Settlement transaction types
PORT: Portfolio Move
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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.
- Code
- PORT
What PORT means
When an asset owner changes investment manager or custodian, the holdings are transferred line by line as free deliveries and receipts. PORT identifies those movements as a portfolio transition rather than individual transfers. The official definition says why the code exists: account servicers usually charge portfolio moves differently from other transfers such as OWNE, OWNI or INSP.
Some markets use PORT for local rules too: Clearstream’s guide for Poland (KDPW) asks for :22F::SETR//PORT or :22F::BENE//NBEN on portfolio transfers.
When you see it
What to do next
- Use PORT for every line of a portfolio transition if your custodian prices or reports them separately; agree the code and the settlement date with both the old and the new custodian.
- In T2S markets the transaction type is not one of the matching fields, so the code on your instruction does not stop it matching. Some markets do match on it: Clearstream states that for KDPW (Poland) the SETR indicator is a mandatory matching criterion. There, agree the code with your counterparty, or both instructions stay unmatched with reason SETR (see unmatched settlement instructions).
Where it appears in MT and ISO 20022
MT (ISO 15022)
- MT540, MT541, MT542 and MT543: sequence E (SETDET), field 22F,
:22F::SETR//PORT. The SETR qualifier is mandatory, so every instruction carries one code (format:4!c/[8c]/4!c; with a data source scheme a proprietary code may be sent instead). - Repeated in the confirmations MT544, MT545, MT546 and MT547 (sequence E,
:22F::SETR//PORT) and in the MT548 status advice (sequence B, where SETR is mandatory when the sequence is present). - Optional in the statements: MT536 subsequence B1a2 and MT537 subsequences B2b and C2.