MT542: (3) Field 23G: Function of the Message
FORMAT
| Option G | 4!c[/4!c] | (Function)(Subfunction) |
PRESENCE
Mandatory (referenced in rules C7 and C9) in mandatory sequence A
DEFINITION
This field identifies the function of the message.
CODES
Function must contain one of the following codes:
CANC |
Cancellation Request |
Message requesting the cancellation of a previously sent message. |
NEWM |
New |
New message. |
PREA |
Preadvice |
Message preadvising a settlement instruction. It can be used for matching purposes, but is, without further notice from the account owner, not binding for execution. |
CODES
Subfunction, when present, must contain one of the following codes:
CODU |
Copy Duplicate |
Message is a copy to a party other than the account owner/account servicer, for information purposes and the message is a duplicate of a message previously sent. |
COPY |
Copy |
Message is a copy to a party other than the account owner/account servicer, for information purposes. |
DUPL |
Duplicate |
Message is for information/confirmation purposes. It is a duplicate of a message previously sent. |
RECO |
Reconciliation Only |
Settlement instruction is already on the market. Sent by an account owner to an account servicer or vice versa for reconciliation purposes. |
USAGE RULES
To cancel a previously sent message, Function is CANC. The reference in the linkages sequence must contain the Sender's reference of the message to be cancelled. A copy of at least the mandatory fields of the message to be cancelled must be present; optional fields need not be present for SWIFT validation.
Market Practice Rules
Function of the message usage clarifications have been published by the Securities Market Practice Group (SMPG).
For more details, see the relevant market practice document on www.smpg.info.
