The Swift Single Currency Interest Rate Derivative Confirmation. The two parties to a single currency interest rate swap, cap, floor or collar exchange it to confirm the swap type, notional, term, legs, payment schedules and settlement instructions.

What is the difference between MT360 and MT361?

The MT360 covers derivatives in one currency, including caps, floors and collars. The MT361 covers cross currency swaps, with a notional per party, optional exchanges of principal and amortising schedules per party, and also correlation, variance and volatility swaps.

What does field 23A mean in an MT360?

The swap type from party A’s side (for example FIXEDFLOAT: party A pays fixed and receives floating) and the settlement method, NET or GROSS. The type decides which leg sequences must be present.

How is the common reference 22C built in an MT360?

From the sender’s and receiver’s BICs without country code, in alphabetical order, with the year and month of the termination date in between: BANK2L2910ZAGTAD for a swap ending in October 2029.

How is an overnight index swap confirmed in an MT360?

As a floating leg with 14J OTHER and 38E 0O, without averaging (14G) or compounding (22D), and with the details of the overnight rate calculation in 37N.

Category 3: Foreign exchange, money markets and derivatives

MT360 Single Currency Interest Rate Derivative Confirmation

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

The MT360 is the Swift message the two parties to a single currency interest rate swap, cap, floor or collar send each other to confirm it: the swap type, notional, term, each fixed or floating leg with its payment schedule, and where each party is paid. It is used under ISDA, AFB, German or BBA master agreements or another bilateral agreement, and can also be sent by a money broker.

Message type: MT360
Category: 3
Structure: 24 sequences, 150 fields listed
ISO 20022: No direct equivalent

When MT360 is used

Party A and party B, the institutions or corporates that agreed the derivative, exchange MT360s to confirm it, each with itself as party A; a money broker can confirm to both (94A BROK). Everything is in one currency: swaps between two currencies use the MT361. Later events use other messages: rate resets and payment advices go by MT362, termination or recouponing by MT364, a request to cancel by MT392. The contract numbers 21N and 21B stay the same for the life of the deal and link those messages to the original confirmation.

Field 23A says what is being confirmed and decides the shape of the message. FIXEDFLOAT means party A pays fixed and receives floating, so the floating leg payable by party B (sequence C) and the fixed leg payable by party A (sequence E) are present, and sequences B and F are not. FLOATFIXED is the opposite (B and F), FIXEDFIXED uses B and E, FLOATFLOAT uses C and F. A cap or floor buyer has only sequence C (the seller pays the floating amounts above the cap or below the floor), a seller only sequence F, and a collar uses C and F. The premium of a cap, floor or collar goes in sequence L or M with type PRMP. The second part of 23A, NET or GROSS, says whether amounts due on the same date are netted.

The legs are arranged by who pays. Sequences B and C describe what party B pays, with the instructions for those payments (where party A is paid) in sequence D. Sequences E and F describe what party A pays, with its payment instructions in sequence G. A fixed leg gives the rate (37M) or explicit amounts (32M). A floating leg gives the ISDA floating rate option (14F), the reset rule (14J), the designated maturity (38E, such as 6M), an optional spread (37R), optional averaging (14G), compounding (C2 or F2) and stub interpolation (C3 or F3), and cap or floor rates (37V, 37G) where they apply.

Each payment schedule lists every unadjusted payment date (30F, counted by the first 18A), the period end date adjustment indicator (17F), the day count fraction (14D), the business day convention (14A) and the financial centres whose holidays apply (22B, counted by the second 18A). Amortising and accreting swaps add the notional per period in sequence H.

Overnight index swaps follow specific rules in the standard: 14J is OTHER, 38E is 0O (zero, period code O), 14G and the compounding subsequence are not used, and the details of the rate calculation go in 37N. Post-determined French rates (such as FRF-T4M-CDC) work differently again: the fixed rate becomes mandatory and the detailed schedules are not used.

Field 22C differs from the FX confirmations: the four digits are the year and month of the termination date (30P), so a swap ending in October 2029 between ZAGTAEAD and BANKGB2L has the common reference BANK2L2910ZAGTAD. Sequence O carries regulatory reporting data such as the UTI (22M and 22N) per reporting jurisdiction (22L).

MT360 format: sequences and fields

Sequence AGeneral InformationMandatory

The parties, the type of swap, the term, the notional and the legal framework.

Tag	Name	Status	Format	Meaning
15A	New Sequence	M	Empty field	Opens sequence A. Only the tag is sent.
20	Sender's Reference	M	16x	The sender’s unique reference for this confirmation.
21	Related Reference	C	16x	Field 20 of the confirmation being amended or cancelled. Mandatory with 22A AMND or CANC.
22A	Type of Operation	M	4!c	NEWT (new), AMND (replaces an earlier confirmation), CANC (cancels one) or DUPL (duplicate).
94A	Scope of Operation	O	4!c	BILA (principals, the default), AGNT (on behalf of a third party) or BROK (money broker, which makes sequence N with 88a mandatory).
22C	Common Reference	M	4!a2!c4!n4!a2!c	The sender’s and receiver’s BICs without country code, in alphabetical order, around four digits: the year and month (YYMM) of the termination date in 30P. A swap ending on 22 October 2029 gives 2910.
23A	Identification of the Swap	M	10a/5a	The type of deal and the settlement method. Type: FIXEDFLOAT (party A pays fixed, receives floating), FLOATFIXED, FIXEDFIXED, FLOATFLOAT, CAPBUYER, CAPSELLER, FLOORBUYER, FLOORSLLER, COLLARBYER or COLLARSLLR. Method: NET (amounts due on the same day are netted) or GROSS. The type decides which of sequences B, C, E and F are present.
21N	Contract Number Party A	M	16x	Party A’s contract number. It stays the same for the life of the deal and links resets, payments, terminations and recouponing back to it.
21B	Contract Number Party B	O	16x	Party B’s contract number, if known.
30T	Trade Date	M	8!n	The date the deal was agreed (YYYYMMDD).
30V	Effective Date	M	8!n	The first day of the term, the ISDA effective date.
30P	Termination Date	M	8!n	The last day of the term, preferably unadjusted. Field 22C takes its year and month.
14A	Business Day Convention	O	9a	How the termination date is adjusted: FOLLOWING, MODIFIEDF, PRECEDING, FRN or OTHER (77D then required; OTHER with NONE in 77D means no adjustment).
32B	Currency, Notional Amount	M	3!a15d	The single currency of the deal and the notional on which interest is calculated (for an amortising swap, the notional of the first period).
82a	Party AOptions A or D	M	A: [/1!a][/34x] 4!a2!a2!c[3!c] D: [/1!a][/34x] 4*35x	One legal party, usually the sender or the institution it acts for.
87a	Party BOptions A or D	M	A: [/1!a][/34x] 4!a2!a2!c[3!c] D: [/1!a][/34x] 4*35x	The counterparty, usually the receiver or the institution it acts for.
83a	Fund or Beneficiary CustomerOptions A, D or J	O	A: [/1!a][/34x] 4!a2!a2!c[3!c] D: [/1!a][/34x] 435x J: 540x	The fund or customer for which a fund manager or agent dealt.
17A	Collateral Agreement Indicator	O	1!a	Y when the deal falls under a collateral agreement between the parties, N when it does not. Absent means not known when the confirmation was sent.
77H	Type, Date, Version of the Agreement	M	6a[/8!n][//4!n]	The master agreement: ISDA, AFB, DERV, BBAIRS, ISDACN or OTHER, with signing date and version where required (mandatory for ISDA, AFB and DERV, not allowed for BBAIRS).
77D	Additional Conditions	C	6*35x	Free text, mandatory when 14A or the agreement type in 77H is OTHER.
14C	Year of Definitions	M	4!n	Which ISDA Definitions apply, for example 2006; 0000 for AFB, BBAIRS and DERV.
72	Sender to Receiver Information	O	6*35x	Additional information in the `/8c/` code format.
39M	Payment Clearing Centre	O	2!a	ISO country code of the clearing centre for an offshore currency.

Sequence BFixed Interest Payable by Party BConditional

The fixed leg paid by party B. Present or absent depending on the swap type in 23A.

Tag	Name	Status	Format	Meaning
15B	New Sequence	M	Empty field	Opens sequence B.
37M	Fixed Rate	C	[N]12d	The fixed rate party B pays, in percent (N for a negative rate). When it is given, the payment schedule uses rate, day count and period end adjustment; when it is absent, the fixed amounts are listed in 32M. Mandatory when the other leg uses a post-determined French floating rate option.
37N	Details of Interest Rate	C	6*35x	Free text that completes the leg, mandatory when 14A or 14D in the leg contains OTHER.

Sequence B1Interest DetailsConditional

The payment schedule of the fixed leg paid by party B. Two counts drive it: the first 18A gives the number of 30F (and 32M) entries, the second the number of 22B centres.

Tag	Name	Status	Format	Meaning
18A	Number of Repetitions	M	5n	How many payment dates follow (the number of 30F fields).
30F	Payment DateRepeatable	M	8!n	One payment date per occurrence, in ascending order and unadjusted; stubs included. The business day convention and financial centres below adjust them.
32M	Currency, Payment AmountRepeatable	C	3!a15d	The fixed amount due on that date, only when no fixed rate is given in 37M.
17F	Period End Date Adjustment Indicator	C	1!a	Y when the calculation periods end on the adjusted payment dates, N when they stay unadjusted. Mandatory with 37M, not allowed without it.
14D	Day Count Fraction	C	7x	The day count of the fixed leg, for example ACT/360, ACT/365, AFI/365, 360/360, 30E/360, EBD/360, ICM/ACT or OTHER. Mandatory with 37M, not allowed without it.
14A	Business Day Convention	M	9a	How payment dates are adjusted when they fall on a non-business day: FOLLOWING, MODIFIEDF, PRECEDING, FRN or OTHER.
18A	Number of Repetitions	M	5n	How many financial centres follow (the number of 22B fields).
22B	Financial CentreRepeatable	M	4!c	A business centre whose holidays apply, as a four-character code such as GBLO (London), USNY (New York) or EUTA (TARGET).

Sequence CFloating Interest Payable by Party BConditional

The floating leg paid by party B.

Tag	Name	Status	Format	Meaning
15C	New Sequence	M	Empty field	Opens sequence C.
14F	Floating Rate Option	M	24x	The floating rate party B pays, using the ISDA floating rate option name where possible (for example EUR-EURIBOR); OTHER with details in 37N. No blanks.
37V	Cap Rate	C	[N]12d	The cap rate in percent. Mandatory for the leg that carries a cap (and for one side of a collar), depending on 23A.
37G	Floor Rate	C	[N]12d	The floor rate in percent. Mandatory for the leg that carries a floor (and for one side of a collar), depending on 23A.
37N	Details of Interest Rate	C	6*35x	Free text that completes the leg, mandatory when 14F, 14J, 14A or 14D contains OTHER or 14G, 38E, 38G or 38H uses the period code O.

Sequence C1Interest DetailsConditional

Rate fixing and payment schedule of the floating leg paid by party B.

Tag	Name	Status	Format	Meaning
14J	Reset Date Specification	M	5a	When the rate is fixed: FIRST (first day of the period), LAST (last day) or OTHER (in 37N). Overnight index swaps use OTHER.
14G	Averaging Frequency and Method	C	1!a/8!a	For an averaging swap only: frequency D, W, M, Y or O, and WEIGHTED or UNWEIGHT. Not used for overnight index swaps.
38E	Designated Maturity	M	2n1!a	The tenor of the floating rate, for example 3M or 6M (D, W, M, Y). Overnight index swaps use 0O with the details in 37N.
18A	Number of Repetitions	M	5n	How many payment dates follow.
30F	Payment DateRepeatable	M	8!n	One unadjusted payment date per occurrence, in ascending order.
17F	Period End Date Adjustment Indicator	M	1!a	Y when calculation periods end on the adjusted payment dates, N when they do not.
14D	Day Count Fraction	M	7x	The day count of the floating leg, for example ACT/360.
14A	Business Day Convention	M	9a	FOLLOWING, MODIFIEDF, PRECEDING, FRN or OTHER.
18A	Number of Repetitions	M	5n	How many financial centres follow.
22B	Financial CentreRepeatable	M	4!c	A business centre for date adjustment, such as EUTA or GBLO.
37R	Spread	O	[N]12d	The margin over the floating rate in percent, N when it is subtracted. Absent means no spread.

Sequence C2Compounding DetailsOptional

Only for a compounding swap.

Tag	Name	Status	Format	Meaning
22D	Compounding Type	M	4!c	FLAT or STRT (straight, spread included in the compounded rate). Not used for overnight index swaps.
18A	Number of Repetitions	M	5n	How many compounding dates follow.
30X	Compounding DateRepeatable	M	8!n	A compounding date, one per occurrence.

Sequence C3Interpolation for Stub PeriodsOptional

Linear interpolation for stub periods. If another method applies, this message type cannot be used.

Tag	Name	Status	Format	Meaning
38G	First Stub Period, Interpolation Period	O	2n1!a/2n1!a	The two tenors used to interpolate the rate for a short or long first period, for example 1M/3M.
38H	Last Stub Period, Interpolation Period	O	2n1!a/2n1!a	The two tenors used to interpolate the rate for the last period.

Sequence DPayment Instructions for Interest Payable by Party BMandatory

Settlement instructions for everything party B pays under the interest legs.

Tag	Name	Status	Format	Meaning
15D	New Sequence	M	Empty field	Opens sequence D.
53a	Delivery AgentOptions A or D	O	A: [/1!a][/34x] 4!a2!a2!c[3!c] D: [/1!a][/34x] 4*35x	Where party B’s payments come from, when it wants to say so.
56a	IntermediaryOptions A or D	O	A: [/1!a][/34x] 4!a2!a2!c[3!c] D: [/1!a][/34x] 4*35x	An intermediary before the receiving agent.
86a	Second IntermediaryOptions A or D	C	A: [/1!a][/34x] 4!a2!a2!c[3!c] D: [/1!a][/34x] 4*35x	A second intermediary; only allowed when 56a is present.
57a	Receiving AgentOptions A or D	M	A: [/1!a][/34x] 4!a2!a2!c[3!c] D: [/1!a][/34x] 4*35x	Where party A receives the interest paid by party B. Option A with a BIC is preferred; option D can carry recognised codes for standing instructions or netting.

Sequence EFixed Interest Payable by Party AConditional

The fixed leg paid by party A. Present or absent depending on the swap type in 23A.

Tag	Name	Status	Format	Meaning
15E	New Sequence	M	Empty field	Opens sequence E.
37M	Fixed Rate	C	[N]12d	The fixed rate party A pays, in percent (N for a negative rate). When it is given, the payment schedule uses rate, day count and period end adjustment; when it is absent, the fixed amounts are listed in 32M. Mandatory when the other leg uses a post-determined French floating rate option.
37N	Details of Interest Rate	C	6*35x	Free text that completes the leg, mandatory when 14A or 14D in the leg contains OTHER.

Sequence E1Interest DetailsConditional

The payment schedule of the fixed leg paid by party A. Two counts drive it: the first 18A gives the number of 30F (and 32M) entries, the second the number of 22B centres.

Tag	Name	Status	Format	Meaning
18A	Number of Repetitions	M	5n	How many payment dates follow (the number of 30F fields).
30F	Payment DateRepeatable	M	8!n	One payment date per occurrence, in ascending order and unadjusted; stubs included. The business day convention and financial centres below adjust them.
32M	Currency, Payment AmountRepeatable	C	3!a15d	The fixed amount due on that date, only when no fixed rate is given in 37M.
17F	Period End Date Adjustment Indicator	C	1!a	Y when the calculation periods end on the adjusted payment dates, N when they stay unadjusted. Mandatory with 37M, not allowed without it.
14D	Day Count Fraction	C	7x	The day count of the fixed leg, for example ACT/360, ACT/365, AFI/365, 360/360, 30E/360, EBD/360, ICM/ACT or OTHER. Mandatory with 37M, not allowed without it.
14A	Business Day Convention	M	9a	How payment dates are adjusted when they fall on a non-business day: FOLLOWING, MODIFIEDF, PRECEDING, FRN or OTHER.
18A	Number of Repetitions	M	5n	How many financial centres follow (the number of 22B fields).
22B	Financial CentreRepeatable	M	4!c	A business centre whose holidays apply, as a four-character code such as GBLO (London), USNY (New York) or EUTA (TARGET).

Sequence FFloating Interest Payable by Party AConditional

The floating leg paid by party A.

Tag	Name	Status	Format	Meaning
15F	New Sequence	M	Empty field	Opens sequence F.
14F	Floating Rate Option	M	24x	The floating rate party A pays, using the ISDA floating rate option name where possible (for example EUR-EURIBOR); OTHER with details in 37N. No blanks.
37V	Cap Rate	C	[N]12d	The cap rate in percent. Mandatory for the leg that carries a cap (and for one side of a collar), depending on 23A.
37G	Floor Rate	C	[N]12d	The floor rate in percent. Mandatory for the leg that carries a floor (and for one side of a collar), depending on 23A.
37N	Details of Interest Rate	C	6*35x	Free text that completes the leg, mandatory when 14F, 14J, 14A or 14D contains OTHER or 14G, 38E, 38G or 38H uses the period code O.

Sequence F1Interest DetailsConditional

Rate fixing and payment schedule of the floating leg paid by party A.

Tag	Name	Status	Format	Meaning
14J	Reset Date Specification	M	5a	When the rate is fixed: FIRST (first day of the period), LAST (last day) or OTHER (in 37N). Overnight index swaps use OTHER.
14G	Averaging Frequency and Method	C	1!a/8!a	For an averaging swap only: frequency D, W, M, Y or O, and WEIGHTED or UNWEIGHT. Not used for overnight index swaps.
38E	Designated Maturity	M	2n1!a	The tenor of the floating rate, for example 3M or 6M (D, W, M, Y). Overnight index swaps use 0O with the details in 37N.
18A	Number of Repetitions	M	5n	How many payment dates follow.
30F	Payment DateRepeatable	M	8!n	One unadjusted payment date per occurrence, in ascending order.
17F	Period End Date Adjustment Indicator	M	1!a	Y when calculation periods end on the adjusted payment dates, N when they do not.
14D	Day Count Fraction	M	7x	The day count of the floating leg, for example ACT/360.
14A	Business Day Convention	M	9a	FOLLOWING, MODIFIEDF, PRECEDING, FRN or OTHER.
18A	Number of Repetitions	M	5n	How many financial centres follow.
22B	Financial CentreRepeatable	M	4!c	A business centre for date adjustment, such as EUTA or GBLO.
37R	Spread	O	[N]12d	The margin over the floating rate in percent, N when it is subtracted. Absent means no spread.

Sequence F2Compounding DetailsOptional

Only for a compounding swap.

Tag	Name	Status	Format	Meaning
22D	Compounding Type	M	4!c	FLAT or STRT (straight, spread included in the compounded rate). Not used for overnight index swaps.
18A	Number of Repetitions	M	5n	How many compounding dates follow.
30X	Compounding DateRepeatable	M	8!n	A compounding date, one per occurrence.

Sequence F3Interpolation for Stub PeriodsOptional

Linear interpolation for stub periods. If another method applies, this message type cannot be used.

Tag	Name	Status	Format	Meaning
38G	First Stub Period, Interpolation Period	O	2n1!a/2n1!a	The two tenors used to interpolate the rate for a short or long first period, for example 1M/3M.
38H	Last Stub Period, Interpolation Period	O	2n1!a/2n1!a	The two tenors used to interpolate the rate for the last period.

Sequence GPayment Instructions for Interest Payable by Party AMandatory

Settlement instructions for everything party A pays under the interest legs.

Tag	Name	Status	Format	Meaning
15G	New Sequence	M	Empty field	Opens sequence G.
53a	Delivery AgentOptions A or D	O	A: [/1!a][/34x] 4!a2!a2!c[3!c] D: [/1!a][/34x] 4*35x	Where party A’s payments come from, when it wants to say so.
56a	IntermediaryOptions A or D	O	A: [/1!a][/34x] 4!a2!a2!c[3!c] D: [/1!a][/34x] 4*35x	An intermediary before the receiving agent.
86a	Second IntermediaryOptions A or D	C	A: [/1!a][/34x] 4!a2!a2!c[3!c] D: [/1!a][/34x] 4*35x	A second intermediary; only allowed when 56a is present.
57a	Receiving AgentOptions A or D	M	A: [/1!a][/34x] 4!a2!a2!c[3!c] D: [/1!a][/34x] 4*35x	Where party B receives the interest paid by party A. Option A with a BIC is preferred; option D can carry recognised codes for standing instructions or netting.

Sequence HAmortising ScheduleOptional

Only for an amortising or accreting swap, where the notional changes over time.

Tag	Name	Status	Format	Meaning
15H	New Sequence	M	Empty field	Opens sequence H.
18A	Number of Repetitions	M	5n	How many notional periods follow.
30G	Variable Notional Start and End DateRepeatable	M	8!n/8!n	Start and end (unadjusted) of a period with its own notional.
32U	Outstanding Notional Currency and AmountRepeatable	M	3!a15d	The notional that applies in that period.
14A	Business Day Convention	M	9a	How the period dates are adjusted.
18A	Number of Repetitions	M	5n	How many financial centres follow.
22B	Financial CentreRepeatable	M	4!c	A business centre for date adjustment.

Sequence LAdditional Amounts Payable by Party BOptional

Premium for a cap, floor or collar and other one-off amounts paid by party B. The block 22E, 30F, 32M repeats as 18A says.

Tag	Name	Status	Format	Meaning
15L	New Sequence	M	Empty field	Opens sequence L.
18A	Number of Repetitions	M	5n	How many payments follow.
22E	Type of PaymentRepeatable	M	4!c	PRMP (premium of a cap, floor or collar), FEES, or a bilaterally agreed code.
30F	Payment DateRepeatable	M	8!n	The date of the payment.
32M	Currency, Payment AmountRepeatable	M	3!a15d	The amount paid by party B.
14A	Business Day Convention	M	9a	How the payment dates are adjusted.
18A	Number of Repetitions	M	5n	How many financial centres follow.
22B	Financial CentreRepeatable	M	4!c	A business centre for date adjustment.
53a	Delivery AgentOptions A or D	C	A: [/1!a][/34x] 4!a2!a2!c[3!c] D: [/1!a][/34x] 4*35x	Where the funds come from; only allowed when 57a is present.
56a	IntermediaryOptions A or D	C	A: [/1!a][/34x] 4!a2!a2!c[3!c] D: [/1!a][/34x] 4*35x	An intermediary; only allowed when 57a is present.
86a	Second IntermediaryOptions A or D	C	A: [/1!a][/34x] 4!a2!a2!c[3!c] D: [/1!a][/34x] 4*35x	A second intermediary; only with 56a.
57a	Receiving AgentOptions A or D	O	A: [/1!a][/34x] 4!a2!a2!c[3!c] D: [/1!a][/34x] 4*35x	Where the payee receives the amounts. If no settlement instructions are given, none of 53a, 56a and 57a is used.

Sequence MAdditional Amounts Payable by Party AOptional

Premium for a cap, floor or collar and other one-off amounts paid by party A. The block 22E, 30F, 32M repeats as 18A says.

Tag	Name	Status	Format	Meaning
15M	New Sequence	M	Empty field	Opens sequence M.
18A	Number of Repetitions	M	5n	How many payments follow.
22E	Type of PaymentRepeatable	M	4!c	PRMP (premium of a cap, floor or collar), FEES, or a bilaterally agreed code.
30F	Payment DateRepeatable	M	8!n	The date of the payment.
32M	Currency, Payment AmountRepeatable	M	3!a15d	The amount paid by party A.
14A	Business Day Convention	M	9a	How the payment dates are adjusted.
18A	Number of Repetitions	M	5n	How many financial centres follow.
22B	Financial CentreRepeatable	M	4!c	A business centre for date adjustment.
53a	Delivery AgentOptions A or D	C	A: [/1!a][/34x] 4!a2!a2!c[3!c] D: [/1!a][/34x] 4*35x	Where the funds come from; only allowed when 57a is present.
56a	IntermediaryOptions A or D	C	A: [/1!a][/34x] 4!a2!a2!c[3!c] D: [/1!a][/34x] 4*35x	An intermediary; only allowed when 57a is present.
86a	Second IntermediaryOptions A or D	C	A: [/1!a][/34x] 4!a2!a2!c[3!c] D: [/1!a][/34x] 4*35x	A second intermediary; only with 56a.
57a	Receiving AgentOptions A or D	O	A: [/1!a][/34x] 4!a2!a2!c[3!c] D: [/1!a][/34x] 4*35x	Where the payee receives the amounts. If no settlement instructions are given, none of 53a, 56a and 57a is used.

Sequence NOptional General InformationConditional

Not match-critical. Optional, but mandatory with 88a when 94A is BROK.

Tag	Name	Status	Format	Meaning
15N	New Sequence	M	Empty field	Opens sequence N.
29A	Contact Information	O	4*35x	Who to contact, with codes such as /NAME/, /DEPT/, /PHON/.
24D	Dealing Method	O	4!c[/35x]	How the deal was agreed, for example BROK, ELEC or PHON.
88a	Broker IdentificationOptions A or D	C	A: [/1!a][/34x] 4!a2!a2!c[3!c] D: [/1!a][/34x] 4*35x	The money broker; mandatory when 94A is BROK.
71F	Broker's Commission	C	3!a15d	The brokerage, only on a broker confirmation (94A BROK).
21G	Broker's Reference	O	16x	The broker’s reference for the deal.

Sequence OReporting InformationOptional

Trade repository reporting data (EMIR, CFTC and other regimes). The repeating block O1 comes first, then the fields under "Reporting Information, continued".

Tag	Name	Status	Format	Meaning
15O	New Sequence	M	Empty field	Opens sequence O. At least one other field must follow.

Sequence O1Reporting PartiesOptional, repeatable

Tag	Name	Status	Format	Meaning
22L	Reporting Jurisdiction	M	35x	The regulator or regime the trade is reported to, for example ESMA, FCA, CFTC or SEC; OTHR with the name in 77A.
91a	Reporting PartyOptions A, D or J	O	A: [/1!a][/34x] 4!a2!a2!c[3!c] D: [/1!a][/34x] 435x J: 540x	The party responsible for reporting.

Sequence O1aUnique Transaction IdentifierOptional, repeatable

Tag	Name	Status	Format	Meaning
22M	UTI Namespace/Issuer Code	M	30x	Issuer part of the UTI, often the LEI of the entity that generated it.
22N	Transaction Identifier	M	32x	Identifier part of the UTI; both parties report the same value.

Sequence O1a1Prior Unique Transaction IdentifierOptional, repeatable

Tag	Name	Status	Format	Meaning
22P	PUTI Namespace/Issuer Code	M	30x	Issuer part of a prior UTI, for example before a novation.
22R	Prior Transaction Identifier	M	32x	Identifier part of a prior UTI.

Sequence OReporting Information, continuedOptional

Partial list: the common fields. The sequence also has optional fields 22S, 22T, 17E, 35B, 17P, 17W, 17Y, 17L, 17M, 17Q, 17S and 17X, as in the MT300 reporting sequence. Unlike the MT300 it has no CCP (81a) or clearing broker (89a) field.

Tag	Name	Status	Format	Meaning
96a	Clearing Exception PartyOptions A, D or J	O	A: [/1!a][/34x] 4!a2!a2!c[3!c] D: [/1!a][/34x] 435x J: 540x	The party claiming an exception from the clearing obligation.
22U	Unique Product Identifier	O	12x	The product identifier, 12 characters since SR 2024 for ISO 4914 identifiers (6 letters before).
17H	Allocation Indicator	O	1!a	A (post-allocation), P (pre-allocation) or U (unallocated).
22V	Execution Venue	O	35x	Where the trade was executed: a BIC, LEI or MIC.
98D	Execution Timestamp	O	8!n6!n[,3n][/[N]2!n[2!n]]	Execution date and time in UTC.
17Z	Collateral Portfolio Indicator	O	1!a	Y when collateralised on a portfolio basis; 22Q is then mandatory.
22Q	Collateral Portfolio Code	C	10x	The collateral portfolio code, required when 17Z is Y.
34C	Commission and FeesRepeatable	O	4!c/[N]3!a15d	A commission or fee type with currency and amount, or PCT and a rate.
77A	Additional Reporting Information	O	20*35x	Further information the regulator needs.

Format notation: n digits, a upper-case letters, c upper-case letters and digits, x any character of the Swift character set, d a decimal number with a comma, ! fixed length, [ ] optional, 4*35x up to 4 lines of 35 characters. M mandatory, O optional, C conditional (a rule decides).

Rules worth knowing

Field 23A decides which interest legs are present (rule C10, error D58): FIXEDFIXED needs B and E; FLOATFLOAT C and F; FLOATFIXED B and F; FIXEDFLOAT C and E; CAPBUYER and FLOORBUYER only C; CAPSELLER and FLOORSLLER only F; COLLARBYER and COLLARSLLR C and F.
In a fixed leg, either the rate is given (37M, then 17F and 14D are mandatory and 32M is not allowed) or the amounts are given (32M, without 17F and 14D) (rules C11 and C12, errors D45 and D59).
The cap and floor rates follow 23A: a cap buyer must give 37V and no 37G in sequence C, a floor buyer 37G and no 37V, and a collar a cap rate on one side and a floor rate on the other (rule C19, error E42).
Any OTHER code (in 14A, 14D, 14F, 14J, 77H) and any period code O (in 14G, 38E, 38G, 38H) requires the explanation in 37N of the same sequence, or in 77D for sequence A (rules C1 to C9, errors D35 to D42).
Only one currency is allowed: all amount fields must use the same currency (rule C15, error C02).
If the floating rate option is a post-determined French rate under ISDA or AFB terms, the fixed rate is mandatory and subsequences B1, C1, C2, C3, E1, F1, F2 and F3 are not used; otherwise the interest details subsequences of the legs present are mandatory (rule C16, error E41).
Field 21 is mandatory with AMND and CANC (rule C17, error D02). Sequence N with 88a is mandatory when 94A is BROK, and 71F is only allowed then (rule C18, error D74).
Field 86a only with 56a (E35). In sequences L and M, 53a and 56a only with 57a (D48). Each 18A must equal the number of occurrences it counts (D96).
Field 22C: sender’s and receiver’s BIC codes in alphabetical order (T95, T96) and the four digits YYMM of 30P (T22).

MT360 example

On 20 October 2026 ZagTrader Test Bank, Dubai (ZAGTAEADXXX) enters a three-year EUR 25,000,000.00 interest rate swap with BANKGB2LXXX, effective 22 October 2026. ZagTrader pays a fixed 2.85% annually (30/360) and receives 6-month EURIBOR semi-annually (ACT/360), with modified following adjustment on TARGET days. Amounts are netted when they fall on the same date.

{1:F01ZAGTAEADAXXX0000000000}{2:I360BANKGB2LXXXXN}{4:
:15A:
:20:ZTIRS2610200005
:22A:NEWT
:94A:BILA
:22C:BANK2L2910ZAGTAD
:23A:FIXEDFLOAT/NET
:21N:ZTIRS0005
:30T:20261020
:30V:20261022
:30P:20291022
:14A:MODIFIEDF
:32B:EUR25000000,
:82A:ZAGTAEADXXX
:87A:BANKGB2LXXX
:77H:ISDA/20150612//2002
:14C:2006
:15C:
:14F:EUR-EURIBOR
:14J:FIRST
:38E:6M
:18A:6
:30F:20270422
:30F:20271022
:30F:20280422
:30F:20281022
:30F:20290422
:30F:20291022
:17F:Y
:14D:ACT/360
:14A:MODIFIEDF
:18A:1
:22B:EUTA
:15D:
:57A:BANKDEFFXXX
:15E:
:37M:2,85
:18A:3
:30F:20271022
:30F:20281022
:30F:20291022
:17F:Y
:14D:360/360
:14A:MODIFIEDF
:18A:1
:22B:EUTA
:15G:
:57A:BANKFRPPXXX
:15O:
:22L:FCA
:22M:549300ZAGTTEST000001
:22N:ZTIRS261020000005
-}

Decode this example in the parser

Line by line

Line	What it says
{1:F01ZAGTAEADAXXX0000000000}{2:I360BANKGB2LXXXXN}{4:	Sender ZAGTAEADXXX, input MT360 to BANKGB2LXXX.
:15A:	Start of sequence A.
:20:ZTIRS2610200005	ZagTrader’s reference.
:22A:NEWT	New confirmation.
:94A:BILA	Principals confirming directly.
:22C:BANK2L2910ZAGTAD	Common reference: 2910 is the year and month of the termination date 20291022.
:23A:FIXEDFLOAT/NET	Party A pays fixed and receives floating; same-day amounts are netted. So sequences C and E are present.
:21N:ZTIRS0005	ZagTrader’s contract number for the life of the swap.
:30T:20261020	Trade date.
:30V:20261022	Effective date.
:30P:20291022	Termination date (unadjusted).
:14A:MODIFIEDF	Termination date adjusted modified following.
:32B:EUR25000000,	Currency and notional.
:82A:ZAGTAEADXXX	Party A: ZagTrader.
:87A:BANKGB2LXXX	Party B: the counterparty.
:77H:ISDA/20150612//2002	ISDA master agreement, signed 12 June 2015, 2002 version.
:14C:2006	2006 ISDA Definitions.
:15C:	Sequence C: the floating leg paid by party B.
:14F:EUR-EURIBOR	Floating rate option.
:14J:FIRST	Subsequence C1: the rate is set at the start of each period.
:38E:6M	Six-month EURIBOR.
:18A:6	Six payment dates follow.
:30F:20270422
:30F:20271022
:30F:20280422
:30F:20281022
:30F:20290422
:30F:20291022	Unadjusted semi-annual payment dates; 22 October 2028 is a Sunday and moves under the convention below.
:17F:Y	Calculation periods end on the adjusted payment dates.
:14D:ACT/360	Day count of the floating leg.
:14A:MODIFIEDF	Business day convention.
:18A:1	One financial centre follows.
:22B:EUTA	TARGET business days.
:15D:	Sequence D: where party A receives what party B pays.
:57A:BANKDEFFXXX	ZagTrader’s EUR correspondent.
:15E:	Sequence E: the fixed leg paid by party A.
:37M:2,85	Fixed rate 2.85%. With 37M present, 17F and 14D are required in E1 and 32M is not allowed.
:18A:3	Subsequence E1: three annual payment dates.
:30F:20271022
:30F:20281022
:30F:20291022
:17F:Y	Adjusted calculation periods.
:14D:360/360	30/360 day count.
:14A:MODIFIEDF	Business day convention.
:18A:1	One financial centre.
:22B:EUTA	TARGET business days.
:15G:	Sequence G: where party B receives what party A pays.
:57A:BANKFRPPXXX	BANKGB2L’s EUR correspondent.
:15O:	Sequence O: reporting information.
:22L:FCA	Reportable to the UK FCA.
:22M:549300ZAGTTEST000001	UTI namespace (fictitious LEI).
:22N:ZTIRS261020000005	UTI identifier.
-}	End of block 4.

BICs, references, LEI and UTI are made up.

BANKGB2L’s confirmation has itself as party A and 23A FLOATFIXED/NET, so its legs appear in sequences B (fixed, paid by ZagTrader as its party B) and F (floating, paid by BANKGB2L), with the same 22C.

Common errors and rejects

Legs do not fit the swap type in 23A (D58)
Each 23A code allows one combination of sequences B, C, E and F. A common mistake is putting party A’s fixed leg in sequence B: B and C are what party B pays, E and F what party A pays. Read the code from party A’s side: FIXEDFLOAT means party A pays fixed (E) and party B pays floating (C).
Fixed rate and fixed amounts mixed (D45, D59)
Give either 37M (then 17F and 14D in the schedule, no 32M) or the amounts in 32M (then no 17F and 14D). Not both.
OTHER without explanation (D35 to D42)
Whenever a code field says OTHER, or a period code is O (as for overnight index swaps in 38E), 37N in the same sequence (or 77D in sequence A) must explain it.
Two currencies in an MT360 (C02)
All amounts must be in the currency of 32B. A swap that pays interest in two currencies, or exchanges principal, belongs in an MT361.
Common reference rejected (T22)
The four digits of 22C are the year and month of the termination date in 30P (YYMM), not digits of a rate as in the MT300.
Repetition count does not match (D96)
Every 18A counts what follows it: the first counts the 30F payment dates, the second the 22B financial centres. Adding a payment date without updating the count is rejected.

ISO 20022

Swift’s MT and MX equivalence tables (May 2024) list no ISO 20022 equivalent for the MT360. Treasury confirmations (category 3) were not part of the CBPR+ migration that ended MT/MX coexistence for cross-border payment instructions on 22 November 2025, and the MT360 remains in use on FIN.

The interest payments themselves are ordinary transfers, which between financial institutions on Swift now travel as pacs.009.

MT360 questions

What is an MT360?: The Swift Single Currency Interest Rate Derivative Confirmation. The two parties to a single currency interest rate swap, cap, floor or collar exchange it to confirm the swap type, notional, term, legs, payment schedules and settlement instructions.
What is the difference between MT360 and MT361?: The MT360 covers derivatives in one currency, including caps, floors and collars. The MT361 covers cross currency swaps, with a notional per party, optional exchanges of principal and amortising schedules per party, and also correlation, variance and volatility swaps.
What does field 23A mean in an MT360?: The swap type from party A’s side (for example FIXEDFLOAT: party A pays fixed and receives floating) and the settlement method, NET or GROSS. The type decides which leg sequences must be present.
How is the common reference 22C built in an MT360?: From the sender’s and receiver’s BICs without country code, in alphabetical order, with the year and month of the termination date in between: BANK2L2910ZAGTAD for a swap ending in October 2029.
How is an overnight index swap confirmed in an MT360?: As a floating leg with 14J OTHER and 38E 0O, without averaging (14G) or compounding (22D), and with the details of the overnight rate calculation in 37N.

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