The Swift Cross Currency Interest Rate Swap Confirmation. The two parties to a cross currency swap exchange it to confirm both notionals, the legs, payment schedules, principal exchanges and settlement instructions.

What is the difference between MT361 and MT360?

The MT360 is for single currency swaps, caps, floors and collars, with one notional. The MT361 has a notional per party, sequences K and L for exchanges of principal, separate amortising schedules per party, and sequence H for correlation, variance and volatility swaps.

How are exchanges of principal shown in an MT361?

In sequence K for amounts party B pays and sequence L for amounts party A pays, each entry with type INLX, INTX or FINX, a date, amount and receiving agent.

Why must 23A say GROSS in an MT361?

The two legs are in different currencies, so amounts due on the same day cannot be netted into one payment. The standard only allows GROSS for this message.

How is the common reference 22C built in an MT361?

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

Category 3: Foreign exchange, money markets and derivatives

MT361 Cross Currency Interest Rate Swap Confirmation

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

The MT361 is the Swift message the two parties to a cross currency interest rate swap send each other to confirm it: each party’s notional and currency, the fixed or floating leg each pays, the payment schedules, the exchanges of principal and where every amount is paid. It also confirms correlation, variance and volatility swaps on a currency pair.

Message type: MT361
Category: 3
Structure: 28 sequences, 193 fields listed
ISO 20022: No direct equivalent

When MT361 is used

Party A and party B exchange MT361s to confirm a swap in which each pays interest in its own currency: for example party A pays fixed euros and party B pays fixed dollars, with the principal exchanged at the start and swapped back at maturity. A money broker can confirm to both sides (94A BROK). Single currency swaps, caps and floors use the MT360; rate resets and payment advices go by MT362, and termination or recouponing of a cross currency swap by MT365.

The layout extends the MT360. Sequence A carries two notionals: 33B for the interest party A pays and 32B for the interest party B pays. Sequences B and C are the fixed and floating legs paid by party B (instructions in D), E and F the legs paid by party A (instructions in G), and 23A decides which are present: FIXEDFIXED uses B and E, FIXEDFLOAT (party A pays fixed) C and E, FLOATFIXED B and F, FLOATFLOAT C and F. The settlement method in 23A must be GROSS: amounts in different currencies cannot be netted.

What makes the MT361 different is principal. Sequence K lists the principal amounts party B pays and sequence L those party A pays, each tagged INLX (initial exchange), INTX (intermediate) or FINX (final exchange), with a date, an amount and its own receiving agent. Sequences I and J give amortising schedules separately for the notional of party B and of party A. Sequences M and N carry fees and other additional amounts, O the broker and contact details, and P the regulatory reporting data with the UTI.

The swap types CORRBUYER, CORRSELLER, VARBUYER, VARSELLER, VOLABUYER and VOLASELLER confirm correlation, variance and volatility swaps. They need sequence H, with observation dates, calculation agent, valuation and settlement dates, vega notional, the currency pair, settlement currency and rate source; 32B is not allowed for the correlation and volatility types.

As in the MT360, every payment schedule lists unadjusted dates (30F) counted by 18A, with the period end date adjustment (17F), day count (14D), business day convention (14A) and financial centres (22B), and the common reference 22C uses the year and month of the termination date.

MT361 format: sequences and fields

Sequence AGeneral InformationMandatory

The parties, the swap type, the term, one notional per party 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 O 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 the year and month (YYMM) of the termination date in 30P.
23A	Identification of the Swap	M	10a/5a	The swap type from party A’s side and the settlement method. Types: FIXEDFIXED, FIXEDFLOAT (party A pays fixed), FLOATFIXED, FLOATFLOAT, and for correlation, variance and volatility swaps CORRBUYER, CORRSELLER, VARBUYER, VARSELLER, VOLABUYER, VOLASELLER. The method must be GROSS.
21N	Contract Number Party A	M	16x	Party A’s contract number, unchanged for the life of the swap; it links resets, payments and terminations.
21B	Contract Number Party B	O	16x	Party B’s contract number, if known.
30T	Trade Date	M	8!n	The date the swap was agreed (YYYYMMDD).
30V	Effective Date	M	8!n	The first day of the term.
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).
32B	Party B Currency and Notional Amount	C	3!a15d	The currency and notional on which party B’s interest is calculated. Mandatory, except for correlation and volatility swaps where it is not allowed.
33B	Party A Currency and Notional Amount	M	3!a15d	The currency and notional on which party A’s interest is calculated.
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 swap is under a collateral agreement, N when it is not; absent when not known yet.
77H	Type, Date, Version of the Agreement	M	6a[/8!n][//4!n]	The master agreement (for example ISDA, AFB, DERV or OTHER) with signing date and version where required.
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 HCorrelation, Volatility and Variance SwapsConditional

Only for the CORR, VAR and VOLA swap types in 23A, where it is mandatory.

Tag	Name	Status	Format	Meaning
15H	New Sequence	M	Empty field	Opens sequence H.
18D	Number of Observation Dates	M	3n	How many observation dates the realised measure uses.
30Y	Initial Observation Date	M	8!n	The first observation date.
30Z	Final Observation Date	M	8!n	The last observation date.
84a	Calculation AgentOptions A, B, D or J	M	A: [/1!a][/34x] 4!a2!a2!c[3!c] B: [/1!a][/34x] [35x] D: [/1!a][/34x] 435x J: 540x	The party that calculates the realised correlation, variance or volatility.
30M	Valuation Date	M	8!n	The date the swap is valued.
30S	Settlement Date	M	8!n	The date the result is paid.
33H	Vega Notional Amount	M	3!a15d	The vega notional: currency and amount.
32Q	Currency Pair	M	3!a/3!a	The currency pair whose rates are observed.
32E	Settlement Currency	M	3!a	The currency of settlement.
14S	Settlement Rate Option/Rate SourceRepeatable	M	3!a2n[/4!n/4!c]	The rate source for the observations, with optional time and location.

Sequence IAmortising Schedule for Party BOptional

Changing notional for the interest party B pays, when the swap amortises or accretes.

Tag	Name	Status	Format	Meaning
15I	New Sequence	M	Empty field	Opens sequence I.
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 on which party B pays interest 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 JAmortising Schedule for Party AOptional

Changing notional for the interest party A pays, when the swap amortises or accretes.

Tag	Name	Status	Format	Meaning
15J	New Sequence	M	Empty field	Opens sequence J.
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 on which party A pays interest 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 KExchanges of Principal Payable by Party BOptional

Principal amounts party B pays (initial, intermediate, final). The block 22X to 57a repeats as the first 18A says, each with its own settlement parties.

Tag	Name	Status	Format	Meaning
15K	New Sequence	M	Empty field	Opens sequence K.
18A	Number of Repetitions	M	5n	How many exchanges follow.
22X	Type of ExchangeRepeatable	M	4!c	INLX (initial exchange), INTX (intermediate exchange), FINX (final exchange) or a bilaterally agreed code.
30F	Payment DateRepeatable	M	8!n	The date of the exchange.
32M	Currency, Payment AmountRepeatable	M	3!a15d	The principal amount party B pays.
53a	Delivery AgentOptions A or DRepeatable	O	A: [/1!a][/34x] 4!a2!a2!c[3!c] D: [/1!a][/34x] 4*35x	Where party B’s funds come from.
56a	IntermediaryOptions A or DRepeatable	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 DRepeatable	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 DRepeatable	M	A: [/1!a][/34x] 4!a2!a2!c[3!c] D: [/1!a][/34x] 4*35x	Where party A receives this principal amount.
14A	Business Day Convention	M	9a	How the exchange 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 LExchanges of Principal Payable by Party AOptional

Principal amounts party A pays (initial, intermediate, final). The block 22X to 57a repeats as the first 18A says, each with its own settlement parties.

Tag	Name	Status	Format	Meaning
15L	New Sequence	M	Empty field	Opens sequence L.
18A	Number of Repetitions	M	5n	How many exchanges follow.
22X	Type of ExchangeRepeatable	M	4!c	INLX (initial exchange), INTX (intermediate exchange), FINX (final exchange) or a bilaterally agreed code.
30F	Payment DateRepeatable	M	8!n	The date of the exchange.
32M	Currency, Payment AmountRepeatable	M	3!a15d	The principal amount party A pays.
53a	Delivery AgentOptions A or DRepeatable	O	A: [/1!a][/34x] 4!a2!a2!c[3!c] D: [/1!a][/34x] 4*35x	Where party A’s funds come from.
56a	IntermediaryOptions A or DRepeatable	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 DRepeatable	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 DRepeatable	M	A: [/1!a][/34x] 4!a2!a2!c[3!c] D: [/1!a][/34x] 4*35x	Where party B receives this principal amount.
14A	Business Day Convention	M	9a	How the exchange 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 MAdditional Amounts Payable by Party BOptional

Fees and other one-off amounts paid by party B.

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	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.

Sequence NAdditional Amounts Payable by Party AOptional

Fees and other one-off amounts paid by party A.

Tag	Name	Status	Format	Meaning
15N	New Sequence	M	Empty field	Opens sequence N.
18A	Number of Repetitions	M	5n	How many payments follow.
22E	Type of PaymentRepeatable	M	4!c	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.

Sequence OOptional General InformationConditional

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

Tag	Name	Status	Format	Meaning
15O	New Sequence	M	Empty field	Opens sequence O.
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 PReporting InformationOptional

Trade repository reporting data (EMIR, CFTC and other regimes). The repeating block P1 comes first, then the fields under "Reporting Information, continued".

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

Sequence P1Reporting 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 P1aUnique 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 P1a1Prior 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 PReporting 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.

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 sequences are present (rule C10, error E43): FIXEDFIXED B and E; FLOATFLOAT C and F; FLOATFIXED B and F; FIXEDFLOAT C and E; CORRBUYER, VARBUYER and VOLABUYER C, E and H; CORRSELLER, VARSELLER and VOLASELLER B, F and H. Sequence H is not allowed for the other types.
Field 32B is not allowed for CORRBUYER, CORRSELLER, VOLABUYER and VOLASELLER and mandatory for every other type (rule C22, error C52).
In a fixed leg, either 37M with 17F and 14D, or the amounts in 32M without them (rules C11 and C12, errors D45 and D59).
Any OTHER code or period code O requires 37N in the same sequence, or 77D in sequence A (rules C1 to C9, errors D35 to D42).
Post-determined French floating rate options make the fixed rate mandatory and exclude the interest details subsequences; otherwise those subsequences are mandatory for the legs present (rule C18, error E41). Under an AFB agreement, 14G and 37R are not allowed (rule C17, error E40).
Field 21 is mandatory with AMND and CANC (rule C15, error D02). Sequence O with 88a is mandatory when 94A is BROK, and 71F is only allowed then (rule C16, error D74).
Field 86a only with 56a (E35). In sequences M and N, 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).

MT361 example

On 20 October 2026 ZagTrader Test Bank, Dubai (ZAGTAEADXXX) and BANKGB2LXXX agree a three-year fixed/fixed cross currency swap, effective 22 October 2026. ZagTrader receives EUR 23,000,000.00 and pays USD 25,000,000.00 at the start, pays 2.60% annually on the euros and receives 4.10% annually on the dollars, and the principals are swapped back on 22 October 2029.

{1:F01ZAGTAEADAXXX0000000000}{2:I361BANKGB2LXXXXN}{4:
:15A:
:20:ZTCCS2610200009
:22A:NEWT
:94A:BILA
:22C:BANK2L2910ZAGTAD
:23A:FIXEDFIXED/GROSS
:21N:ZTCCS0009
:30T:20261020
:30V:20261022
:30P:20291022
:32B:USD25000000,
:33B:EUR23000000,
:82A:ZAGTAEADXXX
:87A:BANKGB2LXXX
:77H:ISDA/20150612//2002
:14C:2006
:15B:
:37M:4,1
:18A:3
:30F:20271022
:30F:20281022
:30F:20291022
:17F:Y
:14D:360/360
:14A:MODIFIEDF
:18A:2
:22B:USNY
:22B:EUTA
:15D:
:57A:ZAGTUS33XXX
:15E:
:37M:2,6
:18A:3
:30F:20271022
:30F:20281022
:30F:20291022
:17F:Y
:14D:360/360
:14A:MODIFIEDF
:18A:2
:22B:EUTA
:22B:USNY
:15G:
:57A:BANKFRPPXXX
:15K:
:18A:2
:22X:INLX
:30F:20261022
:32M:EUR23000000,
:57A:BANKDEFFXXX
:22X:FINX
:30F:20291022
:32M:USD25000000,
:57A:ZAGTUS33XXX
:14A:MODIFIEDF
:18A:2
:22B:EUTA
:22B:USNY
:15L:
:18A:2
:22X:INLX
:30F:20261022
:32M:USD25000000,
:57A:BANKUS33XXX
:22X:FINX
:30F:20291022
:32M:EUR23000000,
:57A:BANKFRPPXXX
:14A:MODIFIEDF
:18A:2
:22B:EUTA
:22B:USNY
:15P:
:22L:FCA
:22M:549300ZAGTTEST000001
:22N:ZTCCS261020000009
-}

Decode this example in the parser

Line by line

Line	What it says
{1:F01ZAGTAEADAXXX0000000000}{2:I361BANKGB2LXXXXN}{4:	Sender ZAGTAEADXXX, input MT361 to BANKGB2LXXX.
:15A:	Start of sequence A.
:20:ZTCCS2610200009	ZagTrader’s reference.
:22A:NEWT	New confirmation.
:94A:BILA	Principals confirming directly.
:22C:BANK2L2910ZAGTAD	Common reference: 2910 from the termination date 20291022.
:23A:FIXEDFIXED/GROSS	Both parties pay fixed rates; gross settlement. So sequences B and E are present.
:21N:ZTCCS0009	ZagTrader’s contract number.
:30T:20261020	Trade date.
:30V:20261022	Effective date.
:30P:20291022	Termination date.
:32B:USD25000000,	Notional for the interest party B pays: USD.
:33B:EUR23000000,	Notional for the interest party A pays: EUR.
:82A:ZAGTAEADXXX	Party A: ZagTrader.
:87A:BANKGB2LXXX	Party B: the counterparty.
:77H:ISDA/20150612//2002	ISDA master agreement.
:14C:2006	2006 ISDA Definitions.
:15B:	Sequence B: the fixed USD leg paid by party B.
:37M:4,1	Fixed rate 4.10%.
:18A:3	Subsequence B1: three annual payment dates.
:30F:20271022
:30F:20281022
:30F:20291022
:17F:Y	Adjusted calculation periods.
:14D:360/360	30/360 day count.
:14A:MODIFIEDF	Modified following.
:18A:2	Two financial centres follow.
:22B:USNY	New York business days.
:22B:EUTA	And TARGET business days.
:15D:	Sequence D: where party A receives the USD interest.
:57A:ZAGTUS33XXX	ZagTrader’s New York branch.
:15E:	Sequence E: the fixed EUR leg paid by party A.
:37M:2,6	Fixed rate 2.60%.
: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	Modified following.
:18A:2	Two financial centres.
:22B:EUTA	TARGET business days.
:22B:USNY	And New York business days.
:15G:	Sequence G: where party B receives the EUR interest.
:57A:BANKFRPPXXX	BANKGB2L’s EUR correspondent.
:15K:	Sequence K: principal paid by party B.
:18A:2	Two exchanges follow.
:22X:INLX	Initial exchange.
:30F:20261022
:32M:EUR23000000,	BANKGB2L pays the euros at the start.
:57A:BANKDEFFXXX	Received by ZagTrader at its EUR correspondent.
:22X:FINX	Final exchange.
:30F:20291022
:32M:USD25000000,	BANKGB2L returns the dollars at maturity.
:57A:ZAGTUS33XXX	Received by ZagTrader in New York.
:14A:MODIFIEDF	Business day convention for the exchanges.
:18A:2	Two financial centres.
:22B:EUTA
:22B:USNY
:15L:	Sequence L: principal paid by party A.
:18A:2	Two exchanges follow.
:22X:INLX	Initial exchange.
:30F:20261022
:32M:USD25000000,	ZagTrader pays the dollars at the start.
:57A:BANKUS33XXX	Received by BANKGB2L’s USD correspondent.
:22X:FINX	Final exchange.
:30F:20291022
:32M:EUR23000000,	ZagTrader returns the euros at maturity.
:57A:BANKFRPPXXX	Received by BANKGB2L’s EUR correspondent.
:14A:MODIFIEDF
:18A:2
:22B:EUTA
:22B:USNY
:15P:	Sequence P: reporting information.
:22L:FCA	Reportable to the UK FCA.
:22M:549300ZAGTTEST000001	UTI namespace (fictitious LEI).
:22N:ZTCCS261020000009	UTI identifier.
-}	End of block 4.

BICs, references, LEI and UTI are made up.

Payment dates are unadjusted; 22 October 2028 is a Sunday and moves under the modified following convention.

BANKGB2L’s matching confirmation has itself as party A, 33B USD25000000, and 32B EUR23000000, with the legs and exchanges swapped between B and E and between K and L.

Common errors and rejects

Sequences do not fit the swap type in 23A (E43)
Each type allows one combination of B, C, E, F and H. Remember B and C are what party B pays, E and F what party A pays. Sequence H belongs only to correlation, variance and volatility swaps.
NET settlement method (T48)
Only GROSS is allowed in the second part of 23A for a cross currency swap.
Notionals swapped between 32B and 33B
The network cannot catch this, but matching will: 33B is the notional for the interest party A pays, 32B for party B’s. Each side writes them from its own party A view, so the two confirmations show them the other way round.
Fixed rate and fixed amounts mixed (D45, D59)
Give either 37M with 17F and 14D, or the amounts in 32M without them.
Repetition count does not match (D96)
In K and L, the first 18A counts the exchanges (each with 22X, 30F, 32M and 57a); the second counts the financial centres. Every 18A must match what follows it.
32B present on a correlation or volatility swap (C52)
For CORRBUYER, CORRSELLER, VOLABUYER and VOLASELLER, leave 32B out; for all other types it is mandatory.

ISO 20022

Swift’s MT and MX equivalence tables (May 2024) list no ISO 20022 equivalent for the MT361. 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 MT361 remains in use on FIN.

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

MT361 questions

What is an MT361?: The Swift Cross Currency Interest Rate Swap Confirmation. The two parties to a cross currency swap exchange it to confirm both notionals, the legs, payment schedules, principal exchanges and settlement instructions.
What is the difference between MT361 and MT360?: The MT360 is for single currency swaps, caps, floors and collars, with one notional. The MT361 has a notional per party, sequences K and L for exchanges of principal, separate amortising schedules per party, and sequence H for correlation, variance and volatility swaps.
How are exchanges of principal shown in an MT361?: In sequence K for amounts party B pays and sequence L for amounts party A pays, each entry with type INLX, INTX or FINX, a date, amount and receiving agent.
Why must 23A say GROSS in an MT361?: The two legs are in different currencies, so amounts due on the same day cannot be netted into one payment. The standard only allows GROSS for this message.
How is the common reference 22C built in an MT361?: From the sender’s and receiver’s BICs without country code, in alphabetical order, around the year and month of the termination date, for example BANK2L2910ZAGTAD for a swap ending in October 2029.

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