Category 5: Securities markets
MT513 Client Advice of Execution
Written and maintained by ZagTrader. Last reviewed . How this page is sourced and checked
The MT513 is the advice a broker sends to its client to report that an order has been executed, fully or in part, before the formal trade confirmation. It gives the executed quantity and price, the fills behind them and how much of the order is still open, so the client can follow its order during the day and prepare allocations.
- Message type
- MT513
- Category
- 5
- Structure
- 14 sequences, 44 fields listed
- ISO 20022
- No direct equivalent
When MT513 is used
The MT513 is optional in the trade flow. After the client’s MT502 order and the broker’s MT509 acknowledgement, the broker can send one or more MT513s as the order fills. Each advice tells the client what was executed so far. Once the order is complete, the client allocates the block with an MT514 where needed and the broker sends the formal MT515 confirmation per account. The client affirms with an MT517, and settlement is instructed with MT540 to MT543.
An advice is not a confirmation. The MT513 lets the client update its positions and cash forecasts early, but the binding terms (commission, fees, settlement amount, settlement chain) come in the MT515. Treat an MT513 as information: do not instruct the custodian or affirm on the basis of an advice alone.
The recap (sequence B, RCAP) is what makes the MT513 useful for working orders: 36B::ORDR (original order quantity), 36B::PREX (quantity executed before this advice) and 36B::REMI (quantity still open) are all mandatory when the recap is sent. Partial fills can be listed one by one in B1 (PAFILL), each with its quantity, price, time and venue. Sequence C (ORDRDET) then gives the trade date, the price of what is advised (often an average, 22F::PRIC//AVER), the direction, the quantity advised (36B::ADVI) and the security.
Reference prices. Sequence C1 can carry reference prices for the execution, for example a benchmark price with its source (94B::PRIC) and calculation period (69a::PRIC), which some clients use to measure execution quality.
Corrections. A wrong advice is cancelled with 23G CANC and the SEME of the original in 20C::PREV, then resent.
MT513 format: sequences and fields
Sequence AGeneral InformationMandatory
Identifies the advice and links it to the order.
| Tag | Qualifier | Name | Status | Format | Meaning |
|---|---|---|---|---|---|
| 16R | Start of block | M | GENL | Opens the General Information block. | |
| 20C | SEME | Sender's Message Reference | M | :4!c//16x | The broker’s unique reference for this advice. |
| 23G | Function of the Message | M | 4!c[/4!c] | NEWM for a new advice, CANC to cancel an advice sent earlier. COPY, DUPL or CODU as subfunction mark a copy or duplicate. | |
| 98a | PREP | Preparation Date/Time | O | A: :4!c//8!n C: :4!c//8!n6!n E: :4!c//8!n6!n[,3n][/[N]2!n[2!n]] | When the advice was created. |
| 22F | TRTR | Trade Transaction Type Indicator | M | :4!c/[8c]/4!c | TRAD for a regular trade; BASK, INDX, LIST or PROG for basket, index, list and programme trades. |
| 16S | End of block | M | GENL | Closes the General Information block. |
Sequence A1LinkagesOptional, repeatable
Field 20C is mandatory in every A1, one qualifier per occurrence. Common qualifiers only.
| Tag | Qualifier | Name | Status | Format | Meaning |
|---|---|---|---|---|---|
| 16R | Start of block | M | LINK | Opens the Linkages block. | |
| 13a | LINK | Linked Message | O | A: :4!c//3!c B: :4!c/[8c]/30x | Type of the linked message, for example :13A::LINK//502. |
| 20C | RELA | Related Message Reference | M | :4!c//16x | The client’s order reference (SEME of the MT502). The client uses it to attach the advice to its working order. |
| 20C | PREV | Previous Message Reference | M | :4!c//16x | The SEME of the advice being cancelled when 23G is CANC. |
| 20C | TRRF | Deal Reference | M | :4!c//16x | The broker’s deal or execution reference. MAST, COMM and the basket, list and programme references are also available. |
| 16S | End of block | M | LINK | Closes the Linkages block. |
Sequence BPartial Fill and/or Recap DetailsOptional
Where the order stands. If B is sent, the ordered, previously executed and remaining quantities are mandatory.
| Tag | Qualifier | Name | Status | Format | Meaning |
|---|---|---|---|---|---|
| 16R | Start of block | M | RCAP | Opens the Partial Fill and/or Recap Details block. | |
| 36B | ORDR | Original Ordered Quantity | M | :4!c//4!c/15d | Quantity of the original order. |
| 36B | PREX | Quantity Previously Executed | M | :4!c//4!c/15d | Quantity already executed and advised before this advice. |
| 36B | REMI | Quantity Remaining on Order | M | :4!c//4!c/15d | Quantity still open on the order. Zero means the order is complete. |
| 36B | MAIN | Match Increment | O | :4!c//4!c/15d | The increment in which the order can be matched. |
| 16S | End of block | M | RCAP | Closes the Partial Fill and/or Recap Details block. |
Sequence B1Partial Fill DetailsOptional, repeatable
One occurrence per fill.
| Tag | Qualifier | Name | Status | Format | Meaning |
|---|---|---|---|---|---|
| 16R | Start of block | M | PAFILL | Opens the Partial Fill Details block. | |
| 36B | PAFI | Quantity of Financial Instrument Partially Filled | M | :4!c//4!c/15d | Quantity of this fill. |
| 90a | DEAL | Deal Price | M | A: :4!c//4!c/[N]15d B: :4!c//4!c/3!a15d | Price of this fill. |
| 22F | PRIC | Type of Price Indicator | O | :4!c/[8c]/4!c | Type of price of this fill. MPLE gives a maximum price level. |
| 98a | TRAD | Trade Date/Time | O | A: :4!c//8!n B: :4!c/[8c]/4!c C: :4!c//8!n6!n E: :4!c//8!n6!n[,3n][/[N]2!n[2!n]] | Date and time of this fill. |
| 94a | TRAD | Place of TradeRepeatable | O | B: :4!c/[8c]/4!c[/30x] L: :4!c//18!c2!n | Venue of this fill. |
| 16S | End of block | M | PAFILL | Closes the Partial Fill Details block. |
Sequence COrder DetailsMandatory
What is being advised. Trade date, deal price, 22H::BUSE, 22H::PAYM, at least one C2, 36B::ADVI and 35B are mandatory. Common qualifiers only.
| Tag | Qualifier | Name | Status | Format | Meaning |
|---|---|---|---|---|---|
| 16R | Start of block | M | ORDRDET | Opens the Order Details block. | |
| 98a | TRAD | Trade Date/Time | M | A: :4!c//8!n B: :4!c/[8c]/4!c C: :4!c//8!n6!n E: :4!c//8!n6!n[,3n][/[N]2!n[2!n]] | Trade date, with time in option C or E. |
| 98a | SETT | Settlement Date/Time | O | A: :4!c//8!n B: :4!c/[8c]/4!c C: :4!c//8!n6!n | Expected settlement date. FORC (date/time in force) and NAVD (NAV date) are the other date qualifiers here. |
| 90a | DEAL | Deal Price | M | A: :4!c//4!c/[N]15d B: :4!c//4!c/3!a15d | Price of the quantity advised, often an average of the fills. MAUP and MADW give a marked-up or marked-down price. |
| 92A | CORA | Commission Rate Applied | O | :4!c//[N]15d | Commission rate, as a percentage. COWA gives a waived commission. |
| 94a | TRAD | Place of TradeRepeatable | O | B: :4!c/[8c]/4!c[/30x] L: :4!c//18!c2!n | Where the trade was executed, for example EXCH with a market identifier code. 94a::SAFE gives the place of safekeeping. |
| 19A | SETT | Settlement Amount | O | :4!c//[N]3!a15d | Indicative settlement amount. The binding figure comes in the MT515. |
| 22H | BUSE | Buy/Sell Indicator | M | :4!c//4!c | Direction: BUYI or SELL (the fund codes SUBS, REDM, SWIF and SWIT also exist). |
| 22H | PAYM | Payment Indicator | M | :4!c//4!c | APMT (against payment) or FREE. |
| 22F | PRIC | Type of Price Indicator | O | :4!c/[8c]/4!c | AVER for an average execution price, RDAV for a rounded average, GREX, NET1 or NET2 for gross and net prices. |
| 22F | TOOR | Type of Order Indicator | O | :4!c/[8c]/4!c | Type of the order executed, for example LMTO or MAKT. TILI gives its time limit. |
| 36B | ADVI | Quantity of Financial Instrument Advised | M | :4!c//4!c/15d | Quantity this advice reports as executed. |
| 35B | Identification of the Financial Instrument | M | [ISIN1!e12!c] [4*35x] | The security: ISIN and optional description. | |
| 70E | TPRO | Trade Instruction Processing Narrative | O | :4!c//10*35x | Free text about the execution. |
| 16S | End of block | M | ORDRDET | Closes the Order Details block. |
Sequence C1Price InformationOptional, repeatable
Reference prices for the execution, one per occurrence. 90a::PRIC is mandatory in each.
| Tag | Qualifier | Name | Status | Format | Meaning |
|---|---|---|---|---|---|
| 16R | Start of block | M | REFPRICE | Opens the Price Information block. | |
| 90a | PRIC | Reference Price | M | A: :4!c//4!c/[N]15d B: :4!c//4!c/3!a15d | A reference price, for example a benchmark or the closing price. |
| 98a | PRIC | Price Quotation Date/Time | O | A: :4!c//8!n C: :4!c//8!n6!n | When the reference price was quoted. |
| 69a | PRIC | Price Calculation Period | O | A: :4!c//8!n/8!n B: :4!c//8!n6!n/8!n6!n C: :4!c//8!n/4!c D: :4!c//8!n6!n/4!c E: :4!c//4!c/8!n F: :4!c//4!c/8!n6!n J: :4!c//4!c | Period over which the reference price was calculated, for example for a volume-weighted average. |
| 94B | PRIC | Source of Price | O | :4!c/[8c]/4!c[/30x] | Where the reference price comes from. |
| 16S | End of block | M | REFPRICE | Closes the Price Information block. |
Sequence C2Confirmation PartiesMandatory, repeatable
One party per occurrence, at least one occurrence. Common qualifiers only.
| Tag | Qualifier | Name | Status | Format | Meaning |
|---|---|---|---|---|---|
| 16R | Start of block | M | CONFPRTY | Opens the Confirmation Parties block. | |
| 95a | BUYR | Buyer | M | P: :4!c//4!a2!a2!c[3!c] Q: :4!c//4*35x R: :4!c/8c/34x | The buyer. SELL, INVE, CLBR, STBR, INBR, BRCR, AFFM, RQBR and ETC1/ETC2 are the other qualifiers. |
| 97a | SAFE | Safekeeping Account | O | A: :4!c//35x B: :4!c/[8c]/4!c/35x | The party’s securities account. |
| 20C | PROC | Processing Reference | O | :4!c//16x | The party’s own reference. |
| 16S | End of block | M | CONFPRTY | Closes the Confirmation Parties block. |
Sequence C3Financial Instrument AttributesOptional
Optional details about the security. Common qualifiers only.
| Tag | Qualifier | Name | Status | Format | Meaning |
|---|---|---|---|---|---|
| 16R | Start of block | M | FIA | Opens the Financial Instrument Attributes block. | |
| 11A | DENO | Currency of Denomination | O | :4!c//3!a | Currency of the security. |
| 16S | End of block | M | FIA | Closes the Financial Instrument Attributes block. |
Sequence DSettlement DetailsOptional
Rare in an advice; the settlement details normally come with the MT515. When D is present, 22F::SETR is mandatory. D1 (SETPRTY), D2 (CSHPRTY) and D3 (AMT) have the same layout as in the MT515.
| Tag | Qualifier | Name | Status | Format | Meaning |
|---|---|---|---|---|---|
| 16R | Start of block | M | SETDET | Opens the Settlement Details block. | |
| 22F | SETR | Type of Settlement Transaction Indicator | M | :4!c/[8c]/4!c | TRAD for a trade. |
| 16S | End of block | M | SETDET | Closes the Settlement Details block. |
Sequence D1Settlement PartiesOptional, repeatable
One party per occurrence. Common qualifiers only.
| Tag | Qualifier | Name | Status | Format | Meaning |
|---|---|---|---|---|---|
| 16R | Start of block | M | SETPRTY | Opens the Settlement Parties block. | |
| 95a | PSET | Place of Settlement | M | C: :4!c//2!a P: :4!c//4!a2!a2!c[3!c] Q: :4!c//4*35x | The CSD where the trade should settle. DEAG, REAG and the other chain qualifiers are also available. |
| 16S | End of block | M | SETPRTY | Closes the Settlement Parties block. |
Sequence D2Cash PartiesOptional, repeatable
Common qualifiers only.
| Tag | Qualifier | Name | Status | Format | Meaning |
|---|---|---|---|---|---|
| 16R | Start of block | M | CSHPRTY | Opens the Cash Parties block. | |
| 95a | ACCW | Account With Institution | M | P: :4!c//4!a2!a2!c[3!c] Q: :4!c//4*35x R: :4!c/8c/34x | A cash party. BENM, DEBT, INTM and PAYE are the others. |
| 16S | End of block | M | CSHPRTY | Closes the Cash Parties block. |
Sequence D3AmountsOptional, repeatable
One 19A amount per occurrence. Common qualifiers only.
| Tag | Qualifier | Name | Status | Format | Meaning |
|---|---|---|---|---|---|
| 16R | Start of block | M | AMT | Opens the Amounts block. | |
| 19A | DEAL | Trade Amount | M | :4!c//[N]3!a15d | Gross amount of the quantity advised. EXEC, CHAR, SETT and the tax qualifiers are also available. |
| 16S | End of block | M | AMT | Closes the Amounts block. |
Sequence EOther PartiesOptional, repeatable
Common qualifiers only.
| Tag | Qualifier | Name | Status | Format | Meaning |
|---|---|---|---|---|---|
| 16R | Start of block | M | OTHRPRTY | Opens the Other Parties block. | |
| 95a | EXCH | Stock Exchange | M | P: :4!c//4!a2!a2!c[3!c] Q: :4!c//4*35x R: :4!c/8c/34x | The exchange. TRRE, MEOR, MERE, VEND and TRAG are the other qualifiers. |
| 16S | End of block | M | OTHRPRTY | Closes the Other Parties block. |
Sequence FTwo Leg Transaction DetailsOptional
Only for one leg of a two-leg deal. Common qualifiers only.
| Tag | Qualifier | Name | Status | Format | Meaning |
|---|---|---|---|---|---|
| 16R | Start of block | M | REPO | Opens the Two Leg Transaction Details block. | |
| 98a | TERM | Closing Date/Time | O | A: :4!c//8!n B: :4!c/[8c]/4!c C: :4!c//8!n6!n | Date of the closing leg. |
| 16S | End of block | M | REPO | Closes the Two Leg Transaction Details block. |
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
- Sequences A and C are mandatory, and C must contain at least one C2 (confirmation party). A1, B with B1, C1, C3, D with D1 to D3, E and F are optional.
- If sequence B (recap) is present, 36B::ORDR, 36B::PREX and 36B::REMI must all be in it.
- When 23G is CANC, link the advice being cancelled with 20C::PREV in sequence A1.
- Network validated rules on parties and alternate identifiers apply as in the other trade messages; their numbers differ between releases.
MT513 example
The broker (BRKRAEADXXX) advises Northwind Asset Management (FUNDGB2LXXX) that 30,000 of the 40,000 shares in its MT502 order NW502261020007 have been bought on the exchange in two fills, at an average of AED 4.84. 10,000 shares are still open.
{1:F01BRKRAEADAXXX0000000000}{2:I513FUNDGB2LXXXXN}{4:
:16R:GENL
:20C::SEME//BRK513261020003
:23G:NEWM
:98C::PREP//20261020110500
:22F::TRTR//TRAD
:16R:LINK
:13A::LINK//502
:20C::RELA//NW502261020007
:16S:LINK
:16S:GENL
:16R:RCAP
:16R:PAFILL
:36B::PAFI//UNIT/20000,
:90B::DEAL//ACTU/AED4,83
:98C::TRAD//20261020101532
:16S:PAFILL
:16R:PAFILL
:36B::PAFI//UNIT/10000,
:90B::DEAL//ACTU/AED4,86
:98C::TRAD//20261020104810
:16S:PAFILL
:36B::ORDR//UNIT/40000,
:36B::PREX//UNIT/0,
:36B::REMI//UNIT/10000,
:16S:RCAP
:16R:ORDRDET
:98A::TRAD//20261020
:90B::DEAL//ACTU/AED4,84
:94B::TRAD//EXCH/XDFM
:22H::BUSE//BUYI
:22H::PAYM//APMT
:22F::PRIC//AVER
:16R:CONFPRTY
:95P::BUYR//FUNDGB2LXXX
:16S:CONFPRTY
:36B::ADVI//UNIT/30000,
:35B:ISIN AEZAGT000016
ZAGTRADER DEMO PJSC
:16S:ORDRDET
-}Decode this example in the parserLine by line
| Line | What it says |
|---|---|
| {1:F01BRKRAEADAXXX0000000000}{2:I513FUNDGB2LXXXXN}{4: | Sender BRKRAEADXXX (the broker), receiver FUNDGB2LXXX (the manager). |
| :16R:GENL | |
| :20C::SEME//BRK513261020003 | |
| :23G:NEWM | |
| :98C::PREP//20261020110500 | |
| :22F::TRTR//TRAD | |
| :16R:LINK | |
| :13A::LINK//502 | |
| :20C::RELA//NW502261020007 | The client’s order. |
| :16S:LINK | |
| :16S:GENL | |
| :16R:RCAP | |
| :16R:PAFILL | |
| :36B::PAFI//UNIT/20000, | First fill. |
| :90B::DEAL//ACTU/AED4,83 | |
| :98C::TRAD//20261020101532 | |
| :16S:PAFILL | |
| :16R:PAFILL | |
| :36B::PAFI//UNIT/10000, | Second fill. |
| :90B::DEAL//ACTU/AED4,86 | |
| :98C::TRAD//20261020104810 | |
| :16S:PAFILL | |
| :36B::ORDR//UNIT/40000, | Original order. |
| :36B::PREX//UNIT/0, | Nothing advised before this message. |
| :36B::REMI//UNIT/10000, | Still open. |
| :16S:RCAP | |
| :16R:ORDRDET | |
| :98A::TRAD//20261020 | |
| :90B::DEAL//ACTU/AED4,84 | Average: (20,000 x 4.83 + 10,000 x 4.86) / 30,000. |
| :94B::TRAD//EXCH/XDFM | |
| :22H::BUSE//BUYI | |
| :22H::PAYM//APMT | |
| :22F::PRIC//AVER | |
| :16R:CONFPRTY | |
| :95P::BUYR//FUNDGB2LXXX | |
| :16S:CONFPRTY | |
| :36B::ADVI//UNIT/30000, | Quantity advised in this message. |
| :35B:ISIN AEZAGT000016 | |
| ZAGTRADER DEMO PJSC | |
| :16S:ORDRDET | |
| -} |
When the last 10,000 shares fill (at AED 4.88 in this story, giving an average of AED 4.85 for the whole block), a second MT513 can report them with 36B::PREX//UNIT/30000, and 36B::REMI//UNIT/0,.
The binding confirmations follow as MT515 messages, one per fund after the manager’s MT514 allocations.
All BICs and the ISIN are made up. The ISIN carries a valid check digit.
Common errors and rejects
Advice treated as a confirmation
Booking or instructing the custodian from an MT513 leads to breaks when the MT515 arrives with different amounts or a different split. Use the advice for intraday position and order tracking only.
Recap quantities do not add up
If ORDR does not equal PREX plus the quantity advised plus REMI, the client’s order system cannot update the working order and flags the advice. Check how your system counts the current advice in PREX.
Average price differs from the fills
The average in 90a::DEAL must be the weighted average of the fills in B1. A rounding difference here will repeat in the confirmation and stop affirmation; agree the rounding convention with the client.
Advice not linked to the order
Without the client’s order reference in 20C::RELA the advice cannot be matched to the working order. The client may reject it with an MT509 and reason ULNK.
ISO 20022
Swift’s MT and MX equivalence table (8 May 2024) lists no ISO 20022 equivalent for the MT513.
Category 5 messages were not part of the November 2025 end of coexistence for payments, and the MT513 remains available on FIN. The formal confirmation remains the MT515.
MT513 questions
- What is an MT513 message?
- A client advice of execution: the broker tells its client that an order, or part of it, has been executed, with quantities, prices and the quantity still open. It comes before the formal MT515 confirmation.
- What is the difference between MT513 and MT515?
- The MT513 is an early advice of execution, for information. The MT515 is the formal confirmation with the final amounts and settlement details, and is the message the client affirms.
- Can an MT513 report partial fills?
- Yes. Sequence B1 lists each fill, and the recap in sequence B gives the ordered quantity, what was executed before and what is still open.
- Do I need to send an MT513?
- No. It is optional and agreed between broker and client. Many relationships go straight from the MT502 order to the MT515 confirmation.
- Is there an ISO 20022 version of the MT513?
- Swift’s equivalence table lists none. The MT513 remains an MT-only message on FIN.
The trading side of the trade: FIX
Before a settlement instruction is sent, the trade is usually executed, allocated and confirmed over FIX, and the instruction must copy what was agreed there. Read those messages on the free ZagTrader FIX Parser:
- From FIX execution to settlement: which FIX field becomes which settlement field, and where breaks start
- Allocation Instruction (35=J): how a block trade is split across accounts
- Confirmation (35=AK): the confirmed economics per allocation
- Settlement Instructions (35=T): standing settlement instructions over FIX
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