Settlement transaction types
RELE: DR Release/Cancellation
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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.
- Code
- RELE
What RELE means
When a holder cancels depositary receipts, the depositary bank releases the underlying shares from its custodian in the home market to the holder’s local account. The movements that deliver the receipts for cancellation and release the shares are flagged RELE.
The opposite direction, creating new receipts against deposited shares, is ISSU. CONV is the general code for conversion movements between receipts and shares. Citi’s field 22F guide lists RELE, CONV and ISSU as separate parts of DR operations.
When you see it
- On deliveries of receipts to the depositary bank and on receipts of local shares in the home market.
What to do next
- Use RELE for cancellation and release movements, and give the local delivery details the depositary needs. Check the depositary’s cut-off times, because a release processed after the local market cut-off settles a day later.
Where it appears in MT and ISO 20022
MT (ISO 15022)
- MT540, MT541, MT542 and MT543: sequence E (SETDET), field 22F,
:22F::SETR//RELE. 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//RELE) 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.