHYP	Re-hypothecation	Collateral position is available for other purposes (for example, onwards delivery).
RPTO	Reporting	Relates to a transaction that is for reporting purposes only.
SPDL	Special Delivery	Settlement transactions to be settled with special delivery.
SPST	Split Settlement	Money and financial instruments settle in different locations.
TRAN	Transformation	Transaction resulting from a transformation.
TRIP	Triparty Collateral Segregation	Triparty segregation of collateral, typically requested by an IM to their custodian to comply with a no delivery of collateral regulation.
UNEX	Unexposed	Delivery cannot be performed until money is received.

CODES

If Qualifier is SETR and Data Source Scheme is not present, Indicator must contain one of the following codes:

BSBK	Buy Sell Back	Relates to a buy sell back transaction.
BYIY	Buy In	The transaction relates to a buy-in by the market following a delivery transaction failure.
CLAI	Market Claim	Transaction resulting from a market claim.
CNCB	Central Bank Collateral Operation	Relates to a collateral delivery/receipt to a National Central Bank for central bank credit operations.
COLI	Collateral In	Relates to a collateral transaction, from the point of view of the collateral taker or its agent.
COLO	Collateral Out	Relates to a collateral transaction, from the point of view of the collateral giver or its agent.
CONV	DR Conversion	Relates to a depository receipt conversion.
ETFT	Exchange Traded Funds	Relates to an exchange traded fund (ETF) creation or redemption.
FCTA	Factor Update	Relates to a factor update.
INSP	Move of Stock	Relates to a movement of shares into or out of a pooled account.
INTT	Traded Interest Changed	Relates to a cash movement resulting from a change in traded interest pursuant to a coupon rate adjustment.
ISSU	Issuance	Relates to the issuance of a security such as an equity or a depository receipt.
MKDW	Mark-Down	Relates to the decrease of positions held by an ICSD at the common depository due to custody operations (repurchase, pre-release, proceed of corp. event realigned).
MKUP	Mark-Up	Relates to the increase of positions held by an ICSD at the common depository due to custody operations (repurchase, pre-release, proceed of corporate event realigned).
NETT	Netting	Relates to the netting of settlement instructions.
NSYN	Non Syndicated	Relates to the issue of medium and short term paper (CP, CD, MTN, notes ...) under a program and without syndication arrangement.
OWNE	External Account Transfer	Relates to an account transfer involving more than one instructing party (messages sender) and/or account servicer (messages receiver).
OWNI	Internal Account Transfer	Relates to an account transfer involving one instructing party (messages sender) at one account servicer (messages receiver).
PAIR	Pair-Off	Relates to a pair-off: the transaction is paired off and netted against one or more previous transactions.
PLAC	Placement	Relates to the placement/new issue of a financial instrument.
PORT	Portfolio Move	Relates to a portfolio move from one investment manager to another and/or from an account servicer to another. It is generally charged differently than another account transfer (OWNE, OWNI, INSP), hence the need to identify this type of transfer as such.
REAL	Realignment	Relates to a realignment of positions.
REDI	Withdrawal	Relates to the withdrawal of specified amounts from specified sub-accounts.
REDM	Redemption (Funds)	Relates to a redemption of Funds (Funds Industry ONLY).
RELE	DR Release/Cancellation	Relates to a release (into/from local) of Depository Receipt operation.
REPU	Repo	Relates to a repurchase agreement transaction.
RODE	Return of Delivery Without Matching	Relates to the return of financial instruments resulting from a rejected delivery without matching operation.
RVPO	Reverse Repo	Relates to a reverse repurchase agreement transaction.
SBBK	Sell Buy Back	Relates to a sell buy back transaction.
SBRE	Borrowing Reallocation	Internal reallocation of a borrowed holding from one safekeeping account to another.
SECB	Securities Borrowing	Relates to a securities borrowing operation.
SECL	Securities Lending	Relates to a securities lending operation.
SLRE	Lending Reallocation	Internal reallocation of a holding on loan from one safekeeping account to another.
SUBS	Subscription (Funds)	Relates to a subscription to funds (Funds Industry ONLY).
SWIF	Switch From	Transaction is a change of an investment from one sub-fund to another sub-fund (redemption-leg).
SWIT	Switch To	Transaction is a change of an investment from one sub-fund to another sub-fund (subscription-leg).
SYND	Syndicate of Underwriters	Relates to the issue of financial instruments through a syndicate of underwriters and a Lead Manager.
TBAC	TBA Closing	Relates to a To Be Announced (TBA) closing trade.
TRAD	Trade	Relates to the settlement of a trade.
TRPO	Triparty Repo	Relates to a triparty repurchase agreement.
TRVO	Triparty Reverse Repo	Relates to a triparty reverse repurchase agreement.
TURN	Turnaround	Relates to a turnaround: the same security is bought and sold to settle the same day, to or from different brokers.

CODES

If Qualifier is TRCA and Data Source Scheme is not present, Indicator must contain one of the following codes:

CUST	Settling as a Custodian	Settlement party is a custodian. It receives/delivers the securities and carries out custodial duties.
RISP	Settling as Riskless Principal	Party settles trades that were simultaneously offset.
SAGE	Settling as an Agent	Party settles trades on behalf of his client for which he also traded.
SPRI	Settling as a Principal	Party settles its own trades.

CODES

If Qualifier is RTGS and Data Source Scheme is not present, Indicator must contain one of the following codes:

NRTG	Non-RTGS	Settle through the non-RTGS system. If there is a standing instruction in place for settlement through the RTGS instruction, then this standing instruction is to be ignored.
YRTG	RTGS	Settle through the RTGS system. If there is a standing instruction in place for settlement through the non-RTGS system, then this standing instruction is to be ignored.

CODES

If Qualifier is REGT and Data Source Scheme is not present, Indicator must contain one of the following codes:

NREG	Street Name	Hold the securities in street name. If there is a standing instruction in place to register on receipt, then this standing instruction is to be ignored.
YREG	Register	Register on receipt. If there is a standing instruction in place to hold the securities in street name, then this standing instruction is to be ignored.

CODES

If Qualifier is BENE and Data Source Scheme is not present, Indicator must contain one of the following codes:

NBEN	NCBO	No Change of Beneficial Ownership (NCBO). If a standing instruction is in place for change of beneficial ownership (CBO), then this standing instruction is to be ignored.
YBEN	CBO	Change of Beneficial Ownership (CBO). If a standing instruction is in place for no change of beneficial ownership (NCBO), then this standing instruction is to be ignored.

CODES

If Qualifier is CASY and Data Source Scheme is not present, Indicator must contain one of the following codes:

GROS	Gross Settlement System	Settle money through gross settlement system.
NETS	Net Settlement System	Settle money through net settlement system.

CODES

If Qualifier is DBNM and Data Source Scheme is not present, Indicator must contain one of the following codes:

BRKR	Broker	Settlement standing instruction database to be used is the broker's database.
INTE	Internal	Settlement standing instruction database to be used is the receiver's internal database.
VEND	Vendor	Settlement standing instruction database to be used is the database of the vendor.

CODES

If Qualifier is TCPI and Data Source Scheme is not present, Indicator must contain one of the following codes:

AGEN	Agent	Acting as an agent for tax liability.
PRIN	Principal	Acting as a principal for tax liability.

CODES

If Qualifier is MACL and Data Source Scheme is not present, Indicator must contain one of the following codes:

CLNT	Client Side	Instruction is for a client side transaction.
MAKT	Market Side	Instruction is for a market side transaction.

CODES

If Qualifier is FXCX and Data Source Scheme is not present, Indicator must contain one of the following codes:

FXNO	FX not to be Cancelled	Forex instructed in the original instruction is not to be cancelled.
FXYE	FX to be Cancelled	Forex instructed in the original instruction is also to be cancelled.
SINO	SI does not Apply	Forex standing instruction in place does not apply. This instruction is an amendment to a previously cancelled instruction for which the FX order has not been cancelled.

CODES

If Qualifier is BLOC and Data Source Scheme is not present, Indicator must contain one of the following codes:

BLCH	Block Trade Child	Transaction is a block trade child.
BLPA	Block Trade Parent	Transaction is a block trade parent.

CODES

If Qualifier is REST and Data Source Scheme is not present, Indicator must contain one of the following codes:

144A	Pursuant to 144A	Ownership or transfer of an unregistered security issued, pursuant to US legal restrictions 144A.
NRST	Not Subject to Restrictions	Ownership or transfer of a security that is not subject to restrictions.
RSTR	Subject to Restrictions (not pursuant to 144A)	Ownership or transfer of a security that is subject to restrictions, and not pursuant to 144A.

CODES

If Qualifier is SETS and Data Source Scheme is not present, Indicator must contain one of the following codes:

NSET	Default Settlement System/Method	Settle through the default settlement system/method. If there is a standing instruction in place for settlement through the alternate settlement system/method, then this standing instruction is to be ignored.
YSET	Alternate Settlement System/Method	Settle through the alternate settlement system/method. If there is a standing instruction in place for settlement through the default settlement system/method, then this standing instruction is to be ignored.

CODES

If Qualifier is NETT and Data Source Scheme is not present, Indicator must contain one of the following codes:

NNET	Not Netting Eligible	Settlement instruction is not eligible for netting.
YNET	Netting Eligible	Settlement instruction is eligible for netting.

CODES

If Qualifier is CCPT and Data Source Scheme is not present, Indicator must contain one of the following codes:

NCCP	Not CCP Eligible	Settlement instruction is not CCP eligible.
YCCP	CCP Eligible	Settlement instruction is CCP eligible.

CODES

If Qualifier is LEOG and Data Source Scheme is not present, Indicator must contain one of the following codes:

NLEG	Letter of Guarantee Not Accepted	Letter of guarantee is not accepted. If there is a standing instruction in place to accept a letter of guarantee, then this standing instruction is to be ignored.
YLEG	Letter of Guarantee Accepted	Letter of guarantee is accepted. If there is a standing instruction in place not to accept a letter of guarantee, then this standing instruction is to be ignored.

CODES

If Qualifier is COLA and Data Source Scheme is not present, Indicator must contain one of the following codes:

BFWD	Bond Forward	Any securities traded out beyond 3 days which include treasury notes, JGBs and Gilts.
CCIR	Cross Currency IRS	Cross Currency Interest Rate Swap, indicating the exchange of fixed interest payments in one currency for those in another.
CCPC	CCP Collateral	Collateral covering the initial margin requirements for OTC trades cleared through a CCP.
COMM	Commodities	Commodities trades for example futures and options on gold, silver, wheat.
CRDS	Credit Default Swap	Trading of credit default swap.
CRPR	Cross Product	Combination of various types of trades.
CRSP	Credit Support	Cash lending/borrowing; letter of Credit; signing of master agreement.
CRTL	Credit Line	Opening of a credit line before trading.
EQPT	Equity Option	Trading of equity option (Also known as stock options).
EQUS	Equity Swap	Equity swap trades where the return of an equity is exchanged for either a fixed or a floating rate of interest.
EXPT	Exotic Option	Trading of exotic option for example a non-standard option.
EXTD	Exchange Traded Derivatives	Trading of exchanged traded derivatives in general (Opposite to Over the Counter (OTC)).
FIXI	Fixed Income	Trading of fixed income instruments.
FORW	Forward Foreign Exchange	FX trades with a value date in the future.
FORX	Foreign Exchange	FX trades in general.
FUTR	Futures	Related to futures trading activity.
LIQU	Liquidity	In support of settlement via an RTGS or other clearing system.
OPTN	FX Option	Trading of option on Foreign Exchange.
OTCD	OTC Derivatives	Over-the-counter (OTC) Derivatives in general for example contracts which are traded and privately negotiated.
PAYM	Cash Settlement	In support of any type of cash settlement.
REPO	Repurchase Agreement	In support of a repurchase agreement transaction.
RVPO	Reverse Repurchase Agreement	In support of a reverse repurchase agreement transaction.
SBSB	Securities Buy Sell Back	Securities buy sell back.
SCIE	Single Currency IRS Exotic	Exotic single currency interest rate swap.
SCIR	Single Currency IRS	Single Currency Interest Rate Swap.
SCRP	Securities Cross Product	Combination of securities-related exposure types.
SLEB	Securities Lending and Borrowing	Securities lending and borrowing.
SLOA	Secured Loan	Secured loan.
SWPT	Swaption	Option on interest rate swap.
TBAS	To Be Announced	To Be Announced (TBA) related collateral.
TCRP	Treasury Cross Product	Combination of treasury-related exposure types.
UDMS	Uncleared Derivative Margin Segregation	Relates to uncleared derivative margin segregation for variation or initial margin.

CODES

If Qualifier is TRAK and Data Source Scheme is not present, Indicator must contain one of the following codes:

UNTR	Untracked	The loan/collateral instruction is untracked.
TRAC	Tracked	The loan/collateral instruction is tracked.

CODES

If Qualifier is REPT and Data Source Scheme is not present, Indicator must contain one of the following codes:

CADJ	Swap/Substitution	Relates to a repo collateral substitution.
CALL	Repo Call	Relates to the early closing/maturity date for a term repo or the termination date of an open repo with underlying collateral.
PADJ	Principal/Exposure Adjustment	Change of principal/exposure adjustment.
PAIR	Pair-Off	Relates to a repo that is part of a pair-off.
RATE	Repo Rate	Relates to a change in the repo rate.
ROLP	Repo Contract Rollover	Relates to a repo rollover of a contract extending the closing or maturity date without impacting underlying collateral.
TOPU	Top-Up	Relates to a cover of securities position due to deficit of collateral following mark to market valuation.
WTHD	Withdrawal	Relates to a return of securities position due to excess of collateral following mark to market valuation.

CODES

If Qualifier is COLE and Data Source Scheme is not present, Indicator must contain one of the following codes:

COLA	Eligible for Collateral Purposes	The securities are eligible for collateral purposes.
COLN	Not Eligible for Collateral Purposes	The securities are not eligible for collateral purposes.

CODES

If Qualifier is STAM, the Data Source Scheme must be used to indicate the stamp duty type or exemption reason, for example, in the United Kingdom and Ireland (CRST), in South Africa (STRA), etc.

CODES

If Qualifier is SSBT, the Data Source Scheme must be used to indicate the securities sub balance type.

CODES

If Qualifier is CSBT, the Data Source Scheme must be used to indicate the cash sub balance type.

USAGE RULES

The conditions of the use of the codes for the qualifiers BENE, CASY, CCPT, COLA, COLE, BLOC, DBNM, FXCX, LEOG, NETT, REGT, REPT, RTGS, SETS, STCO, and TRAK must be pre-agreed between account owner and account servicer.

When the code YREG in the registration indicator is present, additional registration details must be specified in the registration details narrative in the Settlement Parties sequence unless already available at the account servicer via standing instruction/SLA.

The cash settlement system codes are to be used only by agents directly involved in the settlement process, such as local settlement agents, CSD's and central banks.

The use of settlement transaction type codes CONV, ISSU, REAL, RELE, NETT, NSYN, MKUP, MKDW, SYND is governed by the existence of a bilateral agreement.

When settlement condition BUTC is used, at least one linkage subsequence A1 must be present with the reference of the sell instruction (may be more than one) to be covered by the concerned buy.

In a cancellation request (field 23G:CANC),:22F::FXCX//FXNO and FXYE indicate whether a forex instructed in the message to be cancelled is also to be cancelled. In a new message (field :23G:NEWM), :22F::FXCX//SINO indicates that a forex standing instruction should NOT apply as an original FX order has been retained.

The modification of a repo or reverse repo instruction, for example, :22F::REPT//RATE must follow the normal cancel and replace settlement process.

For the settlement of two leg transactions (repo, reverse repo, securities lending, securities borrowing, buy sell back, sell buy back), the opening/initiation of the transaction will be instructed by sending the below combination of Message Type (MT) and Type of Settlement Transaction (:22F::SETR):

Two leg transaction	Message Type	Type of Settlement Transaction
Repo opening	543	REPU
Reverse repo opening	541	RVPO
Triparty repo opening	543	TRPO
Triparty reverse repo opening	541	TRVO
Securities lending initiation	543	SECL
Securities borrowing initiation	541	SECB
Sell-buy back: sell	543	SBBK
Buy-sell back: buy	541	BSBK
Collateral (giver) out: initiation	543	COLO
Collateral (taker) in: initiation	541	COLI

If, following market practices, a closing/return leg needs to be instructed, it will be instructed by sending the below combination of Message Type (MT) and Type of Settlement Transaction (:22F::SETR):

Two leg transaction	Message Type	Type of Settlement Transaction
Repo closing	541	REPU
Reverse repo closing	543	RVPO
Triparty repo closing	541	TRPO
Triparty reverse repo closing	543	TRVO
Securities lending return	541	SECL
Securities borrowing return	543	SECB
Sell-buy back: buy back	541	SBBK
Buy-sell back: sell back	543	BSBK
Collateral (giver) out: return	541	COLO
Collateral (taker) in: return	543	COLI

Note

This is also applicable to MT 540 and 542 for free of payment scenarios.

Market Practice Rules

Physical settlement:
In case of physical receipt at local agent level, the receiving agent must receive a receipt free instruction for reconciliation purposes. If the final beneficiary of the securities uses a global custodian, the receipt free instruction will be sent to the global custodian that will forward it to his receiving agent on the market.
For physical settlement, settlement condition indicator :22F::STCO//PHYS must be used.
Partial settlement:
This market practice only applies in markets where partial settlement is allowed.
If an account owner wants to specify in its original instruction that partial settlement is not allowed, they must use the settlement condition indicator :22F::STCO//NPAR (no partial settlement allowed). Similarly, if a client wants to specify in its original instruction that partial settlement is allowed (for instance, to override a standing instruction not to allow partial settlement), the settlement condition indicator :22F::STCO//PART is to be used.
Book Transfer:
The use of settlement transaction types :22F::SETR//OWNI, OWNE, INSP and PORT and other book-transfer related fields is governed by a market practice document.
Block Trades:
The parent transaction must be identified using the indicator field :22F::BLOC//BLPA. The children transactions must be identified using the indicator field :22F::BLOC//BLCH.

For more details, see the relevant market practice document on www.smpg.info.