10 About SWIFT
Category 3 Treasury Markets - Foreign Exchange, Money Markets and Derivatives
MT MT Name Purpose
300 Foreign Exchange Confirmation Confirms information agreed to in the buying/selling of two currencies 303 Forex/Currency Option Allocation Instructs the allocation of a block
Instruction trade (forex or currency option)
304 Advice/Instruction of a Third Party Advises of or instructs settlement of a
Deal third party foreign exchange deal
305 Foreign Currency Option Confirms information agreed to in the Confirmation buying and selling of vanilla options
on currencies
306 Foreign Currency Option Confirms information agreed to in the
Confirmation buying and selling of exotic options
on currencies
307 Advice/Instruction of a Third Advises of or instructs settlement of a
Party FX Deal third party foreign exchange deal
320 Fixed Loan/Deposit Confirmation Confirms the terms of a contract relative to a fixed loan/deposit transaction 321 Instruction to Settle a Third Party Advises the trade details and instructs the
Loan/Deposit the settlement of a fixed term loan/
deposit done with a third party financial institution
330 Call/Notice Confirms the terms of a contract relative to
Loan/Deposit Confirmation to a call/notice loan/deposit transaction 340 Forward Rate Agreement Confirms the details of a forward rate agreement
Confirmation
341 Forward Rate Agreement Confirms the settlement details of a forward Settlement Confirmation rate agreement
350 Advice of Loan/Deposit Advises of a loan/deposit interest payment Interest Payment
360 Single Currency Interest Rate Confirms the details of a single currency Derivative Confirmation interest rate derivative swap, cap, collar
or floor
361 Cross Currency Interest Rate Confirms the details of a cross currency Swap Confirmation interest rate swap transaction
362 Interest Rate Reset/Advice Confirms or advises the reset rates of the floating of Payment interest rate(s) in a single or cross-currency
interest rate derivative transaction and/or the payment of interest at the end of an interest period
MT MT Name Purpose
364 Single Currency Interest Rate Confirms the details of the partial or Derivative Termination/ full termination or recouponing of Recouponing Confirmation a single currency interest rate
swap, cap, collar or floor 365 Cross Currency Interest Rate Confirms the details of the partial or
Swap Termination/ full termination or recouponing of Recouponing Confirmation a cross currency interest rate swap 380 Foreign Exchange Order Orders to purchase or sell a specific
amount of a certain currency 381 Foreign Exchange Order Confirms the execution of an FX Order
Confirmation previously sent
Category 3 - Post-trade/Pre-settlement: Foreign Exchange
MT 300 Foreign Exchange Confirmation- This message is exchanged by or on behalf of the institutions who have agreed to a foreign exchange contract. This message may also be sent by a money broker to the two parties for which the broker arranged the deal.
The message is also used when confirming deals settling through CLS.
MT 303 Forex / Currency Option Allocation Instruction- This message is sent by an instructing party (e.g. IM) to an executing broker to instruct the allocation of either a block foreign exchange trade or a block currency option.
The MT 303 contains both the terms of the block trade and the individual allocations.
The executing party will reply by sending separate MT 300 Foreign Exchange Confirmations confirming each individual allocation.
Confirm details of a new contract
Confirm an exercised foreign currency option Confirm an amendment to a previously sent confirmation
Cancel a previously sent confirmation Investment
Manager or CLS
Broker / Dealer or CLS
Instruct the allocation of a deal Cancel / amend block trade and set of allocations
Amend a number of individual allocations Investment
Manager
Broker / Dealer
MT 304 Advice / Instruction of a Third Party Deal- This message is sent by an IM to a custodian bank as an advice of / instruction to settle a third party foreign exchange deal.
It is also used for deals settling through CLS.
MT 307 Advice / Instruction of a Third Party FX Deal- This message is sent by an IM to a custodian bank as an advice of / instruction to settle a third party foreign exchange deal. It is a newer, ISO 15022 version of the MT 304 message.
MT 380 Foreign Exchange Order- This message type is sent by an IM to a custodian bank as an order to purchase or sell a specific amount of a certain currency.
Advice / instruction to settle third party FX deal
Amend a previously sent advice / instruction Cancel a previously sent advice / instruction Investment
Manager
Custodian or CLS
Order to buy / sell specific amount of foreign currency
Copy an order sent by other means ( e.g. fax ) Investment
Manager
Custodian Advice of details of a new deal
Instruction to settle a deal Cancel a previously sent advice / instruction Investment
Manager
Custodian
Confirm execution of foreign exchange order
Cancel a previously sent confirmation Copy an order sent by other means ( e.g. fax ) Investment
Manager
Custodian
Confirm / notify details of a contract Amend a previously agreed contract Cancel a previously sent confirmation
Confirm / notify a rolled over / renewed contract Confirm / notify the maturity of a contract Investment
Manager
Broker / Dealer
Notify / instruct to settle a new contract Notify of a rollover / renovation of a contract
Notify the maturity of a contract
Cancel a previously sent instruction Investment
Manager
Custodian MT 381 Foreign Exchange Order Confirmation- This message type is sent by a custodian bank to an IM to confirm the execution of a FX Order previously sent by the fund manager.
Category 3 - Post-trade/Pre-settlement: Money markets
MT 320 Fixed Loan / Deposit Confirmation- This message is exchanged to confirm a fixed term loan / deposit contract. This message is exchanged by or on behalf of the institutions who have agreed to a fixed term loan / deposit contract. A money broker may also send this message to the two parties for which he arranged the deal. It is typically followed by the MT 321 message (see below).
MT 321 Instruction to Settle a Third Party Loan / Deposit- This message is sent by an IM to the fund’s custodian to advise the trade details and instruct the settlement of a fixed term loan / deposit done with a third party financial institution. It typically follows the MT 320 message (see above).
Confirm / notify details of a contract Amend / cancel a previously agreed contract Increase / decrease in account balnace of a contract
Notify changes in interest rate / period of notice Notify the closing of a contract (final redemption) Investment
Manager
Broker / Dealer
Notification of interest payment
Amend a previously sent advice Cancel a previously sent advice Investment
Manager
Broker / Dealer
Instruct the allocation of a deal Cancel / amend block trade and set of allocations
Amend a number of individual allocations Investment
Manager
Broker / Dealer MT 330 Call / Notice Loan / Deposit Confirmation- This message is exchanged to confirm a call / notice loan / deposit contract. It is sent by or on behalf of the institutions that have agreed to a call / notice loan / deposit contract.
MT 350 Advice of Loan / Deposit Interest Payment- It is used to inform that an interest amount has been paid to the account of the beneficiary with the receiving agent mentioned in the message. It is sent by or on behalf of the institution who has borrowed cash from another institution.
Category 3 - Post-trade/Pre-settlement: OTC Derivatives
MT 303 Forex / Currency Option Allocation Instruction- This message is sent by an instructing party (e.g. IM) to an executing broker to instruct the allocation of either a block foreign exchange trade or a block currency option.
The MT 303 contains both the terms of the block trade and the individual allocations.
The executing party will reply by sending separate MT 300 Foreign Exchange Confirmations confirming each individual allocation.
Confirm details of a new contract
Surrender of an option for compensation Confirm an amendment to a previously sent confirmation
Cancel a previously sent confirmation Investment
Manager
Broker / Dealer
Confirm / notify details of a contract
Amend a previously agreed contract Cancel a previously sent confirmation Trigger event: knock-in, knock-out, hitting trigger level
Close out an option Investment
Manager
Broker / Dealer MT 305 Foreign Currency Option Confirmation- This message type is exchanged between the financial institutions that have agreed to a foreign currency option contract.
It is used to confirm the details of:
a new contract between the parties
an amendment to a previously agreed contract the cancellation of a confirmation
the surrender of an option by the buyer (holder) to the seller (grantor) for compensation.
MT 306 Foreign Currency Option Confirmation- This message is exchanged to confirm a foreign currency option contract. The confirmed transaction is covered by an ICOM (International Currency Option Master from the British Bankers’ Association), ISDA (International Swaps and Derivatives Association), Deutsche Rahmenvertrag, IFEMA, FEOMA or AFB (Association Française de Banques) Master Agreement. These agreements are either signed or under negotiation. The message also caters for deals that are not covered by the above agreements.
The message is used to confirm / notify the details of:
a new contract between the parties,
an amendment to a previously agreed contract, the cancellation of a confirmation,
a trigger event: knock-in / knock-out of an option, hitting of a trigger level, the close out of an option.
This message is exchanged by or on behalf of the institutions who have agreed to a foreign currency option contract. A money broker may also send this message to the two parties for which he arranged the deal.
Confirm / notify details of a new contract Amend a previously agreed contract Cancel a previously sent confirmation Investment
Manager
Broker / Dealer
Confirm settlement details of a new contract Amend a previously agreed settlement message
Cancel a previously sent settlement message Investment
Manager
Broker / Dealer MT 340 Forward Rate Agreement Confirmation- This message is exchanged by or on behalf of the institutions or corporates, who have agreed to a forward rate agreement (FRA).
The confirmed transaction is covered by an ISDA, Deutscher Rahmenvertrag für Finanztermingeschäfte, FRABBA (British Bankers’ Association) or AFB Master Agreement. These agreements are either signed or under negotiation. A money broker may also send this message to the two parties for which he arranged the deal.
The message is used to confirm / notify the details of:
a new contract between the parties
an amendment to a previously agreed contract the cancellation of a confirmation.
MT 341 Forward Rate Agreement Settlement Confirmation- This message is exchanged by or on behalf of the institutions that have agreed to a forward rate agreement (FRA).
It is used to confirm the settlement details of the forward rate agreement when the settlement rate has been fixed on the fixing date.
MT 360 Single Currency Interest Rate Derivative Confirmation- This message is exchanged by or on behalf of the institutions, which have agreed to a single currency interest rate swap, a cap, a collar or a floor. The confirmed transaction is covered by a BBAIRS (British Bankers’ Association Interest Rate Swap), ISDA, Deutscher
Rahmenvertrag für Finanztermingeschäfte or AFB Master Agreement.
The message also covers deals which are not part of the above agreements, in which case, the two parties must have another bilateral agreement in place. It may also be sent by a money broker to the two parties for which the broker arranged the deal.
The MT 360 is used to confirm the details of a new transaction between the parties.
Confirm details of a new transaction
Amend a previously sent confirmation Cancel a previously sent confirmation Investment
Manager
Broker / Dealer
Confirm details of a new transaction Amend a previously sent confirmation Cancel a previously sent confirmation Investment
Manager
Broker / Dealer
Advise details of the determination of floating rate interest Advise details of payment of interest at end of interest period
Cancel / amend a previously sent reset / advice Investment
Manager
Broker / Dealer MT 361 Cross Currency Interest Rate Swap Confirmation- This message is exchanged by or on behalf of the institutions who have agreed to a cross currency interest rate swap covered by a BBAIRS, Deutscher Rahmenvertrag für
Finanztermingeschäfte or an ISDA Master Agreement.
The message also covers deals which are not part of the above agreements, in which case, the two parties must have another bilateral agreement in place, except under AFB Master (until the AFB does define the interbank confirmation for cross currency swaps, the MT 361 cannot be used to confirm such transactions).
This message may also be sent by a money broker to the two parties for which the broker arranged the deal. The message is used to confirm the details of a new transaction between the parties.
MT 362 Interest Rate Reset / Advice of Payment- This message is exchanged by or on behalf of the financial institutions, who have agreed to a single or cross currency interest rate derivative transaction, including caps, collars and floors.
This message may be used to:
advise the details of the determination of the floating interest rate(s) advise the details of the payment of interest at the end of an interest period
Confirm details of partial / full termination of transaction Confirm details of recouponing of transaction
Cancel / amend a previously sent termination / recouponing Investment
Manager
Broker / Dealer
Confirm details of partial / full termination of transaction Confirm details of recouponing of transaction
Cancel / amend a previously sent termination / recouponing Investment
Manager
Broker / Dealer MT 364 Single Currency Interest Rate Derivative Termination / Recouponing Confirmation- This message is exchanged by or on behalf of the institutions who have agreed to the termination, partial termination or recouponing of a single currency interest rate swap, a cap, a collar or a floor. The terminated / recouponed transaction is covered by a BBAIRS, ISDA or AFB or another bilateral agreement.
This message may be used to:
confirm the details of the partial or full termination of an existing transaction confirm the details of the recouponing of an existing transaction
MT 365 Cross Currency Interest Rate Swap Termination / Recouponing
Confirmation- This message is exchanged by or on behalf of the institutions who have agreed to the termination, partial termination or recouponing of a cross currency interest rate swap.
The terminated / recouponed transaction is covered by a BBAIRS, ISDA or another bilateral agreement. The message may be used to:
confirm the details of the partial or full termination of an existing transaction confirm the details of the recouponing of an existing transaction