Tag 64 - FutSettDate in New Order Single

, ,
1

Imported from previous forum

2

Hello:
The description for Tag 64 - FutSettDate reads “Required when SettlmntTyp = 6 (Future) or SettlmntTyp = 8 (Sellers Option)”

I interpret FutSettDate value of 8 as “I am ready to settle at the seller’s option (if I am the buyer) i.e. settlement date as per seller’s choice”.

Questions:

  1. Is this correct interpretation?
  2. If Yes then why would this field be required in a New Order message when SettlementType=8? Would this date mean the last date prior to which any settlement date is OK?

Thank you.
Swanand