| ISO20022

MT548: (24) Field 22a: Indicator

FORMAT

Option F	:4!c/[8c]/4!c	(Qualifier)(Data Source Scheme)(Indicator)
Option H	:4!c//4!c	(Qualifier)(Indicator)

PRESENCE

Mandatory (referenced in rule C3) in optional sequence B

QUALIFIER

(Error code(s): T89)

Order	M/O	Qualifier	R/N	CR	Options	Qualifier Description
1	M	SETR	N		F	Type of Settlement Transaction Indicator
2	M	REDE	N		H	Receive/Deliver Indicator
3	M	PAYM	N	C1	H	Payment Indicator
4	O	STCO	R		F	Settlement Transaction Condition Indicator
5	O	TRCA	N		F	Party Capacity Indicator
6	O	STAM	N		F	Stamp Duty Indicator
7	O	RTGS	N		F	Securities Real-Time Gross Settlement Indicator
8	O	REGT	N		F	Registration Indicator
9	O	BENE	N		F	Beneficial Ownership Indicator
10	O	CASY	N		F	Cash Settlement System Indicator
11	O	TCPI	N		F	Tax Capacity Party Indicator
12	O	REPT	N		F	Repurchase Type Indicator
13	O	MACL	N		F	Market Side Indicator
14	O	BLOC	N		F	Block Trade Indicator
15	O	REST	N		F	Restrictions Indicator
16	O	SETS	N		F	Settlement System/Method Indicator
17	O	NETT	N		F	Netting Eligibility Indicator
18	O	CCPT	N		F	CCP Eligibility Indicator
19	O	LEOG	N		F	Letter of Guarantee Indicator
20	O	COLA	N		F	Exposure Type Indicator
21	O	COLE	N		F	Collateral Pool 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.
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.
PAYM	Payment Indicator	Specifies whether the instruction is free or against payment.
REDE	Receive/Deliver Indicator	Specifies whether the transaction is a receipt or delivery of financial instruments.
REGT	Registration Indicator	Specifies whether registration should occur upon receipt.
REPT	Repurchase Type Indicator	Specifies the type of repurchase transaction.
REST	Restrictions Indicator	Restrictions governing the transfer of ownership of security.
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.
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 was to be settled.
TCPI	Tax Capacity Party Indicator	Specifies the tax role capacity of the instructing party.
TRCA	Party Capacity Indicator	Specifies the role of the party in the transaction.

CODES

In option F, 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.
PREA	Pre-Advice	Transaction is a pre-advice, that is for matching purposes only.
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

In option H, if Qualifier is REDE, Indicator must contain one of the following codes:

DELI	Deliver	Financial Instruments will be debited from the safekeeping account.
RECE	Receive	Financial Instruments will be credited to the safekeeping account.

CODES

In option H, if Qualifier is PAYM, Indicator must contain one of the following codes:

APMT	Against Payment	Against payment.
FREE	Free	Free of payment.

CODES

In option F, 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	Settlement 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.
EXPI	Expired	Settlement transaction relates to options, futures or derivatives that have expired.
FRCL	Free Clean Settlement	Delivery will be made free of payment but a clean payment order will be sent.
INTS	Internalised Settlement	The instruction was settled by the settlement internaliser/account servicer (for example, custodian) in its own books and not through a securities settlement system (for example, CSD system).
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.
PENS	Pending Sale	Accounting information that the position to cover the pending sale will be available by contractual settlement date.
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.
SHOR	Short Sale Indicator	Settlement transaction will create a short position.
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

In option F, 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

In option F, 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

In option F, 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

In option F, 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

In option F, 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

In option F, 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

In option F, 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	Relates to a principal 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

In option F, 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

In option F, 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

In option F, 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

In option F, 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

In option F, 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

In option F, 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

In option F, 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

In option F, 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.
SHSL	Short Sale	Short sale exposure.
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

In option F, 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

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

USAGE RULES

The Qualifier SETR must only be used with code PREA (Preadvice) in communications between CSD/ICSD and their participants.

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 and STCO must be pre-agreed between account owner and account servicer.

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.

For two leg transactions (repo, reverse repo, securities lending, securities borrowing, buy sell back, sell buy back), the status on the opening/initiation leg of the transaction will be provided by sending the below combination of Receive/Delivery Indicator (:22F::REDE) and Type of Settlement Transaction (:22F::SETR):

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

The status on the closing/return leg of the transaction will be provided by sending the below combination of Receive/Delivery Indicator (:22F::REDE) and Type of Settlement Transaction (:22F::SETR):

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