Standards
Funds November 2016
Standards MX
Message Definition Report
Updates to the Standards MX Message Definition Report
This document describes the sections of the Funds November 2016 Standards MX Message Definition
Report (MDR) Part 2 that require correction. This update document is a re-issue of Funds 4.0 Addendum
published in 2007.
26 February 2016
Funds November 2016
Table of contents
1.
Introduction ..................................................................................................................... 4
2.
Background ..................................................................................................................... 4
3.
Impact .............................................................................................................................. 4
4.
List of Updates ................................................................................................................ 4
4.1
RelatedPartiesDetailsRule (1) ............................................................................. 5
4.2
RelatedPartiesDetailsRule (2) ............................................................................. 5
4.3
Additional Rule (1) ............................................................................................... 5
4.4
Additional Rule (2) ............................................................................................... 5
4.5
Message Scope ................................................................................................... 6
4.6
Additional Rule (3) ............................................................................................... 6
5.
Useful Clarifications for Funds November 2016.......................................................... 6
5.1
Cash Settlement Date Rule Clarification ............................................................. 6
5.2
Total Redemption Amount Rule Clarification ....................................................... 7
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Updates to the Fund November 2016 Standards MX Message Definition Report
Introduction
Preface
Purpose of this document
Errors were noticed in some of the rules of investment funds messages published in the User
Handbook. These errors, and their corrections, are described in sections below. The purpose of
this document is to help customers who are using the documentation to easily identify where
they need to take into account these corrections.
Related documentation
The following documents are referenced:
•
•
29 August 2014
Funds November 2016 Standards MX Message Definition Report Part 1 26 February
2016
Funds November 2016 Standards MX Message Definition Report Part 2 26 February
2016
Page 3
Funds November 2016
1. Introduction
For Funds November 2016, two documents were published:
#
Document Name
Content
1
Funds November 2016 Standards MX
Message Definition Report Part 1
Business process, roles, activities, transactions
(sequence / flow diagrams), business examples
2
Funds November 2016 Standards Message
Definition Report Part 2
Message definition formats
This document lists corrections to the Funds November 2016 Standards Message Definition Report Part
2 document.
2. Background
In 2007, Funds 4.0 was published. Since then, the order messages (setr.001 – 018 and setr.048 – 058)
have been subject to a maintenance freeze and have not been changed since.
A number of typing errors on usage rules (cross-element rules) were reported and corrections were
published in 2007, in an addendum document (SWIFTNet 4.0 Addendum).
These errors will not be corrected until the investment funds order messages are maintained. The date of
this future maintenance on the investment funds order messages is still to be agreed with the investment
funds community.
2.1.1 Cross Element Rules Validation
The usage rules in the investment funds messages currently exist as documentation only and are not
validated by the SWIFT network.
In the future, for those cross-element rules that can be validated on the network, this additional validation
will be ‘switched-on’. The switching on of this additional validation will be part of a future maintenance. All
usages rules will be re-examined to verify they are still required. The date of this future maintenance on
the investment funds order messages is still to be agreed with the investment funds community.
3. Impact
For those institutions that implemented the funds messages in 2007 and, therefore, took into account the
addendum document published in 2007, this update document can be ignored at this stage, since the
updates listed in this document simply repeat those as published in the addendum of 2007. However, it
should be noted that section 5 was new in the Funds 4.8 release and may contain useful
clarification information.
However, if the implementation of Funds November 2016 is a first-time implementation of the investment
funds standards, then the updates in this update document need to be taken into account.
4. List of Updates
This section lists the errors as currently specified and the intended revision. These errors will be
corrected in a subsequent maintenance. The maintenance cycle for these corrections is yet to be
determined.
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Updates to the Fund November 2016 Standards MX Message Definition Report
List of Updates
4.1 RelatedPartiesDetailsRule (1)
Impacted messages:
1.
Redemption Order
Setr.004.001.03
2.
Redemption Order Cancellation Request
Setr.005.001.03
3.
Subscription Order
Setr.010.001.03
4.
Subscription Order Cancellation Request
Setr.011.001.03
Current Specification
Should read as
RelatedPartiesDetailsRule
RelatedPartyDetailsRule
Either RelatedPartiesDetails or
multipleOrderDetails/IndividualOrderDetails/RelatedPar
tiesDetails may be present, but not both.
Either RelatedPartyDetails or
MultipleOrderDetails/IndividualOrderDetails/RelatedP
artyDetails may be present, but not both.
4.2 RelatedPartiesDetailsRule (2)
Impacted messages:
1.
Redemption Order Confirmation
Setr.006.001.03
2.
Subscription Order Confirmation
Setr.012.001.03
3.
Subscription Order Confirmation Cancellation Instruction
Setr.047.001.01
4.
Subscription Order Confirmation Amendment
Setr.048.001.01
5.
Redemption Order Confirmation Cancellation Instruction
Setr.051.001.01
6.
Redemption Order Confirmation Amendment
Setr.052.001.01
Current Specification
Should read as
RelatedPartiesDetailsRule
RelatedPartyDetailsRule
Either RelatedPartiesDetails or
MultipleExecutionDetails/IndividualExecutionDetails/Re
latedPartiesDetails may be present, but not both.
Either RelatedPartyDetails or
MultipleExecutionDetails/IndividualExecutionDetails/R
elatedPartyDetails may be present, but not both.
4.3 Additional Rule (1)
Impacted messages:
1.
Redemption Order
Setr.004.001.03
2.
Redemption Order Cancellation Request
Setr.005.001.03
3.
Subscription Order
Setr.010.001.03
4.
Subscription Order Cancellation Request
Setr.011.001.03
If MultipleOrderDetails/TotalSettlementAmount is present, then Currency in
IndividualOrderDetails/SettlementAmount, if present, must be the same in all occurrences of
IndividualOrderDetails.
4.4 Additional Rule (2)
Impacted messages:
29 August 2014
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Funds November 2016
1.
Redemption Order Confirmation
Setr.006.001.03
2.
Subscription Order Confirmation
Setr.012.001.03
3.
Subscription Order Confirmation Cancellation Instruction
Setr.047.001.01
4.
Subscription Order Confirmation Amendment
Setr.048.001.01
5.
Redemption Order Confirmation Cancellation Instruction
Setr.051.001.01
6.
Redemption Order Confirmation Amendment
Setr.052.001.01
If MultipleExecutionDetails/TotalSettlementAmount is present, then Currency in
IndividualExecutionDetails/SettlementAmount, must be the same in all occurrences of IndividualExecutionDetails
4.5 Message Scope
The following point as published in the Funds 4.0 Addendum is no longer relevant since it is only
applicable to the HTML version of the message specification which was not produced in the Funds 4.7
documentation:
The scope is available in two places for each message
It can either be accessed by selecting Message Scope and Usage or by selecting the message
name in the message tree structure.
Message scopes and usage should be obtained from the Message Scope and Usage link at the
top level of the message documentation in preference to scope and usage contained within the
message tree structure.
4.6 Additional Rule (3)
Impacted messages:
1.
Redemption Order Confirmation
Setr.006.001.03
2.
Subscription Order Confirmation
Setr.012.001.03
3.
Subscription Order Confirmation Cancellation Instruction
Setr.047.001.01
4.
Subscription Order Confirmation Amendment
Setr.048.001.01
5.
Redemption Order Confirmation Cancellation Instruction
Setr.051.001.01
6.
Redemption Order Confirmation Amendment
Setr.052.001.01
If IndividualExecutionDetails/Settlement Amount is present more than one once and Currency is not the same in
each IndividualExecutionDetails/SettlementAmount, then MultipleExecutionDetails/CashSettlementDate is not
allowed.
5. Useful Clarifications for Funds November 2016
5.1 Cash Settlement Date Rule Clarification
Impacted messages:
1.
Redemption Order Confirmation
Setr.006.001.03
2.
Subscription Order Confirmation
Setr.012.001.03
3.
Subscription Order Confirmation Cancellation Instruction
Setr.047.001.01
4.
Subscription Order Confirmation Amendment
Setr.048.001.01
5.
Redemption Order Confirmation Cancellation Instruction
Setr.051.001.01
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Updates to the Fund November 2016 Standards MX Message Definition Report
Useful Clarifications for Funds November 2016
6.
Redemption Order Confirmation Amendment
Setr.052.001.01
The Settlement Date Rule is ambiguous and had led to confusion at the implementation level.
Either CashSettlementDate is present or all occurences of IndividualExecutionDetails/CashSettlementDate are
present, but not both.
This rule is saying that if Cash Settlement Date is present, then it can either be defined once for all the
trades in the message (Multiple Execution Details / Cash Settlement Date) or for all the trades specified
in repetitions of Individual Execution Details (Multiple Execution Details / Individual Execution Details /
Cash Settlement Date). In other words, it is optional, it doesn’t have to be present in the message at all.
This rule would be better worded as:
Either CashSettlementDate may be present or all occurences of IndividualExecutionDetails/CashSettlementDate
may be present, but not both.
Note
A change request has been issued for this rule for SR 2017 proposed that a cash settlement
date must be specified .in a subscription or redemption confirmation.
5.2 Total Redemption Amount Rule Clarification
Impacted messages:
1.
Switch Order Confirmation
Setr.013.001.03
2.
Switch Order Confirmation
Setr.015.001.03
3.
Switch Order Confirmation Cancellation Instruction
Setr.055.001.01
4.
Switch Order Confirmation Amendment
Setr.056.001.01
The rule:
If SubscriptionLegDetails/FinancialInstrumentQuantityChoice/PercentageOfTotalRedemptionAmount is present,
then TotalRedemptionAmount must also be present.
If SubscriptionLegDetails/FinancialInstrumentQuantityChoice/PercentageOfTotalRedemptionAmount is not
present , then TotalRedemptionAmount is optional.
Some customer implementations and market practice documents suggest that this rule is unrealistic. As
previously mentioned, before validation of these kinds of cross element rules is introduced on the SWIFT
network, all usage rules will be re-ratified to verify they are still required. It is possible that this rule will be
eliminated.
29 August 2014
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Funds November 2016
Legal Notices
Copyright
SWIFT © 2016. All rights reserved.
Restricted Distribution
Do not distribute this publication outside your organisation unless your subscription or order expressly
grants you that right, in which case ensure you comply with any other applicable conditions.
Disclaimer
The information in this publication may change from time to time. You must always refer to the latest
available version.
SWIFT Standards Intellectual Property Rights (IPR) Policy - End-User License Agreement
SWIFT Standards are licensed subject to the terms and conditions of the SWIFT Standards IPR Policy End-User License Agreement, available at www.swift.com > About SWIFT > Legal > SWIFT Standards
IPR Policy.
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Updates to the Fund November 2016 Standards MX Message Definition Report