Imported from previous forum
[ original email was from John Hardman - yiq12@dial.pipex.com ]
A few questions relating to Settlements …
As always, many thanks in advance for any help,
John Hardman.
Question #1
In the Settlement Instructions message (MsgType = T) the SettlInstRefID field (field 214) is shown as required (“Y”), but the associated comment says “Required for Cancel and Replace SettlInstTransType messages”.
Is the SettlInstRefID field required for New SettlInstTransType messages ? If not, can the required flag be changed to “N” in the 4.2 errata please?
Question #2
In Appendix F of the FIX 4.2 specification, I believe that the value of SettlInstMode is shown incorrectly for “Specific Allocation Account (trade) referencing existing Standing Instructions”. Shouldn’t the value be 3 rather than 2 ?
I am unclear what value should be used the the two cases involving agents (banks). Can you confirm that the value shown (2) is correct for these cases please.
Question #3
In Appendix F of the FIX 4.2 specification, every trade settlement type shown has SettlBrkrCode and SettlInstCode shown as required fields within the table. Would it be safe to assume that these two fields are always required in the Settlement Instructions message ? At present the documentation for the message shows them as not required.
Question #4
In Appendix F of the FIX 4.2 specification, SettlLocation is shown as an optional field for “Specific Allocation Account (trade) referencing existing Standing Instructions”. The comment for the SettlLocation field in the Settlement Instructions message documentation says that it is required if SettlInstMode = 2 or 3. Which is correct ?
Question #5
The explanatory text for the Settlement Instructions message says
‘To provide “standing instructions” for the settlement of trades occurring in the future, messages should include some combination of.
. AllocAccount
. LastMkt
. Side
. SecurityType
. SettlLocation
. SettlDeliveryType
. EffectiveTime’
However, in Appendix F, the list of required fields for “Standing Instructions Provided” is shown as always including AllocAccount with, in addition, some combination of the other fields listed above. Which text is correct (i.e. is AllocAccount always required for “Standing Instructions Provided”) ?