Standards
Settlement and Reconciliation November 2015
Standards MX
Message Definition Report Part 1
This document provides information about the use of the messages for Settlement and Reconciliation
and includes, for example, business scenarios and messages flows.
20 February 2015
Settlement and Reconciliation November 2015
Table of contents
1.
Introduction .................................................................................................................... 5
1.1
Terms and definitions ...................................................................................................... 5
1.2
Glossary ........................................................................................................................... 5
1.3
Document Scope and Objectives ..................................................................................... 6
1.4
References ....................................................................................................................... 6
2.
Scope and Functionality ................................................................................................ 8
2.1
Background ...................................................................................................................... 8
2.2
Scope ............................................................................................................................... 9
2.3
Groups of MessageDefinitions and Functionality .......................................................... 10
2.3.1
Groups ........................................................................................................... 10
2.3.2
Functionality ................................................................................................. 11
3.
BusinessRoles and Participants ................................................................................ 12
4.
BusinessProcess Description .................................................................................... 15
4.1
BusinessProcess Diagram .............................................................................................. 15
5.
Description of BusinessActivities .............................................................................. 18
5.1
Instruction and Confirmation – Typical Process............................................................ 18
5.2
Intra-Position Instruction Process .................................................................................. 19
5.3
Partial Settlement Confirmation .................................................................................... 21
5.4
Securities Financing Instruction .................................................................................... 22
5.5
5.6
5.7
5.8
5.9
5.10
5.11
5.13
5.14
5.15
5.17
5.18
6.
5.4.1
Securities Financing Instruction and Confirmation....................................... 22
5.4.2
Modification Process .................................................................................... 26
Pair-off Instruction......................................................................................................... 30
Cash/Securities Split Instruction and Confirmation Process ......................................... 31
Status Reporting Process ............................................................................................... 32
Modification Process ..................................................................................................... 35
5.8.1
Processing Changes – Hold and Release scenario ........................................ 35
5.8.2
Processing Changes – Other ......................................................................... 36
5.8.3
Modification Request and Status Advice ...................................................... 38
Split Settlement Process ................................................................................................ 43
Allegement Process ....................................................................................................... 45
Reconciliation and Reporting Process ........................................................................... 46
5.11.1
Push Mode scenario ...................................................................................... 46
5.11.2
Pull Mode Scenario ....................................................................................... 48
Cancellation Request Process ........................................................................................ 50
Cancellation Advise Process .......................................................................................... 51
Reversal Advice Process................................................................................................ 52
Portfolio Transfer Process ............................................................................................. 53
Transaction Generation Process..................................................................................... 54
BusinessTransactions ................................................................................................. 55
6.1
Instruction and Confirmation ......................................................................................... 55
6.2
Intra-Position Instruction ............................................................................................... 55
6.3
Partial Settlement Confirmation .................................................................................... 56
6.4
Securities Financing....................................................................................................... 57
6.4.1
Page 2
Securities Financing Instruction and Confirmation....................................... 57
Message Definition Report Part 1
Table of Contents
6.4.2
6.5
6.6
6.7
6.8
6.9
6.10
6.11
6.12
6.13
6.14
6.15
6.16
7.
Securities Financing Modification ................................................................ 59
Pair-Off Instruction ........................................................................................................ 67
Cash/Securities Split Instruction and Confirmation ....................................................... 68
Status Reporting ............................................................................................................ 69
Modification .................................................................................................................. 69
6.8.1
Processing Changes – Hold and Release Scenario ........................................ 70
6.8.2
Processing Changes for one or Multiple Transaction(s) ............................... 73
6.8.3
Modification Request and Status Advice ...................................................... 74
Split Settlement.............................................................................................................. 76
6.9.1
Bilateral Splitting Scenario ........................................................................... 76
6.9.2
Unilateral Splitting Scenario ......................................................................... 80
Allegement..................................................................................................................... 83
Reconciliation And Reporting ....................................................................................... 84
6.11.1
Push Mode Scenario ..................................................................................... 85
6.11.2
Pull Mode Scenario ....................................................................................... 86
Cancellation Request ..................................................................................................... 87
Cancellation Advice....................................................................................................... 88
Reversal Advice ............................................................................................................. 89
Portfolio Transfer........................................................................................................... 89
Transaction Generation .................................................................................................. 90
Business Examples...................................................................................................... 91
7.1
SecuritiesBalanceCustodyReport – semt.002.002.xx .................................................... 91
7.2
SecuritiesBalanceAccountingReport – semt.003.002.xx ............................................... 93
7.3
IntraPositionMovementInstruction – semt.013.002.xx .................................................. 96
7.4
IntraPositionMovementStatusAdvice – semt.014.002.xx .............................................. 97
7.5
IntraPositionMovementConfirmation – semt.015.002.xx .............................................. 98
7.6
IntraPositionMovementPostingReport – semt.016.002.xx ............................................ 99
7.7
SecuritiesTransactionPostingReport – semt.017.002.xx.............................................. 100
7.8
SecuritiesTransactionPendingReport – semt.018.002.xx............................................. 102
7.9
SecuritiesSettlementTransactionAllegementReport – semt.019.002.xx ...................... 104
7.10
SecuritiesMessageCancellationAdvice – semt.020.002.xx .......................................... 106
7.11
SecuritiesStatementQuery – semt.021.002.xx ............................................................. 107
7.12
SecuritiesSettlementTransactionAuditTrailReport – semt.022.002.xx ........................ 108
7.13
SecuritiesTransactionCancellationRequest – sese.020.002.xx .................................... 109
7.14
SecuritiesTransactionStatusQuery – sese.021.002.xx.................................................. 110
7.15
SecuritiesStatusOrStatementQueryStatusAdvice – sese.022.002.xx ........................... 111
7.16
SecuritiesSettlementTransactionInstruction – sese.023.002.xx ................................... 111
7.17
SecuritiesSettlementTransactionStatusAdvice – sese.024.002.xx ............................... 113
7.18
SecuritiesSettlementTransactionConfirmation – sese.025.002.xx ............................... 115
7.19
SecuritiesSettlementTransactionReversalAdvice – sese.026.002.xx ........................... 117
7.20
SecuritiesTransactionCancellationRequestStatusAdvice – sese.027.002.xx ............... 119
7.21
SecuritiesSettlementTransactionAllegementNotification – sese.028.002.xx............... 120
7.22
SecuritiesSettlementAllegementRemovalAdvice – sese.029.002.xx ........................... 122
7.23
SecuritiesSettlementConditionsModificationRequest– sese.030.002.xx ..................... 124
7.24
SecuritiesSettlementConditionsStatusAdvice– sese.031.002.xx ................................. 124
7.25
SecuritiesSettlementTransactionGenerationNotification – sese.032.002.xx ............... 125
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Settlement and Reconciliation November 2015
7.26
7.27
7.28
7.29
7.30
7.31
7.32
7.33
Page 4
SecuritiesFinancingInstruction – sese.033.002.xx ....................................................... 127
SecuritiesFinancingStatusAdvice – sese.034.002.xx ................................................... 128
SecuritiesFinancingConfirmation – sese.035.002.xx ................................................... 130
SecuritiesFinancingModificationInstruction – sese.036.002.xx .................................. 132
PortfolioTransferNotification – sese.037.002.xx ......................................................... 133
SecuritiesSettlementTransactionModificationRequest – sese.038.002.xx ................... 138
SecuritiesSettlementTransactionModificationRequestStatusAdvice – sese.039.002.xx139
SecuritiesSettlementTransactionCounterpartyResponse – sese.040.002.xx ................ 140
Message Definition Report Part 1
Introduction
1.
1.1
Introduction
Terms and definitions
The following terms are reserved words defined in ISO 20022 Edition 2015 – Part1. When used in this
document, they will be in italic and follow the UpperCamelCase notation.
1.2
Term
Definition
BusinessRole
functional role played by a business participant in a particular
BusinessProcess or BusinessTransaction
Participant
involvement of a BusinessRole in a BusinessTransaction
BusinessProcess
unrealized definition of the business activities undertaken by BusinessRoles
within a BusinessArea whereby each BusinessProcess fulfills one type of
business activity and whereby a BusinessProcess may include and extend
other BusinessProcesses
BusinessTransaction
particular solution that meets the communication requirements and the
interaction requirements of a particular BusinessProcess and BusinessArea
MessageDefinition
formal description of the structure of a message instance
Glossary
Acronyms
Acronym
Definition
CA
Corporate Actions
CSD
Central Securities Depository
ICSD
International Central Securities Depository
SMPG
Securities Market Practice Group (www.smpg.info)
Abbreviations
Abbreviation
Definition
ACK
Acknowledgement
20 February 2015
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Settlement and Reconciliation November 2015
1.3
Document Scope and Objectives
This document is the first part of the SWIFT Message Definition Report (MDR) that describes the
BusinessTransactions and underlying message set. For the sake of completeness, the document may
also describe BusinessActivities that are not in the scope of the project.
This document describes the following:
•
The BusinessProcess scope (business processes addressed or impacted by the project)
•
The BusinessRoles involved in these BusinessProcesses
The main objectives of this document are as follows:
•
To explain what BusinessProcesses and BusinessActivities these MessageDefinitions have
addressed
•
To give a high level description of BusinessProcesses and the associated BusinessRoles
•
To document the BusinessTransactions and their Participants (sequence diagrams)
•
To list the MessageDefinitions
•
To provide business examples
1.4
References
Document
Version
ISO 20022 Business Justification – Securities settlement and
reconciliation
Date
Author
2007-09-19
SWIFT
ISO 20022 – Part 5: ISO 20022 reverse engineering, ISO/TS
20022-5:2004(E)
First
Edition
2004-12-15
ISO
ISO 15022 / 20022 Reverse Engineering - Settlement And
Reconciliation - Work Plan
1.0
2008-10-01
SWIFT
Specifications ID and References
2.1
2007-11-27
SWIFT
ISO 15022 SWIFT Securities Message Usage Guide
2013
SWIFT
ISO 15022 Category 5 UHB
2013
SWIFT
SETTLEMENT_COMMON_ELEMENTS
5.1
2014-01-31
SMPG
AUTO REGISTRATION REPORTING
4.1
2008-03-18
SMPG
BASIC SEC LENDBOR
1.7
2012-10-05
SMPG
BLOCK TRADES
5.3
2014-01-31
SMPG
BOOK TRANSFER
6.0
2012-07-17
SMPG
MT 535 - Balance Custody And Accounting Report
5.4
2014-05-26
SMPG
MT 536 – Securities Settlement Transaction Posting Report
5.8
2011-12-13
SMPG
MT 548-537
5.6
2007-04-26
SMPG
MT 578-586 – Settlement Allegment
6.0
2012-04-12
SMPG
PARTIAL_SETTLEMENT
4.3
2014-07-22
SMPG
PHYSICAL_SETTLEMENT
4.0
2012-04-02
SMPG
Page 6
Message Definition Report Part 1
Introduction
Document
Version
Date
Author
Receiving Delivering Depository_PSET_PSAF
5.4
2011-12-13
SMPG
HOLD_RELEASE (PREADVICE)
5.1
2012-10-09
SMPG
REPO
5.5
2010-03-01
SMPG
SELL-BUY_BUY-SELL BACK
5.0
2013-05-06
SMPG
FX order and confirmation
2.0
FX order and
confirmation
SMPG
PORTFOLIO TRANSFER CUST TO
CUSTCOMMUNICATION
3.4
2007-09-17
SMPG
Listed_Derivatives_Trade_notification_and_management_flow
3.3
2011-03-25
SMPG
Note
Customers can find the latest version of most of these documents on the following
links:
www.swift.com > Documentation > Standards > Standards MT November 2014
Note
www.smpg.info > Documents > Settlement and Reconciliation > Final Global
Documents
Note
www.iso20022.org > Development & maintenance > Status of Submissions.
20 February 2015
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Settlement and Reconciliation November 2015
2.
Scope and Functionality
2.1
Background
This Message Definition Report describes the latest version of a set of 33 MessageDefinitions subsets
directly derived from the equivalent ISO 20022 message definitions developed by SWIFT in close
collaboration with the ISO15022/ISO20022 community of users. Most of those ISO 20022 message
definitions were reversed engineered from ISO 15022 messages. The 33 message definitions subsets
are slightly more restrictive than their equivalent ISO 20022 message definitions.
These messages are specifically designed to support the Settlement and Reconciliation business
processes.
The ISO 15022 and ISO 20022 standards will coexist for a number of years and, until this coexistence
period ends, the usage of certain data types is restricted to ensure full interoperability between ISO
15022 and 20022 users. These restrictions, which are described by textual usage rules in the ISO 20022
message, have been made mandatory in the message subsets. This set of messages will be used by
intermediaries involved in the settlement and reconciliation processing chain such as the broker, the
investment manager, the global custodian, the stock exchange, the market infrastructure, etc.
Historical background
With harmonisation industry initiatives such as Giovannini (an EU harmonisation workgroup that was
conducted about 10 years ago which identified barriers in post trade services), there is an increasing
pressure on the securities industry to go from proprietary to ISO standards.
SWIFT was requested by its community to develop ISO 20022 messages equivalent to ISO 15022 to
allow ISO 'newcomers' to directly adopt ISO 20022. To limit the impact on existing ISO 15022 users, the
ISO 20022 messages were directly reversed engineered from ISO 15022 messages.
SWIFT made sure of the following:
•
To design the ISO 20022 messages with mapping to ISO 15022 in mind to ensure the same
levels of STP as today,
•
To limit the ISO 20022 functionality to the functionality available in ISO 15022 during the
coexistence period, that is, it would not be possible to do something with an ISO 20022 message
that cannot be done in its equivalent ISO 15022 messages and vice versa,
•
To synchronise the maintenance between the 2 standards in terms of timing, review process and
content,
•
To provide coexistence support, for example, the necessary mapping/translation documentation.
In addition to the above, SWIFT ensured that the right balance was kept between the need for close
reverse engineering from ISO 15022 and the need for leveraging the benefits and principles of ISO
20022 by the undertaking of the following tasks:
•
ensure that global market practices defined by the Securities Market Practice Group (SMPG)
were adhered to during the process,
•
solve ISO 15022 standards issues that were identified by the ISO 15022 Registration Authority
and the SMPG and that had been postponed awaiting ISO 20022 equivalent messages,
•
ensure that additional requirements identified by harmonisation initiatives such as Giovannini
were included, in both ISO 15022 and ISO 20022, unless agreed otherwise,
•
design the financial instruments identification and attributes based upon the Financial Instrument
Business Information Model (FIBIM) as defined by ISO TC 68 SC 4 WG 11.
•
Please see the ISO website
http://www.iso.org/iso/standards_development/technical_committees/list_of_iso_technical_comm
ittees/iso_technical_committee.htm?commid=49690
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Message Definition Report Part 1
Scope and Functionality
2.2
Scope
The scope of the project is the reverse engineering of ISO 15022 Settlement & Reconciliation messages
(MT 508, 524, 530, 535-8, 540-9, 578, 586) in order to develop equivalent ISO 20022 compliant
BusinessTransactions and message set.
As presented in the ISO 20022 Business Justification, the scope covers the below communication flows.
These flows and the processes leading to these flows are detailed in the following chapters.
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Settlement and Reconciliation November 2015
2.3
Groups of MessageDefinitions and Functionality
2.3.1 Groups
Instruction
SecuritiesSettlementTransactionInstruction002
sese.023.002.xx
SecuritiesFinancingInstruction002
sese.033.002.xx
IntraPositionMovementInstruction002
semt.013.002.xx
SecuritiesSettlementConditionsModificationRequest002
sese.030.002.xx
SecuritiesFinancingModificationInstruction002
sese.036.002.xx
Cancellation Request
SecuritiesTransactionCancellationRequest002
sese.020.002.xx
Status Reporting
SecuritiesStatementQuery002
semt.021.002.xx
SecuritiesTransactionStatusQuery002
sese.021.002.xx
SecuritiesStatusOrStatementQueryStatusAdvice002
sese.022.002.xx
SecuritiesSettlementTransactionStatusAdvice002
sese.024.002.xx
SecuritiesSettlementConditionModificationStatusAdvice002
sese.031.002.xx
SecuritiesTransactionCancellationRequestStatusAdvice002
sese.027.002.xx
SecuritiesFinancingStatusAdvice002
sese.034.002.xx
IntraPositionMovementStatusAdvice002
semt.014.002.xx
SecuritiesSettlementTransactionGenerationNotification002
sese.032.002.xx
Confirmation
SecuritiesSettlementTransactionConfirmation002V05
sese.025.002.xx
SecuritiesFinancingConfirmation002V05
sese.035.002.xx
IntraPositionMovementConfirmation002V04
semt.015.002.xx
Reversal
SecuritiesSettlementTransactionReversalAdvice002V04
sese.026.002.xx
Removal
SecuritiesSettlementAllegementRemovalAdvice002V03
Page 10
sese.029.002.xx
Message Definition Report Part 1
Scope and Functionality
Reconciliation
SecuritiesStatementQuery002V04
semt.021.002.xx
SecuritiesTransactionStatusQuery002V03
sese.021.002.xx
SecuritiesBalanceCustody Report002V07
semt.002.002.xx
SecuritiesBalanceAccountingReport002V07
semt.003.002.xx
SecuritiesTransactionPostingReport002V05
semt.017.002.xx
SecuritiesTransactionPendingReport002V05
semt.018.002.xx
IntraPositionMovementPostingReport002V04
semt.016.002.xx
SecuritiesSettlementTransactionAllegementReport002V04
semt.019.002.xx
SecuritiesSettlementTransactionAuditTrailReport002V01
semt.022.002.xx
Allegement
SecuritiesSettlementTransactionAllegementNotification002V04
sese.028.002.xx
PortfolioTransferNotification002V03
sese.037.002.xx
SecuritiesSettlementTransactionCounterpartyResponse002V01
sese.040.002.xx
Modification
SecuritiesSettlementTransactionModificationRequest002V03
sese.038.002.xx
SecuritiesSettlementTransactionModificationRequestStatusAdvice002V02
sese.039.002.xx
SecuritiesSettlementTransactionCounterpartyResponse002V01
sese.040.002.xx
Cancellation Advice
SecuritiesMessageCancellationAdvice002V04
semt.020.002.xx
Note: Some messages are part of more than one group since they can be used in the context of more
than one business process.
2.3.2 Functionality
See Message Definition Report Part 2 for the scopes of the messages.
20 February 2015
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Settlement and Reconciliation November 2015
3.
BusinessRoles and Participants
A BusinessRole represents an entity (or a class of entities) of the real world, physical or legal, a person,
a group of persons, a corporation. Examples of BusinessRoles: “Financial Institution”, “ACH”, “CSD”.
A Participant is a functional role performed by a BusinessRole in a particular BusinessProcess or
BusinessTransaction: for example the “user” of a system, “debtor”, “creditor”, “investor” etc.
The relationship between BusinessRoles and Participants is many-to-many. One BusinessRole (that is, a
person) can be involved as different Participants at different moments in time or at the same time: "user",
"debtor”, "creditor", "investor", etc. Different BusinessRoles can be involved as the same Participant.
In the context of Settlement and Reconciliation, the high-level BusinessRoles and typical Participants can
be represented as follows.
Participants and BusinessRoles definitions
Description
Definition
Participants
Instructing Party
Party that instructs the executing/servicing party to process and monitor
a transaction. The party must own the account or have a power of
attorney on the account.
Executing/Servicing Party
Party that processes, monitors and reports on transactions received
from an instructing party.
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Message Definition Report Part 1
BusinessRoles and Participants
Participants and BusinessRoles definitions
Description
Definition
BusinessRoles
Global Settlement Agent
The party that holds another party's inventory of financial instruments,
and effects or receives deliveries versus payment, or free of payment.
Deliveries, receipts, and payments may be affected within the facilities
of the global settlement agent, or within the facilities of a local
settlement agent, and directed by the global settlement agent. A global
settlement agent may be a custodian and/or a clearing broker.
Local Settlement Agent
The party that holds a portion of another party's inventory of financial
instruments within a location or market, effects or receives local
deliveries versus payment, or free of payment, as directed by the global
settlement agent. A local settlement agent may be a local custodian
and/or a local clearing broker.
Sell Side Party
A broker that sells its services (for example, research, analysis and
recommendation), to buy-side parties.
Buy Side Party
An individual or institution, that purchases or sells financial instruments,
for its own account, or on behalf of an investor.
Central Counterparty
An infrastructure that is very often a component of a clearinghouse, and
facilitates clearing and settlement for its members by standing between
the buyer and the seller of a trade. It may net transactions, and
substitutes itself as settlement counterparty to each position.
Stock Exchange
A market in which securities, commodities, options or futures are
traded.
Confirmation Party
An infrastructure that issues trade confirmations, receives trade
affirmations, matches allocations to confirmations and confirmations to
instructions, and generates standing or special instructions to create
settlement instructions.
Central Securities
Depositories
An infrastructure that, holds or controls, the holding of physical or
dematerialised financial instruments belonging to all, or a large portion
of, the investors in a securities market. This affects the centralised
transfer of ownership of such securities by entries on its books and
records.
Settlement Infrastructure
The party that provides services to its members for the settlement of
transactions and holding of assets (e.g., T2S).
BusinessRoles/Participants Matrix Table
Participants
Instructing Party
Executing/Servicing Party
Global Settlement Agent
x
x
Local Settlement Agent
x
x
Sell Side Party
x
Buy Side Party
x
Central Counterparty
x
Stock Exchange
x
BusinessRoles
20 February 2015
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Settlement and Reconciliation November 2015
Confirmation Party
x
Central Securities Depositories
x
Settlement Infrastructure
Page 14
x
x
Message Definition Report Part 1
BusinessProcess Description
4.
BusinessProcess Description
4.1
BusinessProcess Diagram
This diagram pictures the high level BusinessProcesses covered by this project. The aim of the below is
to describe the high-level scope of the project, not to be exhaustive.
Settlement &
Reconciliation
Instruction
Reconciliation
Reversal
Modification
Cancellation
request
Confirmation
Removal
Status reporting
Allegement
Cancellation
advice
Instruction:





Definition: the process of instructing the settlement, booking, movement of securities (a settlement
1
transaction). This process includes all non-CA transactions having an impact on a safekeeping
account aggregate or sub-balance: intra-position movement, plain vanilla settlement instructions,
account transfers, securities financing settlement, physical deliveries, etc.
Trigger: the process is triggered by an external process, such as an exchange or OTC trade, a
realignment process, a Repo trade, a portfolio transfer, etc.
Pre-conditions: none.
Post-conditions: the acknowledgement of the acceptance of the instruction.
Role: instructing party.
Modification:





Definition: the process of modifying an open transaction to change a processing attribute of the
transaction or amend an incorrect transaction data.
Trigger: depending on market practices or SLA, the process is triggered by a status report leading to
the need to modify, or by an external process.
Pre-conditions: a settlement transaction must be in place. It must be possible to modify.
Post-conditions: the acknowledgement of the processing of the modification request.
Role: instructing party.
Cancellation request:
1
Corporate Action
20 February 2015
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Settlement and Reconciliation November 2015





Definition: the process of requesting the cancellation of an open transaction.
Trigger: the process is triggered by the need to cancel outright an open transaction, or as the first
step of the modification process in markets where amending transaction data is not allowed.
Pre-conditions: an open transaction must be in place. It must be possible to cancel.
Post-conditions: the acknowledgement of the processing of the cancellation request.
Role: instructing party.
Status reporting:





Definition: the process of providing or relaying the status of a transaction during the various phases
of its lifecycle.
Trigger: the process is triggered by the execution of the various steps of the lifecycle of a transaction
on the market. This lifecycle may differ from transactions to transactions.
Pre-conditions: an open transaction must be in place.
Post-conditions: the transaction is closed.
Role: executing/servicing party.
Confirmation:





Definition: the process of informing about the end of the lifecycle of a transaction following the
account movement that it has triggered.
Trigger: the process is triggered by the execution of the last step of the lifecycle of a transaction on
the market and the corresponding movement in the impacted safekeeping account (aggregate
balance or sub-balance).
Pre-conditions: a settled transaction must be in place. It must be ready for confirmation.
Post-conditions: none
Role: executing/servicing party.
Reversal:





Definition: the process of reversing a confirmed transaction, that is, to put it back to an open status.
Trigger: the process is triggered by the need to reverse a transaction that should not have been
confirmed or for which the receiving party has returned the shares.
Pre-conditions: The transaction must have been confirmed. Reversal must be possible.
Post-conditions: The underlying settlement instruction will still be in the settlement process. The
account owner will receive statuses and confirmation advices.
Role: executing/servicing party.
Allegement:





Definition: the process of informing an instructing party about a counterparty pending transaction for
which no instruction has been received.
Trigger: the process is triggered by the identification of a pending counterparty transaction and the
identification of the party that should initiate an instruction processing to match the pending
counterparty transaction.
Pre-conditions: an open counterparty transaction must be in place.
Post-conditions: the instructing party has instructed a matching transaction or a counterparty
cancelled its transaction.
Role: executing/servicing party.
Removal:





Definition: the process of removing an allegement that is no longer pending following the sending of
a matching instruction by the alleged party.
Trigger: the process is triggered by the processing of a matching instruction
Pre-conditions: an allegement must have been sent.
Post-conditions: none
Role: executing/servicing party
Cancellation advice:



Definition: the process of advising about the cancellation of an executing/servicing party
communication.
Trigger: the process is triggered by a previous communication being identified as inaccurate or void.
Pre-conditions: a previous communication must have taken place.
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Message Definition Report Part 1
BusinessProcess Description


Post-conditions: none
Role: executing/servicing party.
Reconciliation:





Definition: the process of enabling the reconciliation of holdings (accounting and custody), of
(pending) transactions, of allegements... through the providing of the neces