Settlement Transaction Type Codes (22F::SETR)

TRAD tells the account servicer that the instruction settles an ordinary purchase or sale of securities. It is the default and by far the most common value of the mandatory SETR indicator in settlement instructions.

TURN marks a turnaround: the same security is bought from one broker and sold to another for settlement on the same day, so the receipt provides the securities for the delivery. Both instructions carry TURN and are linked.

PAIR marks a pair-off: the instruction is netted against one or more earlier transactions, usually with the same counterparty, so that only the difference settles or nothing moves at all.

NETT marks a settlement instruction that results from netting several settlement obligations into one, as central counterparties do with their members’ trades.

TBAC marks the settlement of a TBA closing trade: a trade that closes out a To Be Announced position in the US agency mortgage-backed securities market.

CLAI marks a settlement transaction created by a market claim: the movement of cash or securities that passes a corporate action entitlement from the party that received it to the party that was entitled to it.

REPU marks a settlement instruction that belongs to a repurchase agreement, sent by the party that sells the securities at the start and buys them back at the end (the cash taker). It is used on both legs of the repo.

RVPO marks a settlement instruction that belongs to a reverse repo: the party that buys the securities at the start and sells them back at the end, providing the cash. It is used on both legs.

TRPO flags a settlement movement that belongs to a triparty repo, seen from the collateral giver who receives the cash. A triparty agent selects, values and moves the collateral, so these movements usually come from the agent’s side.

TRVO flags a settlement movement that belongs to a triparty reverse repo, seen from the party that provides the cash and receives collateral selected by a triparty agent.

BSBK marks the settlement of a buy/sell-back: the party buys securities for cash now and agrees to sell them back at a fixed forward price. It is the cash provider’s side of the deal and is used on both legs.

SBBK marks the settlement of a sell/buy-back: the party sells securities for cash now and agrees to buy them back at a fixed forward price. It is the cash taker’s side and is used on both legs.

COLI marks a collateral movement seen from the collateral taker or its agent. The taker uses it both when collateral comes in and when it goes back to the giver.

COLO marks a collateral movement seen from the collateral giver or its agent. The giver uses it when it posts collateral and when it receives collateral back.

CNCB marks a delivery or receipt of collateral to or from a national central bank for central bank credit operations, such as monetary policy lending and intraday credit.

SECL marks a settlement instruction that belongs to a securities loan, sent from the lender’s side. The lender delivers the securities when the loan starts and receives them back when it ends, both under SECL.

SECB marks a settlement instruction that belongs to a securities borrowing, sent from the borrower’s side. The borrower receives the securities at the start and delivers them back on return, both under SECB.

SLRE flags an internal move of a holding that is out on loan, from one of the lender’s safekeeping accounts to another. No new loan starts and no loan ends; only the account the lent position belongs to changes.

SBRE flags an internal move of a borrowed holding from one of the borrower’s safekeeping accounts to another. The loan stays in place; only the account where the borrowed securities sit changes.

OWNI marks an internal account transfer: securities move between accounts that one instructing party holds with the same account servicer, with no trade behind the movement.

OWNE marks an external account transfer: a free movement of securities that involves more than one instructing party, more than one account servicer, or both, with no trade behind it.

PORT marks a portfolio move: securities transferred from one investment manager to another, or from one account servicer to another, usually as part of moving a whole mandate or account.

REAL marks a realignment of positions: securities moved between depositories or CSD accounts so that the holdings each one records agree with where the securities actually sit after cross-system settlement.

INSP marks a move of stock into or out of a pooled account. It is typically used when securities instead of cash are used to buy or redeem units of a fund.

RODE marks the return of securities after a rejected delivery without matching: securities that arrived without the receiver’s matching instruction are sent back.

FCTA marks a movement that relates to a factor update: the position of an amortising security, such as a mortgage-backed or asset-backed bond, is adjusted to its new pool factor.

MKUP marks an increase of the position an ICSD holds at the common depository, made for custody reasons such as a pre-release, a repurchase or the realignment of corporate action proceeds.

MKDW marks a decrease of the position an ICSD holds at the common depository, made for custody reasons such as an issuer repurchase, a pre-release or the realignment of corporate action proceeds.

ISSU marks a settlement movement that relates to the issuance of a security, such as new shares or depositary receipts being created and delivered for the first time.

PLAC marks a settlement that belongs to the placement of a new issue: the instrument is delivered to the investors or intermediaries that took it up in the primary market.

NSYN marks the settlement of short and medium term paper, such as commercial paper, certificates of deposit, medium term notes and other notes, issued under a programme without a syndicate.

SYND marks the settlement of a new issue distributed through a syndicate of underwriters led by a lead manager, such as a syndicated bond, equity or warrant issue.

CONV marks a settlement movement that is part of a depositary receipt conversion, where holdings move between depositary receipts and the underlying local shares.

RELE marks a settlement movement that is part of releasing or cancelling depositary receipts, so that the underlying local shares are released into or from the local market.

ETFT marks a settlement that belongs to the creation or redemption of exchange traded fund units, typically between an authorised participant and the ETF.

SUBS marks the settlement of a subscription to a fund: new fund units are delivered to the investor’s account. The code is meant for the funds industry only.

REDM marks the settlement of a redemption of fund units: the investor delivers units back to the fund, usually against cash. The code is meant for the funds industry only.

REDI marks the withdrawal of specified amounts from specified sub-accounts. It is a rarely used code that identifies a withdrawal rather than a trade or a fund redemption.