Offshore CNY Guidelines

Transcription

1 Offshre CNY Guidelines 14 February 2012 Versin 1.1 Offshre CNY guidelines v 1.1, February 14, 2012 Page 1

2 Legal Ntices Disclaimer The infrmatin in this publicatin may change frm time t time. Yu must always refer t the latest available versin infrmatin available. Translatins The English versin f this dcumentatin is the nly fficial and binding versin. Trademarks SWIFT is the trade name f S.W.I.F.T. SCRL. The fllwing are registered trademarks f SWIFT: SWIFT, the SWIFT lg, the Standards Frum lg, 3SKey, Inntribe, Sibs, SWIFTNet, SWIFTReady, and Accrd. Other prduct, service, r cmpany names in this publicatin are trade names, trademarks, r registered trademarks f their respective wners. Offshre CNY guidelines v 1.1, February 14, 2012 Page 2

3 Dcument Cntrl Revisin Recrd Versin Date Authr Remarks 1 13/02/2012 Offshre CNY Wrking Grup /02/2012 Offshre CNY Wrking Grup ISDA requested clarificatin t sectin 3.2. The dcument published by ISDA is called the ISDA Additinal Disruptin Event Prvisins. In additin the use f side letter is limited t the backgrund infrmatin. Offshre CNY guidelines v 1.1, February 14, 2012 Page 3

4 Offshre CNY Wrking Grup Guidelines fr SWIFT FIN and ISO messages Versin 1.0 Status Final Preparatin 13 February 2012 Authr Offshre CNY Wrking Grup Nte: Relevant regulatins and legislatin take precedence ver the guidance issued by this Wrking Grup. These Guidelines represent the industry s best endeavr t assist peers in the interpretatin and implementatin f Offshre CNY guidelines fr SWIFT FIN and ISO messages. The Offshre CNY Wrking Grup - r any f its Members - cannt be held liable fr any errr in these Guidelines. Cntributing Institutins ANZ Bank Asia Securities Industry & Financial Markets Assciatin (ASIFMA) (Observer) Bank f America Merrill Lynch Bank f China (Hng Kng) Limited The Bank f East Asia Limited BNP Paribas Citibank, N.A. CLS Credit Suisse DBS Bank Ltd. Deutsche Bank AG Eurclear Bank Hng Kng Investment Funds Assciatin (HKIFA) (Observer) The Hngkng and Shanghai Banking Crpratin Limited Invesc Hng Kng Limited ISDA (Observer) Janus Capital Asia Limited JP Mrgan Chase Bank, N.A. JP Mrgan Asset Management Limited Macquarie Capital Securities Limited Natinal Australia Bank Limited Nmura Asset Management Hng Kng Limited Ryal Bank f Sctland plc Standard Chartered Bank State Street Bank and Trust Cmpany The Bank f New Yrk Melln UBS Glbal Asset Management (Hng Kng) Ltd. Wing Hang Bank Wing Lung Bank SWIFT Offshre CNY guidelines v 1.1, February 14, 2012 Page 4

5 Table f Cntents Offshre CNY Wrking Grup Intrductin Purpse f this dcument Guidelines t present ffshre CNY transactins Payments MT 101 Request fr Transfer MT Single Custmer Credit Transfer MT General Financial Institutin Transfer MT Ntice t Receive FX, MM, & Derivatives MT Freign Exchange Cnfirmatin MT Advice/Instructin f a Third-Party Deal MT Freign Currency Optin Cnfirmatin MT 306 (extic ptins) - Freign Currency Optin Cnfirmatin MT Fixed Lan/Depsit Cnfirmatin MT Instructin t Settle a Third-Party Lan/Depsit MT Call/Ntice Lan/Depsit Cnfirmatin MT 340 Frward Rate Agreement Cnfirmatin MT 341 Frward Rate Agreement Settlement Cnfirmatin MT 360 Single Currency Interest Rate Derivative Cnfirmatin MT 361 Crss Currency Interest Rate Swap Cnfirmatin MT Freign Exchange Order MT Freign Exchange Order Cnfirmatin Securities MT Client Advice Of Executin MT Trade Allcatin Instructin MT Client Cnfirmatin f Purchase r Sale MT Deliver Against Payment MT Deliver Against Payment Cnfirmatin MT Crprate Actin Ntificatin MT Crprate Actin Instructin MT Crprate Actin Cnfirmatin Standing Settlement Instructin MT Standing Settlement Instructin Update Ntificatin Request MT Standing Settlement Instructin Update Ntificatin Cash Reprting MT Cnfirmatin f Debit MT Cnfirmatin f Credit MT Custmer Statement Message MT Interim Transactin Reprt MT Statement Message Offshre CNY guidelines v 1.1, February 14, 2012 Page 5

6 1 Intrductin Backgrund During the initial prcess f internatinalisatin f the Chinese currency (CNY), an ffshre clearing market was created. There is limited cnvertibility between ffshre CNY and nshre CNY, with regulatry reprting requirements guiding the prcess. Althugh nt an fficial ISO currency cde, CNH was created by the frnt ffice fr dealers t indicate FX trades in ffshre RMB because it has a different spt rate and yield curves frm nshre CNY. This generated requests by financial institutins t supprt the use f CNH as a currency cde in SWIFT messages. SWIFT messages use nly the ISO 4217 currency cdes. Industry stakehlders apprached SWIFT in early 2011 with their cncerns abut the lack f straight-thrugh-prcessing (STP) fr Offshre CNY prducts. Cunterparties were prcessing these Offshre CNY prducts in a manual (nn-stp) manner s market participants fresaw the pssible need t reengineer business prcesses, invest in infrmatin technlgy system upgrades and hire staff t scale fr the increased manual prcessing. SWIFT s invlvement was therefre requested t help industry participants define guidelines s that market participants culd make use f the SWIFT MT and ISO messages t help facilitate the STP prcessing f ffshre RMB prducts. At a meeting cnvened by SWIFT n 1 April 2011 with 68 industry participants acrss 24 rganisatins, participants agreed t establish three market grups t prpse recmmendatins fr straight-thrugh-prcessing fr the ffshre CNY market: Cash & Trade: addressing the issues specifically fr trade finance, cash management and payment flw; FX, MM, derivatives: addressing the issues fr freign exchange, mney market and OTC derivatives flws; and Securities: addressing the issues frm the glbal custdians, lcal custdian, brker dealers and fund accuntants. The grups evaluated several slutins and decided n an available practical apprach f prpsed guidelines fr bth SWIFT MT and ISO messages. The three grups met several times during the May t June 2011 t agree cnsensus n these guidelines. Hereafter, fr the purpses f this dcument, we will refer t these grups in their entirety as the Offshre CNY Wrking Grup (OCWG). Objective The bjective f Offshre CNY Wrking Grup is t agree guidelines n the use f SWIFT MT and ISO messages t enhance straight-thrugh-prcessing (STP) rates fr Offshre RMB transactins. Offshre CNY guidelines v 1.1, February 14, 2012 Page 6

7 2 Purpse f this dcument Summary f guidelines This dcument prvides guiding principles t help increase STP rates between cunterparties by clearly identifying nshre versus ffshre CNY transactins in SWIFT MT and ISO messages with the use f structured cdes. The intentin is t create a baseline t wrk twards in electrnic cunterparty cmmunicatin. T facilitate the prcessing f the underlying transactins, cunterparties will make a decisin n whether t pt in t these published recmmendatins. In all cases, it is suggested that the structured cde appears as the last piece f infrmatin in the recmmended field f the MT and ISO messages. This will help Infrmatin Technlgy prfessinals apply prgramming lgic with a gal f systematic autmatin. OCWG agreed n a cmmn structured cde fr all impacted messages. The ISO currency cde in the MT and ISO messages that will be used fr all ffshre CNY transactins will be CNY. CNY will be validated as the currency cde in all impacted messages. The cnsistent structured cde suggested by the three wrking grup is /PSET/ fllwed by the tw characters ISO cuntry cde embedded by /. Fr example, /PSET/HK/ wuld indicate that the place f settlement is Hng Kng. Therefre, by adding /PSET/<cuntry cde>/ this wuld indicate the place f settlement fr CNY is utside China and therefre an ffshre CNY transactin. Fr the Cash & Trade Grup, the structured cde adds infrmatin indicating whether the payment is trade r nn-trade Settlement related 1. Fr the FX, MM and Derivatives Grup, there is additinal infrmatin t the structured cde that indicates the settlement mechanism f payment versus payment in the Hng Kng RTGS and a structured cde t turn n an ISDA disruptin event agreement. Fr the Investr Grup, the securities pst-trade, settlement instructin, settlement instructin cnfirmatin message frmats all supprt the mandatry r ptinal use f the place f settlement (PSET) that will identify the transactin as ffshre CNY. The grup did sme additinal wrk n the securities messages and prvides input int the Cash & Trade and FX, MM and Derivatives grups guidelines. Messages that are impacted are as fllws: Payments MT 101 MT 103 MT 202 MT 210 Treasury MT 300 MT 304 MT 305 MT 306 MT 320 MT 321 MT 330 MT 340 MT 341 MT 360 MT 361 MT 380 MT 381 Securities MT 513 MT 514 MT 515 Request fr Transfer Single Custmer Credit Transfer General Financial Institutin Transfer Ntice t Receive Freign Exchange Cnfirmatin Advice/Instructin f a Third-Party Deal Freign Currency Optin Cnfirmatin Freign Currency Optin Cnfirmatin (fr extic ptins) Fixed Lan/Depsit Cnfirmatin Instructin t Settle a Third-Party Lan/Depsit Call/Ntice Lan/Depsit Cnfirmatin Single Currency Interest Rate Derivative Cnfirmatin Crss Currency Interest Rate Swap Cnfirmatin Single Currency Interest Rate Derivative Cnfirmatin Crss Currency Interest Rate Swap Cnfirmatin Freign Exchange Order Freign Exchange Order Cnfirmatin Client Advice Of Executin Trade Allcatin Instructin Client Cnfirmatin f Purchase r Sale 1 Please refer t Hng Kng Mnetary Authrity s webpage ( fr the classificatin n Trade r nn-trade Settlement related payments. Offshre CNY guidelines v 1.1, February 14, 2012 Page 7

8 MT 540 Receive Free MT 541 Receive Against Payment MT 542 Deliver Free MT 543 Deliver Against Payment MT 544 Receive Free Cnfirmatin MT 545 Receive Against Payment Cnfirmatin MT 546 Deliver Free Cnfirmatin MT 547 Deliver Against Payment Cnfirmatin MT 564 Crprate Actin Ntificatin MT 565 Crprate Actin Instructin MT 566 Crprate Actin Cnfirmatin Standing Settlement Instructins fr Treasury and Payment MT 670 Standing Settlement Instructin Update Ntificatin Request MT 671 Standing Settlement Instructin Update Ntificatin Cash Reprting MT 900 Cnfirmatin f Debit MT 910 Cnfirmatin f Credit MT 940 Custmer Statement Message MT 942 Interim Transactin Reprt MT 950 Statement Message Legends used fr the guidelines Symbl Descriptin / Delimiter that must be present at the beginning and ending f the structured cde. PSET Indicates the place f settlement TR Indicate the transactin is Trade Settlement related (t be mdified) NT Indicates the transactin is nn-trade Settlement related (t be mdified) < The beginning symbl f a dynamic field. The fllwing text describes the nature f the data t be presented. > The clsing symbl f a dynamic field. SPRO Indicates the deal is t be settled with a specified methd PVP Indicates the transactin is t be settled by Payment Versus Payment methd ffered by the central bank f Hng Kng. <ISO cuntry cde> When this appears, it indicates that participants shuld use a tw-letter ISO 3166 cuntry cde. Fr example, Hng Kng, the cuntry cde is HK. <Trade Settlement r When this appears participants have the ptin t use TR r NT. nn-trade Settlement cde> ISDACN Indicates the transactin is applying the ISDA Additinal Disruptin Event Prvisins. Offshre CNY guidelines v 1.1, February 14, 2012 Page 8

9 3 Guidelines t present ffshre CNY transactins 3.1 Payments MT 101 Request fr Transfer - In relevant individual transactin, use the structured cde in the last prtin f sequence B field 70. This field allws fr a maximum f 4 lines and each line can have 35 characters (4 x 35x). - Examples f the structured cde use in field 70 are: /PSET/<ISO cuntry cde>/ OR /PSET/<ISO cuntry cde>/< Trade Settlement r nn-trade Settlement cde>/ - If the sender cannt identify if the transactin is trade r nn-trade related then they shuld nt include NT r TR in the structured cde. - The guidelines suggest that the structured cde appears as the last piece f infrmatin in the field. This will help Infrmatin Technlgy prfessinals apply prgramming lgic with a gal f systematic autmatin. - The structured cde must appear in a single line as ppsed t be spread acrss tw lines f the field. - When used the structured cde /PSET/HK/ it must appear in its entirety tgether with delimiters (/). - The use f the structured cde is ptinal and shuld nt be used if the cde wrds are nt applicable t the parties dwn the transactin chain. 1. In this example, the ffshre CNY transactin place f settlement is Hng Kng and the transactin is Trade Settlement related. This example shws sequence B field 70 with the first three lines ccupied therefre the structured cde appears in line fur as the last piece f infrmatin. Message type 101 Sequence B Remittance Infrmatin :70:<narrative text> /PSET/HK/TR/ Sequence B 2. In this example, the ffshre CNY transactin place f settlement is Hng Kng and the transactin is nn-trade Settlement related. There is already narrative text in the third line f sequence B field 70 but the line still has space t hld the structured cde. Remittance Infrmatin :70:<narrative text> /PSET/HK/NT/ Offshre CNY guidelines v 1.1, February 14, 2012 Page 9

10 3. In this example, the ffshre CNY transactin place f settlement is Hng Kng and the transactin is Trade Settlement related. The structured cde will be displayed as the nly narrative text in sequence B field 70 when there is n ther infrmatin in this field. Remittance Infrmatin :70:/PSET/HK/TR/ 4. This is an example f an errr in the frmat. The structured cde is nt the last piece f infrmatin in sequence B field 70. Althugh the SWIFT netwrk will nt reject the message, the OCWG des nt agree with this presentatin. Remittance Infrmatin :70:<narrative text> /PSET/HK/TR/<narrative text> 5. This is an example f an errr in the frmat. The structured cde des nt appear in a single line in sequence B field 70. Althugh the SWIFT netwrk will nt reject the message, the OCWG des nt agree with this presentatin. Remittance Infrmatin :70:<narrative text> /PSET/ /HK/TR/ MT Single Custmer Credit Transfer - Use field 72 which allws fr a maximum 6 lines and each line can have 35 characters (6 x 35x). - The tw pssible structured cdes are: /PSET/<ISO cuntry cde>/<trade Settlement r nn-trade Settlement cde>/ OR /PSET/<ISO cuntry cde>/ - If the sender cannt identify if the transactin is trade r nn-trade related then they shuld nt include NT r TR in the structured cde. - The guidelines suggest that the structured cde appears as the last piece f infrmatin in the field. This will help Infrmatin Technlgy prfessinals apply prgramming lgic with a gal f systematic autmatin. - The structured cde must appear in a single line as ppsed t be spread acrss tw lines f the field. - When used the structured cde /PSET/HK/ it must appear in its entirety tgether with delimiters (/). - The use f the structured cde is ptinal and shuld nt be used if the cde wrds are nt applicable t the parties dwn the transactin chain. Offshre CNY guidelines v 1.1, February 14, 2012 Page 10

11 1. This example shws an ffshre CNY transactin. The place f settlement is Hng Kng and the transactin is Trade Settlement related. The first fur lines are already filled with ther infrmatin therefre the structured cde is t put in the fifth line in field 72. Message type 103 /PSET/HK/TR/ 2. In this example, the ffshre CNY transactin place f settlement is Hng Kng and the transactin is nt Trade Settlement related. The furth line has sufficient space t hld the structured cde. /PSET/HK/NT/ 3. In this example, the ffshre CNY transactin place f settlement is Hng Kng and the transactin is nt Trade Settlement related. There is n ther infrmatin in field 72. :72:/PSET/HK/NT/ 4. This is an example f an errr in the frmat. The structured cde des nt appear as the last piece f infrmatin in field 72. Althugh the SWIFT netwrk will nt reject the message, the OCWG des nt agree with this presentatin. <narrative text> <narrative text>/pset/hk/tr/<narrative text> MT General Financial Institutin Transfer - The field used fr the structured cde is field 72. This field allws a maximum f 6 lines and each line can have 35 characters (6 x 35x) - The tw pssible structured cdes are: /PSET/<ISO cuntry cde>/<trade Settlement r nn-trade Settlement cde>/ OR /PSET/<ISO cuntry cde>/. - If the sender cannt identify if the transactin is trade r nn-trade related then they shuld nt include NT r TR in the structured cde. Offshre CNY guidelines v 1.1, February 14, 2012 Page 11

12 - The guidelines suggest that the structured cde appears as the last piece f infrmatin in the field. This will help Infrmatin Technlgy prfessinals apply prgramming lgic with a gal f systematic autmatin. - The structured cde must appear in a single line as ppsed t be spread acrss tw lines f the field. - When used the structured cde /PSET/HK/ it must appear in its entirety tgether with delimiters (/). - The use f the structured cde is ptinal and shuld nt be used if the cde wrds are nt applicable t the parties dwn the transactin chain. 1. In this example, the transactin is ffshre CNY with the place f settlement in Hng Kng and the transactin is Trade Settlement related. The first fur lines are already filled with ther infrmatin and therefre the structured cde is specified n the fifth line. Message type 202 /PSET/HK/TR/ 2. This example shws an ffshre CNY transactin with the place f settlement in Hng Kng and the transactin is nn Trade Settlement related. The first fur lines are filled with ther infrmatin and the furth line has enugh space t hld the structured cde. /PSET/HK/NT/ MT Ntice t Receive While mst banks practice will be t separate the ffshre versus nshre CNY accunts, when neither message cntext nr destinatin f the message is able t indicate the transactin is related t ffshre CNY: - Use accunt identificatin field 25 fr the structured cde. This field allws a maximum f 35 characters. - After presenting the accunt number, it is recmmend t use /PSET/< ISO cuntry cde>/ t distinguish the ffshre CNY transactin. If there is insufficient space t fill in, put agreed remarks t differentiate with cunter party. 1. The transactin is ffshre CNY. Message type 210 Accunt Identificatin :25:<accunt number>/pset/<iso cuntry cde>/ Offshre CNY guidelines v 1.1, February 14, 2012 Page 12

13 3.2 FX, MM, & Derivatives The ISDA 1998 FX and Currency Optin Definitins, as amended by the 2005 Barrier Optin Supplement, are incrprated int each cnfirmatin f a transactin between cunterparties. The tw befre mentined dcuments can be dwnladed frm the ISDA website using this link: ISDA has als published the Additinal Disruptin Event Prvisins fr an Offshre Deliverable CNY Transactin and the Offshre Deliverable CNY Transactin Disruptin Fallback Matrix (tgether, the ISDA Additinal Disruptin Event Prvisins ) that explain that an ffshre CNY disruptin event can be triggered by CNY Illiquidity, CNY Incnvertibility r CNY Nn- Transferability. In 2011, ISDA als cntemplated prducing a side letter fr parties t turn n the ISDA Additinal Disruptin Event Prvisins fr future transactins cnfirmed via SWIFT. The ISDA side letter will als be used by market participants t cver legacy transactins. Market participants believe that the majrity f cnfirmatins wuld be vanilla and therefre will be prcessed using electrnic cnfirmatins. As a result, the slutin is that the electrnic cnfirmatins shuld indicate that the market participant is turning n the ISDA Additinal Disruptin Event Prvisins; hence eliminating the need fr the side letter. This slutin was deemed by the wrking grup t be mre effective fr implementatin than adpting the side letter. The structured cde is ISDACN and delimited befre and after by /. Fr institutins wh cannt implement the structured cde in narrative field 72, the cde can be put in field 77D as a temprary slutin. Please nte that frward rate agreement (MT 340 and MT 341) messages d nt have the field 77D therefre the guidelines suggest the use f the structured cde in field 72. The guidelines recmmend using ISO currency cde CNY with /PSET/<cuntry cde>/ t indicate that this is an ffshre CNY transactin. The wrking grup added the ptinal usage f /SPRO/PVP/ t shw the methd f payment versus payment. T turn n the use f the ISDA Additinal Disruptin Event Prvisins add ISDACN. Fr example, /PSET/HK/SPRO/PVP/ISDACN/ wuld be the structured cde used with all its cmpnents MT Freign Exchange Cnfirmatin - The structured cdes use field 72 f sequence C (Optinal General Infrmatin). This field allws a maximum f 6 lines and each line can have 35 characters (6 x 35x) - The structured cde is: /PSET/<ISO cuntry cde>/ - If the transactin is using payment versus payment (PVP) settlement methd, then the structured cde t add in after /PSET/<ISO cuntry cde>/ is: /SPRO/PVP/ - /SPRO/PVP/ can appear alne as a structured cde withut /PSET/<ISO cuntry cde>/. In this case /SPRO/PVP/ must still appear as the last piece f infrmatin in field 72 f the General Infrmatin sequence. - If a transactin is ffshre CNY and PVP, the structured cde is: /PSET/<ISO cuntry cde>/spro/pvp/ - If a transactin turns n the ISDA Additinal Disruptin Event Prvisins the structured cde shuld appear after /PSET/<ISO cuntry cde>/ r after /SPRO/PVP/ r after Offshre CNY guidelines v 1.1, February 14, 2012 Page 13

14 /PSET/<ISO cuntry cde>/spro/pvp/. Fr example, a full use f the structured cde wuld appear as: /PSET/<ISO cuntry cde>/spro/pvp/isdacn/ - The use f the structured cde is ptinal. - When using the structured cde it must appear with delimiters (/). - The structured cde must appear in a single line as ppsed t be spread acrss tw lines f the field. - The structured cde appears as the last piece f infrmatin in the field. This will help Infrmatin Technlgy prfessinals apply prgramming lgic with a gal f systematic autmatin. Offshre CNY guidelines v 1.1, February 14, 2012 Page 14

15 1. In this example, this is an ffshre CNY cnfirmatin with the place f settlement in Hng Kng using the payment-versus-payment (PVP) settlement mechanism. The first three lines are already filled with narrative text therefre the structured cde appears in the furth line in field 72 in sequence C. Message type 300 Optinal Sequence C Optinal General Infrmatin /PSET/HK/SPRO/PVP/ Optinal Sequence D Split Settlement Details 2. In this example, this is an ffshre CNY cnfirmatin with the place f settlement in Hng Kng using the payment-versus-payment (PVP) settlement mechanism. The first three lines are already filled with ther infrmatin but the third line has enugh space fr the structured cde t be the last piece f infrmatin in field 72 in sequence C. /PSET/HK/SPRO/PVP/ 3. In this example, this is an ffshre CNY cnfirmatin with the place f settlement in Hng Kng using the payment-versus-payment (PVP) settlement mechanism. In this example, the transactin is subjected t ISDA Additinal Disruptin Event Prvisins. The first three lines are already filled with ther infrmatin but the third line has enugh space fr the structured cde in field 72 in sequence C. //<narr txt>/pset/hk/spro/pvp/isdacn/ 4. The example shws an ffshre CNY transactin with the place f settlement in Hng Kng. The first fur lines already filled with ther infrmatin but the furth line has enugh space t hld the structured cde in field 72 in sequence C. /PSET/HK/ 5. In this example, the ffshre CNY transactin has a place f settlement in Hng Kng. There is n additin infrmatin in field 72 in sequence C as a result the structured cde is shwn alne. :72:/PSET/HK/ Offshre CNY guidelines v 1.1, February 14, 2012 Page 15

16 6. In this example, the ffshre CNY transactin has a place f settlement in Hng Kng and transactin is subjected t ISDA Additinal Disruptin Event Prvisins. There is n additin infrmatin in field 72 in sequence C as a result the structured cde is shwn alne. :72:/PSET/HK/ISDACN/ 7. In this example, this cnfirmatin is using the payment-versus-payment (PVP) settlement mechanism. The first three lines are already filled with ther infrmatin and the third line has enugh space t hld the structured cde in field 72 infrmatin in sequence C. /SPRO/PVP/ 8. This is an example f a transactin with a settlement mechanism f PVP. Transactin is subjected t ISDA Additinal Disruptin Event Prvisins. The first three lines are already filled with ther infrmatin and the third line has enugh space t hld the structured cde in field 72 infrmatin in sequence C. /SPRO/PVP/ISDACN/ 9. This is an example f an errr in the frmat. The structured cde is nt the last piece f infrmatin in field 72 in sequence C. Althugh the SWIFT netwrk will nt reject the message, the OCWG des nt agree with this presentatin. <narrative text> <narrative text>/pset/hk/<narrative text> 10. This is an example f an errr in the frmat. The structured cde des nt appear in the same line in field 72 in sequence C. Althugh the SWIFT netwrk will nt reject the message, the OCWG des nt agree with this presentatin. /PSET/ /HK/ SPRO/PVP/ MT Advice/Instructin f a Third-Party Deal - The structured cdes use field 72 f sequence C (Optinal General Infrmatin). This field allws a maximum f 6 lines and each line can have 35 characters (6 x 35x) - The structured cde is: /PSET/<ISO cuntry cde>/ - If the transactin is using payment versus payment (PVP) settlement methd, then the structured cde t add in frnt f /PSET/<ISO cuntry cde>/ is: /SPRO/PVP/ - /SPRO/PVP/ can appear alne as a structured cde withut /PSET/<ISO cuntry cde>/. In this case /SPRO/PVP/ must still appear as the last piece f infrmatin in field 72 f the General Infrmatin sequence. Offshre CNY guidelines v 1.1, February 14, 2012 Page 16

17 - If a transactin is ffshre CNY and PVP, the structured cde t appear is: /PSET/<ISO cuntry cde>/spro/pvp/ - If a transactin turns n the ISDA Additinal Disruptin Event Prvisins the structured cde shuld appear after /PSET/<ISO cuntry cde>/ r after /SPRO/PVP/ r after /PSET/<ISO cuntry cde>/spro/pvp/. Fr example, a full use f the structured cde wuld appear as: /PSET/<ISO cuntry cde>/spro/pvp/isdacn/ - The use f the structured cde is ptinal. - When used the structured cde must appear with delimiters (/). - The structured cde must appear in a single line as ppsed t be spread acrss tw lines f the field. - The structured cde appears as the last piece f infrmatin in the field. This will help Infrmatin Technlgy prfessinals apply prgramming lgic with a gal f systematic autmatin. 1. In this ffshre CNY example, the place f settlement is in Hng Kng and the transactin is settled with PVP. The first three lines are already filled with ther infrmatin and therefre the structured cde is n the furth line in field 72 in sequence C. Message type 304 Optinal Sequence C Optinal General Infrmatin /PSET/HK/SPRO/PVP/ Optinal Sequence D Accunting Infrmatin 2. This example is fr an ffshre CNY transactin with the place f settlement in Hng Kng and the transactin is settled with PVP. The first three lines are already filled with ther infrmatin and the third line has enugh space t hld the structured cde in field 72 in sequence C. /PSET/HK/SPRO/PVP/ 3. This ffshre CNY transactin is settled with PVP. The first three lines are already filled with ther infrmatin and the third line has enugh space t hld the structured cde in field 72 in sequence C. /SPRO/PVP/ Offshre CNY guidelines v 1.1, February 14, 2012 Page 17

18 3.2.3 MT Freign Currency Optin Cnfirmatin - The structured cdes use field 72. This field allws a maximum f 6 lines and each line can have 35 characters (6 x 35x) - The structured cde is: /PSET/<ISO cuntry cde>/ - If a transactin turns n the ISDA Additinal Disruptin Event Prvisins the structured cde shuld appear after /PSET/<ISO cuntry cde>/. Fr example, a full use f the structured cde wuld appear as: /PSET/<ISO cuntry cde>/isdacn/ - The use f the structured cde is ptinal. - When using the structured cde it must appear with delimiters (/). - The structured cde must appear in a single line as ppsed t be spread acrss tw lines f the field. - The structured cde appears as the last piece f infrmatin in the field. This will help Infrmatin Technlgy prfessinals apply prgramming lgic with a gal f systematic autmatin. The use f the structured cde is ptinal. 1. This ffshre CNY transactin has a place f settlement in Hng Kng. The first three lines are already filled with ther infrmatin and therefre the ffshre infrmatin is specified n the furth line in field 72. Message type 305 /PSET/HK/ 2. This is an example f an ffshre CNY transactin with the place f settlement in Hng Kng. The first three lines are already filled with ther infrmatin and the third line has enugh space fr the structured cde in field 72. //<narrative text > /PSET/HK/ MT 306 (extic ptins) - Freign Currency Optin Cnfirmatin - The structured cdes use field 72 f sequence I (Optinal Additinal Infrmatin). This field allws a maximum f 6 lines and each line can have 35 characters (6 x 35x). - The structured cde is: /PSET/<ISO cuntry cde>/ Offshre CNY guidelines v 1.1, February 14, 2012 Page 18

19 - If a transactin turns n the ISDA Additinal Disruptin Event Prvisins the structured cde shuld appear after /PSET/<ISO cuntry cde>/. Fr example, a full use f the structured cde wuld appear as: /PSET/<ISO cuntry cde>/isdacn/ - The use f the structured cde is ptinal. - When using the structured cde it must appear with delimiters (/). - The structured cde must appear in a single line as ppsed t be spread acrss tw lines f the field. - The structured cde appears as the last piece f infrmatin in the field. This will help Infrmatin Technlgy prfessinals apply prgramming lgic with a gal f systematic autmatin. The use f the structured cde is ptinal. 1. This is an example f an ffshre CNY transactin with the place f settlement in Hng Kng. The first three lines are already filled with ther infrmatin and therefre the structured cde is n the furth line in field 72 in sequence I. Message type 306 Optinal Sequence I Optinal Additinal Infrmatin /PSET/HK/ Optinal Sequence J Additinal Amunts MT Fixed Lan/Depsit Cnfirmatin - The field used is field 72 in sequence H (Optinal Additinal Infrmatin). Field 72 allws a maximum f 6 lines and each line can have 35 characters (6 x 35x). - The structured cde is: /PSET/<ISO cuntry cde>/ - If a transactin turns n the ISDA Additinal Disruptin Event Prvisins the structured cde shuld appear after /PSET/<ISO cuntry cde>/. Fr example, a full use f the structured cde wuld appear as: /PSET/<ISO cuntry cde>/isdacn/ - The use f the structured cde is ptinal. - When using the structured cde it must appear with delimiters (/). - The structured cde must appear in a single line as ppsed t be spread acrss tw lines f the field. - The structured cde appears as the last piece f infrmatin in the field. This will help Infrmatin Technlgy prfessinals apply prgramming lgic with a gal f systematic autmatin. The use f the structured cde is ptinal. Offshre CNY guidelines v 1.1, February 14, 2012 Page 19

20 1. This is an example f an ffshre CNY transactin where the place f settlement is in Hng Kng. First three lines already filled with ther infrmatin and therefre the ffshre infrmatin is specified n the furth line in field 72 in sequence H. Message type 320 Optinal Sequence H Optinal Additinal Infrmatin /PSET/HK/ Optinal Sequence I Additinal Amunts 2. In this ffshre CNY transactin the place f settlement is Hng Kng. The first fur lines are filled with ther infrmatin hwever there is space fr the structured cde n the furth line in field 72 in sequence H. /PSET/HK/ 3. This is an example f an errr in the frmat. The structured cde is nt n a single line in field 72 in sequence H. Althugh the SWIFT netwrk will nt reject the message, the OCWG des nt agree with this presentatin. /PSET/ /HK/ MT Instructin t Settle a Third-Party Lan/Depsit - In Subsequence C1 Settlement Parties blck with Party field 95a, the qualifier is ACCW t indicate the Accunt with Institutin, the structured cde is t put in Party Cntact Narrative field - 70C with PACO qualifier, a maximum 4 lines and each line can g up t 35 characters field (4 x 35x), excluding the qualifier and // - The structured cde is: /PSET/<ISO cuntry cde>/ - If a transactin turns n the ISDA Additinal Disruptin Event Prvisins the structured cde shuld appear after /PSET/<ISO cuntry cde>/. Fr example, a full use f the structured cde wuld appear as: /PSET/<ISO cuntry cde>/isdacn/ - The use f the structured cde is ptinal. Offshre CNY guidelines v 1.1, February 14, 2012 Page 20

21 - When using the structured cde it must appear with delimiters (/). - The structured cde must appear in a single line as ppsed t be spread acrss tw lines f the field. - The structured cde appears as the last piece f infrmatin in the field. This will help Infrmatin Technlgy prfessinals apply prgramming lgic with a gal f systematic autmatin. The use f the structured cde is ptinal. 1. This example is fr an ffshre transactin where the place f settlement is in Hng Kng. The first three lines are already filled with ther infrmatin and therefre structured cde is in the furth line in field 70C in sequence C1. Message type 321 Mandatry Repetitive Subsequence C1 Settlement Parties Party :95P::ACCW//<BIC cde> Party Cntact Narrative :70C::PACO <narrative text> <narrative text> /PSET/HK/ Mandatry Repetitive Subsequence C1 Settlement Parties 2. In this example, the ffshre CNY transactin has the place f settlement in Hng Kng. The structured cde appears alne because there is n additin infrmatin in field 70C in sequence C1. Party Cntact Narrative :70C::PACO//PSET/HK/ 3. This is an example f an errr in the frmat. The structured cde is nt the last piece f infrmatin in field 70C in sequence C1. Althugh the SWIFT netwrk will nt reject the message, the OCWG des nt agree with this presentatin. Party Cntact Narrative :70C::PACO <narrative text> <narrative text> /PSET/HK/ <narrative text> 4. This is an example f an errr in the frmat. The structured cde is n tw lines instead f ne in field 70C in sequence C1. Althugh the SWIFT netwrk will nt reject the message, the OCWG des nt agree with this presentatin. Party Cntact Narrative :70C::PACO <narrative text> <narrative text>/pset/ /HK/ Offshre CNY guidelines v 1.1, February 14, 2012 Page 21

22 3.2.7 MT Call/Ntice Lan/Depsit Cnfirmatin - The structured cde shuld be used in field 72 in Optinal sequence H (Optinal Additinal Infrmatin). This field allws a maximum f 6 lines and each line can have 35 characters field (6 x 35x). - The structured cde is: /PSET/<ISO cuntry cde>/ - If a transactin turns n the ISDA Additinal Disruptin Event Prvisins the structured cde shuld appear after /PSET/<ISO cuntry cde>/. Fr example, a full use f the structured cde wuld appear as: /PSET/<ISO cuntry cde>/isdacn/ - The use f the structured cde is ptinal. - When using the structured cde it must appear with delimiters (/). - The structured cde must appear in a single line as ppsed t be spread acrss tw lines f the field. - The structured cde appears as the last piece f infrmatin in the field. This will help Infrmatin Technlgy prfessinals apply prgramming lgic with a gal f systematic autmatin. The use f the structured cde is ptinal. 1. This is an example f an ffshre CNY transactin where the place f settlement is in Hng Kng. The first three lines are already filled with ther infrmatin. As a result, the structured cde is t put in the furth line in field 72 in sequence H. Message type 330 Optinal Sequence H Optinal Additinal Infrmatin /PSET/HK/ 2. This is an example f an ffshre CNY transactin where the place f settlement is in Hng Kng. The first fur lines filled with ther infrmatin hwever there is enugh space fr the structured cde in the furth line in field 72 in sequence H. /PSET/HK/ MT 340 Frward Rate Agreement Cnfirmatin - The structured cdes use field 72 f ptinal sequence E (Additinal Infrmatin). This field allws a maximum f 6 lines and each line can have 35 characters (6 x 35x) - The structured cde is: Offshre CNY guidelines v 1.1, February 14, 2012 Page 22

23 /PSET/<ISO cuntry cde>/isdacn/ - The use f the structured cde is ptinal. - When used the structured cde must appear in its entirety with delimiters (/). - The structured cde must appear in a single line as ppsed t be spread acrss tw lines f the field. - The structured cde appears as the last piece f infrmatin in the field. This will help Infrmatin Technlgy prfessinals apply prgramming lgic with a gal f systematic autmatin. 1. This example is fr an ffshre CNY transactin with the place f settlement in Hng Kng. Transactin is subjected t ISDA Additinal Disruptin Event Prvisins side letter. The first three lines are already filled with ther infrmatin but the third line has enugh space fr the structured cde in field 72 in sequence C. Message type 340 Optinal Sequence E Additinal Infrmatin //<narr txt>/pset/hk/isdacn/ 2. In this example, the ffshre CNY transactin has a place f settlement in Hng Kng and subjected t ISDA Additinal Disruptin Event Prvisins side letter. There is n additin infrmatin in field 72 in sequence C as a result the structured cde is shwn alne. :72:/PSET/HK/ISDACN/ MT 341 Frward Rate Agreement Settlement Cnfirmatin - The structured cdes use field 72 f sequence A (General Infrmatin). This field allws a maximum f 6 lines and each line can have 35 characters (6 x 35x) - The structured cde is: /PSET/<ISO cuntry cde>/isdacn/ - The use f the structured cde is ptinal. - When used the structured cde must appear in its entirety with delimiters (/). - The structured cde must appear in a single line as ppsed t be spread acrss tw lines f the field. - The structured cde appears as the last piece f infrmatin in the field. This will help Infrmatin Technlgy prfessinals apply prgramming lgic with a gal f systematic autmatin. 1. This example is fr an ffshre CNY transactin with the place f settlement in Hng Kng. Transactin is subjected t ISDA Additinal Disruptin Event Prvisins. The first three lines are already filled with ther infrmatin but the third line has enugh space fr the structured cde in field 72 in sequence C. Offshre CNY guidelines v 1.1, February 14, 2012 Page 23

24 Message type 341 Mandatry Sequence A General Infrmatin //<narr txt>/pset/hk/isdacn/ 2. In this example, the ffshre CNY transactin has a place f settlement in Hng Kng and subjected t ISDA Additinal Disruptin Event Prvisins. There is n additin infrmatin in field 72 in sequence C as a result the structured cde is shwn alne. :72:/PSET/HK/ISDACN/ MT 360 Single Currency Interest Rate Derivative Cnfirmatin - The structured cdes use field 72 f sequence A (General Infrmatin). This field allws a maximum f 6 lines and each line can have 35 characters (6 x 35x) - The structured cde is: /PSET/<ISO cuntry cde>/isdacn/ - The use f the structured cde is ptinal. - When used the structured cde must appear in its entirety with delimiters (/). - The structured cde must appear in a single line as ppsed t be spread acrss tw lines f the field. - The structured cde appears as the last piece f infrmatin in the field. This will help Infrmatin Technlgy prfessinals apply prgramming lgic with a gal f systematic autmatin. 1. This example is fr an ffshre CNY transactin with the place f settlement in Hng Kng. Transactin is subjected t ISDA Additinal Disruptin Event Prvisins. The first three lines are already filled with ther infrmatin but the third line has enugh space fr the structured cde in field 72 in sequence C. Message type 360 Mandatry Sequence A General Infrmatin //<narr txt>/pset/hk/isdacn/ 2. In this example, the ffshre CNY transactin has a place f settlement in Hng Kng and subjected t ISDA Additinal Disruptin Event Prvisins. There is n additin infrmatin in field 72 in sequence C as a result the structured cde is shwn alne. :72:/PSET/HK/ISDACN/ Offshre CNY guidelines v 1.1, February 14, 2012 Page 24

25 MT 361 Crss Currency Interest Rate Swap Cnfirmatin - The structured cdes use field 72 f sequence A (General Infrmatin). This field allws a maximum f 6 lines and each line can have 35 characters (6 x 35x) - The structured cde is: /PSET/<ISO cuntry cde>/isdacn/ - The use f the structured cde is ptinal. - When used the structured cde must appear in its entirety with delimiters (/). - The structured cde must appear in a single line as ppsed t be spread acrss tw lines f the field. - The structured cde appears as the last piece f infrmatin in the field. This will help Infrmatin Technlgy prfessinals apply prgramming lgic with a gal f systematic autmatin. 1. This example is fr an ffshre CNY transactin with the place f settlement in Hng Kng. Transactin is subjected t ISDA Additinal Disruptin Event Prvisins. The first three lines are already filled with ther infrmatin but the third line has enugh space fr the structured cde in field 72 in sequence C. Message type 361 Mandatry Sequence A General Infrmatin //<narr txt>/pset/hk/isdacn/ 2. In this example, the ffshre CNY transactin has a place f settlement in Hng Kng and subjected t ISDA Additinal Disruptin Event Prvisins. There is n additin infrmatin in field 72 in sequence C as a result the structured cde is shwn alne. :72:/PSET/HK/ISDACN/ MT Freign Exchange Order - In Optinal Subsequence B2 Reasn blck, the structured cde is t put in Reasn Narrative field 70D with REAS qualifier, a maximum 6 lines and each line can g up t 35 characters field (6 x 35x), excluding the qualifier and // - The structured cde is: /PSET/<ISO cuntry cde>/ - If a transactin turns n the ISDA Additinal Disruptin Event Prvisins the structured cde shuld appear after /PSET/<ISO cuntry cde>/. Fr example, a full use f the structured cde wuld appear as: /PSET/<ISO cuntry cde>/isdacn/ - The use f the structured cde is ptinal. - When used the structured cde must appear in its entirety tgether with delimiters (/). - The structured cde must appear in a single line as ppsed t be spread acrss tw lines f the field. - The structured cde appears as the last piece f infrmatin in the field. This will help Infrmatin Technlgy prfessinals apply prgramming lgic with a gal f systematic autmatin. Offshre CNY guidelines v 1.1, February 14, 2012 Page 25

26 1. The transactin is ffshre CNY and there is n ther narrative text in the field. Message type 380 Optinal Subsequence B2 Reasn Transactin Reasn Narrative :70D::REAS//PSET/HK/ 2. The transactin is ffshre CNY with narratives fr reasns Message type 380 Optinal Subsequence B2 Reasn Transactin Reasn Narrative :70D::REAS /PSET/HK/ MT Freign Exchange Order Cnfirmatin - In Optinal Subsequence B2 Reasn blck, the structured cde is t put in Reasn Narrative field 70D with REAS qualifier, a maximum 6 lines and each line can g up t 35 characters field (6 x 35x), excluding the qualifier and // - The structured cde is: /PSET/<ISO cuntry cde>/ - If a transactin turns n the ISDA Additinal Disruptin Event Prvisins the structured cde shuld appear after /PSET/<ISO cuntry cde>/. Fr example, a full use f the structured cde wuld appear as: /PSET/<ISO cuntry cde>/isdacn/ - The use f the structured cde is ptinal. - When used the structured cde must appear in its entirety tgether with delimiters (/). - The structured cde must appear in a single line as ppsed t be spread acrss tw lines f the field. - The structured cde appears as the last piece f infrmatin in the field. This will help Infrmatin Technlgy prfessinals apply prgramming lgic with a gal f systematic autmatin. 1. The transactin is ffshre CNY and there is n ther narrative text in the field. Message type 381 Offshre CNY guidelines v 1.1, February 14, 2012 Page 26

27 Optinal Subsequence B2 Reasn Transactin Reasn Narrative :70D::REAS//PSET/HK/ 2. The transactin is ffshre CNY with narratives fr reasns Message type 381 Optinal Subsequence B2 Reasn Transactin Reasn Narrative :70D::REAS /PSET/HK/ 3.3 Securities The securities pst-trade, settlement instructin, settlement instructin cnfirmatin message frmats all supprt the mandatry r ptinal use f the place f settlement (PSET) that will identify the transactin as ffshre CNY. The place fr PSET is in field 95P f the repetitive settlement party sequence. In securities settlement instructins (MT540, MT 541, MT 542, MT 543) and cnfirmatins (MT 544, MT 545, MT 546, MT 547) the message layut is identical. PSET is specified in the Mandatry Repetitive Subsequence E1 Settlement Parties blck. Please nte that securities messages culd either use PSET//XHKGHKHH r /PSET/HK/ which is general market practice fr physical script settlement. The MT 535 and MT 536 accunting versin des nt allw fr the Sub-Balance Blck (SUBBAL) sequence t be ppulated, s the PSET cannt be included in this message. Market participants are therefre reliant n the ISIN starting with CN r HK t differentiate until dually listed securities are issued in these markets. MT 537 des have PSET hwever it is suggested that market participants us the ISIN as an interim measure MT Client Advice Of Executin 1. In this example, the ffshre CNY transactin lists the currency f the transactin as CNY and then includes the place f settlement (PSET) in the client advice f executin with the BIC cde is XHKGHKHH (indicating HK Exchange & Clearing Crpratin system CCASS). - In the event that the CSD is nt CCASS, market participants shuld indicate the BIC f the clearing system at the CSD. - Fr OTC derivatives, use the clearing institutin. Message type 513 Offshre CNY guidelines v 1.1, February 14, 2012 Page 27

28 Mandatry Sequence C Order Details Price :90B::DEAL//ACTU/CNY100, Optinal Repetitive Subsequence D1 Settlement Parties Party :95P::PSET//XHKGHKHH MT Trade Allcatin Instructin 1. This Example makes use f field 95p in sequence C1 t shw an ffshre CNY transactin. PSET appears with the place f settlement as Hng Kng Stck Exchange (XHKGHKHH). - In the event that the CSD is nt CCASS, market participants shuld indicate the BIC f the clearing system at the CSD. - Fr OTC derivatives, use the clearing institutin. Message type 514 Mandatry Sequence B Cnfirmatin Details Price :90B::DEAL//ACTU/CNY30, Optinal Repetitive Subsequence C1 Settlement Parties Party :95P::PSET//XHKGHKHH Offshre CNY guidelines v 1.1, February 14, 2012 Page 28

29 3.3.3 MT Client Cnfirmatin f Purchase r Sale 1. This is an example f an ffshre CNY transactin where PSET appears in field 95P in sequence C with the place f settlement as Hng Kng Stck Exchange (XHKGHKHH). - In the event that the CSD is nt CCASS, market participants shuld indicate the BIC f the clearing system at the CSD. - Fr OTC derivatives, use the clearing institutin. Message type 515 Mandatry Sequence C Cnfirmatin Details Price :90B::DEAL//ACTU/CNY30, Optinal Repetitive Subsequence D1 Settlement Parties Party :95P::PSET//XHKGHKHH MT Deliver Against Payment 1. This is an example f a deliver against payment settlement instructin fr ffshre CNY transactin where the settlement is at Hng Kng Stck Exchange (XHKGHKHH). - In the event that the CSD is nt CCASS, market participants shuld indicate the BIC f the clearing system at the CSD. - Fr OTC derivatives, use the clearing institutin. Message type 543 Mandatry Repetitive Subsequence E1 Settlement Parties Party :95P::PSET//XHKGHKHH Mandatry Repetitive Subsequence E3 Amunt Amunt :19A::SETT//CNY300000, Offshre CNY guidelines v 1.1, February 14, 2012 Page 29

30 3.3.5 MT Deliver Against Payment Cnfirmatin 1. This is an example f a deliver against payment settlement cnfirmatin fr ffshre CNY transactin where the settlement is at Hng Kng Stck Exchange (XHKGHKHH). - In the event that the CSD is nt CCASS, market participants shuld indicate the BIC f the clearing system at the CSD. - Fr OTC derivatives, use the clearing institutin. Message type 547 Mandatry Repetitive Subsequence E1 Settlement Parties Party :95P::PSET//XHKGHKHH Mandatry Repetitive Subsequence E3 Amunt Amunt :19A::SETT//CNY300000, MT Crprate Actin Ntificatin It is recmmended by OCWG that the sub custdian shuld start t add the structured cde. The plus sign in the diagram belw indicates the message type and the market participant wh shuld add the structured cde. - The structured cde in repetitive Narrative field 70E Optinal Sequence F Additinal Infrmatin blck will use the ADTX qualifier. The field size is maximum with 10 lines and each line can g up t 35 characters, excluding the ADTX qualifier and delimiters (//). Offshre CNY guidelines v 1.1, February 14, 2012 Page 30

31 - The structured cde must appear as an individual ccurrence and as the last piece f infrmatin f 70E. - The structured cde is: /PSET/<ISO cuntry cde>/ - The use f the structured cde is ptinal. - When used the structured cde must appear in its entirety tgether with delimiters (/). - The structured cde must appear in a single line as ppsed t be spread acrss tw lines f the field. - The structured cde appears as the last piece f infrmatin in the field. This will help Infrmatin Technlgy prfessinals apply prgramming lgic with a gal f systematic autmatin. 1. This is an example f a crprate actin ntificatin fr an ffshre CNY event. The structured cde appears befre anther ccurrence f field 70E in sequence F. Message type 564 Optinal Sequence F Additinal Infrmatin Narrative Narrative :70E::ADTX//PSET/HK/ :70E::ADTX <narrative text> 2. This is an example f a crprate actin ntificatin is fr an ffshre CNY event. The structured cde appears after anther ccurrence f field 70E in sequence F. Narrative Narrative :70E::ADTX <narrative text> :70E::ADTX//PSET/HK/ 3. This is an example f an errr in the frmat because there is additinal narrative text in field 70E in sequence F. Althugh the SWIFT netwrk will nt reject the message, the OCWG des nt agree with this presentatin. Narrative :70E::ADTX//PSET/HK/<narrative text> MT Crprate Actin Instructin - The structured cde will be put in Optinal Sequence F Additinal Infrmatin blck, in repetitive Narrative field 70E with the ADTX qualifier. The field size is maximum with 10 lines and each line can g up t 35 characters, excluding the qualifier and //. - The structured cde must appear in an individual ccurrence f 70E. Additinal infrmatin has t put in anther repeated field 70E with ADTX qualifier. - The structured cde is: /PSET/<ISO cuntry cde>/ - The use f the structured cde is ptinal. Offshre CNY guidelines v 1.1, February 14, 2012 Page 31

32 - When used the structured cde must appear in its entirety tgether with delimiters (/). - The structured cde must appear in a single line as ppsed t be spread acrss tw lines f the field. - The structured cde appears as the last piece f infrmatin in the field. This will help Infrmatin Technlgy prfessinals apply prgramming lgic with a gal f systematic autmatin. The use f the structured cde is ptinal. 1. In this example, the crprate actin instructin is fr an ffshre CNY event. The structured cde appears befre anther ccurrence f field 70E in sequence E. Message type 565 Optinal Sequence E Additinal Infrmatin Narrative Narrative :70E::ADTX//PSET/HK/ :70E::ADTX < narrative text> 2. In this example, the crprate actin instructin is fr an ffshre CNY event. The structured cde appears after anther ccurrence f field 70E in sequence E. Narrative Narrative :70E::ADTX <narrative text> :70E::ADTX//PSET/HK/ MT Crprate Actin Cnfirmatin - The structured cde is used in Optinal Sequence F Additinal Infrmatin blck, in repetitive Narrative field 70E with ADTX qualifier. The field size is maximum with 10 lines and each line can g up t 35 characters, excluding the qualifier and //. - The structured cde must appear in an individual ccurrence f 70E. Additinal infrmatin has t put in anther repeated field 70E with ADTX qualifier. - The structured cde is: /PSET/<ISO cuntry cde>/ - The use f the structured cde is ptinal. - When used the structured cde must appear in its entirety tgether with delimiters (/). - The structured cde must appear in a single line as ppsed t be spread acrss tw lines f the field. - The structured cde appears as the last piece f infrmatin in the field. This will help Infrmatin Technlgy prfessinals apply prgramming lgic with a gal f systematic autmatin. The use f the structured cde is ptinal. 1. In this example, the crprate actin cnfirmatin is fr an ffshre CNY event. The structured cde appears befre anther ccurrence f field 70E in sequence E. Offshre CNY guidelines v 1.1, February 14, 2012 Page 32

33 Message type 566 Optinal Sequence E Additinal Infrmatin Narrative Narrative :70E::ADTX//PSET/HK/ :70E::ADTX <narrative text> 2. In this example, the crprate actin cnfirmatin is fr an ffshre CNY event. The structured cde appears after anther ccurrence f field 70E in sequence E. Narrative Narrative :70E::ADTX <narrative text> :70E::ADTX//PSET/HK/ 3.4 Standing Settlement Instructin MT Standing Settlement Instructin Update Ntificatin Request - The structured cde in Optinal Subsequence B2 Other Details blck, in repetitive Narrative field 70E with ADTX qualifier. The field size is maximum with 10 lines and each line can g up t 35 characters, excluding the qualifier and // - The structured cde must appear in an individual ccurrence f 70E. Any additinal infrmatin has t put in anther repeated field 70E ADTX - The structured cde is: /PSET/<ISO cuntry cde>/ - The use f the structured cde is ptinal. Offshre CNY guidelines v 1.1, February 14, 2012 Page 33