Settlement Instructions
Scott Atwell
15 Sep 1997 7:55PM ETIn a future version of the FIX protocol (I realize it's probably too late to make FIX 4.0), we would like to propose adding the following to the Allocation Ack message or creating a Settlement Instructions message. These fields would help us bridge the gap in data between the information we as an Institution transmit/receive via FIX with our Brokers and the information we need to support the portfolio accounting on the back-end (i.e. transmitted via ISITC to/from our custodian banks) for worldwide equities.
Please add any thoughts you might have and/or additions/revisions which should be made.
Field Type Req
Description
------------------------- ---- ---
SettlBrkrCode char N
BIC (Bank Information Code--Swift managed) code of
the broker involved (i.e. for multi-company
brokerage firms)
SettlDeliveryType char N
Identifies type of settlement
DVP = Deliver vs. (Against) Payment (Sell)
RVP = Receive vs. (Against) Payment (Buy)
DF = Deliver Free (Sell)
RF = Receive Free (Buy)
SettlLocation char N
Identifies Settlement Depository or Country Code (ISITC spec)
CED = CEDEL
DTC = DEPOSITORY TRUST COMPANY
EUR = EUROCLEAR
FED = FEDERAL BOOK ENTRY
PHY = PHYSICAL
PTC = PARTICIPANT TRUST COMPANY
ISO COUNTRY CODE = LOCAL MARKET SETTLEMENT LOC
SettlDepositoryCode char N
Brokers account code at the depository (i.e. CEDEL Id
for CEDEL, FINS for DTC, or Euroclear Id for Euroclear)
if SettlLocation is a depository
SettlBrkrBankName char N
Name of broker's local agent bank if SettlLocation is
not a depository
SettlBrkrBankCode char N
BIC (Bank Information Code--Swift managed) code of
the broker's local agent bank if SettlLocation
is not a depository
SettlBrkrBankAcctNum char N
Broker's account number at local agent bank if
SettlLocation is not a depository
SettlBrkrBankAcctName char N
Name of broker's account at local agent bank if
SettlLocation is not a depository
SettlBrkrBankContactName char N
Name of contact at local agent bank for broker's acct
if SettlLocation is not a depository
SettlBrkrBankContactPhone char N
Phone number for contact at local agent bank if
SettlLocation is not a depository
SettlCashBankName char N
Name of broker's local agent bank if settling in a
different currency (SettlDeliveryType=RF or DF)
SettlCashBankCode char N
BIC (Bank Information Code--Swift managed) code of
the broker's local agent bank if settling in a
different currency (SettlDeliveryType=RF or DF)
SettlCashBankAcctNum char N
Broker's account number at local agent bank
if settling in a different currency
(SettlDeliveryType=RF or DF)
SettlCashBankAcctName char N
Name of broker's account at local agent bank
if settling in a different currency
(SettlDeliveryType=RF or DF)
SettlCashBankContactName char N
Name of contact at local agent bank for broker's acct
if settling in a different currency
(SettlDeliveryType=RF or DF)
SettlCashBankContactPhone char N
Phone number for contact at local agent bank
if settling in a different currency
(SettlDeliveryType=RF or DF)
The first field: SettlBrkrCode would be necessary to differentiate between trades booked against Broker X--New York, Broker X--Hong Kong, Broker X--Seoul Korea when information is communicated to the institution via a single FIX session to Broker X.
The second field: SettlDeliveryType identifies whether or not the SettlCashXXXX fields are applicable.
If settlement is being performed at a depository, two additional fields would be used: SettlLocation and SettlDepositoryCode.
If settlement is being performed at a country vs. depository and in the same currency, all of the fields except the
SettlDepositoryCode and SettlCashXXXXXX would be used.
If settlement is being performed at a country vs. depository and in a different currency, all fields except the SettlDepositoryCode would be used.
