Do the two sides of a repo use the same SETR code?

Market guidance says no: the cash taker uses REPU and the cash provider RVPO. Because T2S does not match on the transaction type, the two instructions still match there. Where a market does match on SETR, agree the values with your counterparty.

Is RVPO also used on the closing leg?

Yes. The cash provider keeps RVPO on both legs: a receipt on the opening leg and a delivery on the closing leg.

What is the difference between RVPO and BSBK?

Both are the cash provider’s side of a financing deal. RVPO is for a repo under a repo agreement; BSBK is for a buy/sell-back, documented as a spot purchase plus a forward sale.

Settlement transaction types

RVPO: Reverse Repo

Written and maintained by ZagTrader. Last reviewed 21 October 2026. How this page is sourced and checked

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.

Code: RVPO

What RVPO means

A reverse repo is the same transaction as a repo seen from the cash provider. That party receives the securities against payment on the opening leg and delivers them back on the closing leg. The ECB bilateral collateral management expert group guidance (2020) assigns RVPO to this buyer: a receipt for the opening leg and a delivery for the closing leg, both with RVPO.

RVPO is the mirror of REPU, and the code stays with the party’s role for the whole life of the deal. When a triparty agent selects and moves the collateral, the cash provider uses TRVO. When the deal is a buy/sell-back, two linked outright trades with a forward sale, the cash provider uses BSBK.

Money market funds, treasury desks and other cash investors are typical RVPO users. The securities they receive are owed back on the closing date, so position keeping and collateral systems rely on the code to keep them apart from outright purchases.

When you see it

Opening leg: an MT541 receive against payment with :22F::SETR//RVPO, confirmed with an MT545.
Closing leg: an MT543 deliver against payment with RVPO, often tied to the opening leg through the second-leg reference :20C::SECO in sequence D.
In MT548 and MT537 reports on repo books, and in sese.024 status advices in T2S markets.

What to do next

Use RVPO when you provide the cash and receive the securities. If your desk booked the deal as a buy/sell-back, use BSBK; if a triparty agent moves the collateral, use TRVO. Under EU CSDR, CSDs report settlement fails per type of transaction (purchase or sale, collateral management, securities lending and borrowing, repo, other), and custodians such as BNY pass the instructed SETR code to the CSD for that reporting. A financing or collateral movement sent as TRAD lands in the wrong bucket.
An open repo has no fixed end: it is sent with :98B::TERM//OPEN in sequence D, and the end date is given later with a :22F::REPT//CALL instruction. Check that your closing date and amount agree with the counterparty’s REPU leg.
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).
Some custodians never apply automatic partial settlement to this type: BNY lists SECL, SECB, SLRE, SBRE, OWNI, TURN and the repo codes among the transactions it always instructs with NPAR.

Where it appears in MT and ISO 20022

MT (ISO 15022)

MT540, MT541, MT542 and MT543: sequence E (SETDET), field 22F, :22F::SETR//RVPO. 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//RVPO) 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.
Two-leg terms go in sequence D (block REPO) of MT540 to MT543: :98a::TERM closing date, :20C::SECO second-leg reference, :92A::REPO rate, :19A::TRTE termination amount.

MX (ISO 20022)

sese.023: SttlmParams/SctiesTxTp/Cd = RVPO (code list SecuritiesTransactionType23Code, unchanged in sese.023.001.09 to .013). SttlmParams/SctiesTxTp/Prtry carries a proprietary code instead.
Echoed in sese.024 at TxDtls/SttlmParams/SctiesTxTp/Cd and in sese.025 at SttlmParams/SctiesTxTp/Cd.
Two-leg deals can also be sent as one sese.033 Securities Financing Instruction with TxTpAndAddtlParams/SctiesFincgTxTp = RVPO.

Questions

Do the two sides of a repo use the same SETR code?: Market guidance says no: the cash taker uses REPU and the cash provider RVPO. Because T2S does not match on the transaction type, the two instructions still match there. Where a market does match on SETR, agree the values with your counterparty.
Is RVPO also used on the closing leg?: Yes. The cash provider keeps RVPO on both legs: a receipt on the opening leg and a delivery on the closing leg.
What is the difference between RVPO and BSBK?: Both are the cash provider’s side of a financing deal. RVPO is for a repo under a repo agreement; BSBK is for a buy/sell-back, documented as a spot purchase plus a forward sale.