Settlement transaction types
SUBS: Subscription (Funds)
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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.
- Code
- SUBS
What SUBS means
When fund units are held in a CSD or with a custodian, a subscription ends with the fund’s transfer agent or its settlement agent delivering the new units to the investor’s account, often against payment. That movement is flagged SUBS so that it is not mistaken for a purchase from another investor.
The opposite flow is REDM. ETF creations by authorised participants use ETFT, and securities moved into a fund in place of cash use INSP.
When you see it
- On unit deliveries from a fund’s transfer agent to distributors, platforms and custodians after a subscription order.
What to do next
- Use SUBS only for units issued by the fund. Buying units from another holder on a secondary market or platform is TRAD.
Where it appears in MT and ISO 20022
MT (ISO 15022)
- MT540, MT541, MT542 and MT543: sequence E (SETDET), field 22F,
:22F::SETR//SUBS. 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//SUBS) 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.