What is an MT515 message?

The Swift confirmation a broker sends to its client after executing a buy or sell order: trade and settlement dates, price, quantity, amounts and settlement chain. Where legally accepted it serves as an electronic contract note. Fund platforms use it to confirm fund subscriptions and redemptions.

What is the difference between MT515 and MT518?

The MT515 confirms a trade to the client (broker to investment manager). The MT518 confirms a trade to the market counterparty (broker to broker, or to a matching service). One market trade can produce one MT518 and several MT515s, one per client allocation.

Is an MT515 a settlement instruction?

No. It confirms the trade. Settlement needs separate instructions to the custodians: an MT541 for the buyer’s side and an MT543 for the seller’s side (or MT540/MT542 for a free of payment trade). A custodian that receives a copy of an MT515 treats it as information.

How does a client accept or reject an MT515?

By affirming it with an MT517, or by rejecting it with an MT509 with a reason code. Many firms route this through an ETC service provider, which can also force an affirmation when the rules of the service allow it.

What is the ISO 20022 equivalent of MT515?

For investment funds, setr.012 (subscription), setr.006 (redemption) and setr.015 (switch order confirmation). Swift’s equivalence table also lists setr.027 (SecuritiesTradeConfirmation) with the funds template and shows no equivalent for the general MT515, which remains in use on FIN.

Can one MT515 confirm several fills?

Yes. Sequence B (PAFILL) can repeat, one occurrence per fill with its quantity and price, while sequence C carries the total confirmed quantity and the average price.

Category 5: Securities markets

MT515 Client Confirmation of Purchase or Sale

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

The MT515 is the trade confirmation an executing broker sends to its client, usually an investment manager, after it has bought or sold securities on the client’s behalf. It states what was traded, at what price, for which account, and how the trade will settle. In the funds world the same message confirms subscriptions and redemptions back to the investor or its platform.

Message type: MT515
Category: 5
Structure: 12 sequences, 69 fields listed
ISO 20022: setr.027, setr.012, setr.006, setr.015

When MT515 is used

The MT515 sits in the middle of the trade initiation and confirmation flow. The investment manager places an order with an MT502, the broker reports order status with an MT509, may advise executions as they happen with an MT513, receives the split of a block trade across funds with an MT514, and then confirms each allocation with an MT515. The client affirms the confirmation with an MT517 (or rejects it with an MT509), and both sides then instruct their custodians: the buyer’s side with an MT541 (receive against payment) and the seller’s side with an MT543 (deliver against payment). The broker-to-broker side of the same trade uses the MT518.

The sender is the executing party, typically a broker-dealer, and the receiver is the instructing party, typically an investment manager or its authorised representative. Where it is legally accepted, the MT515 is an electronic contract note that binds both parties. A copy can go to the client’s custodian so that it can expect the settlement, but the copy is information: the custodian still settles on its client’s own MT541 or MT543.

What the confirmation must say. Sequence C (CONFDET) carries the trade date (98a::TRAD), the settlement date (98a::SETT), the deal price (90a::DEAL), the direction (22H::BUSE, for example BUYI or SELL), the payment type (22H::PAYM, against payment or free), at least one confirmation party (C1, CONFPRTY), the quantity confirmed (36B::CONF) and the security (35B). Everything else is optional in the standard but usually present in practice: the place of trade, the settlement amount and its breakdown into commission, fees and taxes (sequence D3), and the settlement chain (D1) that the custodians will need.

Amounts are where most breaks come from. The client’s order management system recalculates the gross amount from quantity and price, then adds the commission rate it agreed with the broker, and compares the result with 19A::SETT. A different commission rate, a missing tax line or a rounding difference on an average price leaves the trade unaffirmed. Sequence D3 holds one 19A amount per occurrence: DEAL (gross amount), EXEC (executing broker’s commission), CHAR, STAM, VATA and the other taxes and fees, and SETT (the net amount that will move).

Block trades and average prices. A manager often places one block order for several funds. The broker executes the block, the manager sends one MT514 per fund, and the broker returns one MT515 per allocation at the same average price (22F::PRIC//AVER). The link between the confirmation, the order and the allocation is held in sequence A1 (20C::RELA with the client’s reference, 20C::MAST or 20C::ALMR for the block and allocation references). Partial fills can be listed in sequence B (PAFILL), one occurrence per fill.

Investment funds. Fund platforms and transfer agents use the MT515 to confirm subscription and redemption orders that arrived as an MT502: 22H::BUSE is SUBS, REDM, SWIF or SWIT, 90B::DEAL carries the net asset value per unit with 98A::NAVD as the NAV date, and 36B::CONF holds the number of units issued or redeemed. A redemption leg and a subscription leg of a switch are confirmed in separate messages, linked through 20C::PREV. Swift’s fund message equivalence table maps these fund confirmations to setr.012 (subscription), setr.006 (redemption) and setr.015 (switch).

Corrections. There is no amendment function: to change a sent confirmation, cancel it (23G CANC with the original reference in 20C::PREV) and send a new one. PREA marks a pre-advice of the trade on trade date that is not binding for settlement.

MT515 format: sequences and fields

Sequence AGeneral InformationMandatory

Identifies the confirmation and its function. Sequence A1 is mandatory in the MT515: every confirmation links to at least one other reference.

Tag	Qualifier	Name	Status	Format	Meaning
16R		Start of block	M	GENL	Opens the General Information block.
28E		Page Number/Continuation Indicator	O	5n/4!c	Page number and LAST, MORE or ONLY, for a confirmation split over several messages. Rarely used.
20C	SEME	Sender's Message Reference	M	:4!c//16x	The broker’s unique reference for this confirmation. The client quotes it back in its MT517 affirmation or its MT509 rejection, so it must be unique per confirmation.
23G		Function of the Message	M	4!c[/4!c]	NEWM for a new confirmation, CANC to cancel one sent earlier, PREA for a pre-advice on trade date that is not binding for settlement. The subfunction COPY, DUPL or CODU marks a copy or duplicate, for example the copy sent to a custodian.
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 confirmation was created, usually 98C with date and time.
22F	TRTR	Trade Transaction Type Indicator	M	:4!c/[8c]/4!c	TRAD for a regular trade. Other codes mark basket (BASK), index (INDX), list (LIST) and programme (PROG) trades, pre-allocations (PALL) and employee trade reporting (EMTR).
16S		End of block	M	GENL	Closes the General Information block.

Sequence A1LinkagesMandatory, repeatable

One occurrence per linked reference; at least one is required. Field 20C is mandatory in every A1, with 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	The type of the linked message in option A, for example `:13A::LINK//502` when the reference that follows is the client’s order.
20C	RELA	Related Message Reference	M	:4!c//16x	The client’s reference of the order (MT502) or allocation (MT514) this confirmation answers. Clients match confirmations to orders mainly on this reference.
20C	PREV	Previous Message Reference	M	:4!c//16x	The SEME of the confirmation being cancelled when 23G is CANC. In fund switches, the switch-to confirmation also points with PREV to the switch-from confirmation.
20C	MAST	Master Reference	M	:4!c//16x	A reference that groups several confirmations, for example the block order behind several allocations or the master reference of a fund switch.
20C	TRRF	Deal Reference	M	:4!c//16x	The deal or execution reference from the trading system.
20C	COMM	Common Reference	M	:4!c//16x	A reference both parties agreed on, for example one given by a matching service. It can be carried on into the settlement instructions.
20C	ALMR	Allocation Matching Reference	M	:4!c//16x	Reference used to match the confirmation to an allocation. BMRB (Block Matching Reference) works the same way for the block.
16S		End of block	M	LINK	Closes the Linkages block.

Sequence BPartial Fill DetailsOptional, repeatable

One occurrence per partial execution, when the broker wants to show how the confirmed quantity was filled.

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 executed in this fill, as UNIT, FAMT or AMOR.
90a	DEAL	Deal Price	M	A: :4!c//4!c/[N]15d B: :4!c//4!c/3!a15d	Price of this fill.
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	Where this fill was executed, for example EXCH with the market identifier code.
16S		End of block	M	PAFILL	Closes the Partial Fill Details block.

Sequence CConfirmation DetailsMandatory

The trade itself. Trade date, settlement date, deal price, 22H::BUSE, 22H::PAYM, at least one C1, 36B::CONF and 35B are mandatory. Common qualifiers only.

Tag	Qualifier	Name	Status	Format	Meaning
16R		Start of block	M	CONFDET	Opens the Confirmation 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 the execution time in option C or E. Option B with VARI is used when fills happened on different dates.
98a	SETT	Settlement Date/Time	M	A: :4!c//8!n B: :4!c/[8c]/4!c C: :4!c//8!n6!n	Contractual settlement date. Both custodians will use it as the intended settlement date of their instructions, where it is a mandatory matching field, so an error here becomes a settlement mismatch (DDAT).
98a	NAVD	Net Asset Value Calculation Date/Time	O	A: :4!c//8!n C: :4!c//8!n6!n	For fund orders: the date of the net asset value used as the deal price.
90a	DEAL	Deal PriceRepeatable	M	A: :4!c//4!c/[N]15d B: :4!c//4!c/3!a15d	The execution price: 90A with PRCT (percentage of face value, for bonds) or YIEL, 90B with ACTU and a currency (amount per share or per fund unit, for example `:90B::DEAL//ACTU/AED4,85`).
92A	CORA	Commission Rate Applied	O	:4!c//[N]15d	Commission rate as a percentage. Fund confirmations can also carry ENTF (entrance or front-end load), BAKL (back-end load) and COWA (commission waived).
99A	DAAC	Number of Days Accrued	O	:4!c//[N]3!n	Days of accrued interest, for bonds, as three digits.
94a	TRAD	Place of TradeRepeatable	O	B: :4!c/[8c]/4!c[/30x] L: :4!c//18!c2!n	Where the trade was executed: EXCH with a market identifier code, OTCO for over the counter, or VARI when fills were on several venues.
94a	SAFE	Place of SafekeepingRepeatable	O	B: :4!c/[8c]/4!c[/30x] C: :4!c//2!a F: :4!c//4!c/4!a2!a2!c[3!c] L: :4!c//18!c2!n	Where the securities are or will be held, when it matters for the settlement.
19A	SETT	Settlement Amount	O	:4!c//[N]3!a15d	Net amount of the trade. Most brokers put the settlement amount and its breakdown in sequence D3 instead.
22H	BUSE	Buy/Sell Indicator	M	:4!c//4!c	Direction from the client’s point of view: BUYI or SELL for trades; SUBS, REDM, SWIF and SWIT for fund subscriptions, redemptions and switches; IPOO for an initial public offering order. A direction the client does not expect is the first check in its matching.
22H	PAYM	Payment Indicator	M	:4!c//4!c	APMT (against payment) or FREE. It tells the custodians whether to instruct an MT541/MT543 or an MT540/MT542.
22F	PRIC	Type of Price Indicator	O	:4!c/[8c]/4!c	How the price was built: AVER (average execution price), RDAV (rounded average), GREX (gross, all costs included), NET1 or NET2 (net prices).
22F	TTCO	Trade Transaction Condition IndicatorRepeatable	O	:4!c/[8c]/4!c	Conditions of the trade, for example CCPN or XCPN (cum or ex coupon), CDIV or XDIV (cum or ex dividend), or a directed order.
22F	SETG	Settlement Instruction Generation Indicator	O	:4!c/[8c]/4!c	GENS or NOGE: whether an electronic trade confirmation (ETC) service provider should generate the settlement instructions for this trade.
22F	RPOR	Reporting IndicatorRepeatable	O	:4!c/[8c]/4!c	Whether trade details are reported to an exchange (EXCH) or a regulator (TRRE), or reported later (DEFR).
22H	CAOP	Corporate Action Option Code Indicator	O	:4!c//4!c	For fund orders: CASH to receive distributions in cash, DRIP to reinvest them.
11A	FXIS	Currency to Sell	O	:4!c//3!a	Currency the client sells to pay for the trade, when a foreign exchange is linked to the trade; FXIB is the currency to buy.
36B	CONF	Quantity of Financial Instrument Confirmed	M	:4!c//4!c/15d	Quantity confirmed: UNIT for shares and fund units, FAMT (face amount) for bonds. It becomes the settlement quantity, a mandatory matching field at the CSD. 36B::ORDR can repeat the quantity ordered.
35B		Identification of the Financial Instrument	M	[ISIN1!e12!c] [4*35x]	The security: the word ISIN, a space and the ISIN, optionally followed by up to four lines of description.
70E	TPRO	Trade Instruction Processing Narrative	O	:4!c//10*35x	Free text about the trade. RSTR (restrictions) is the other narrative qualifier here. Narrative usually stops straight-through processing on the client side.
16S		End of block	M	CONFDET	Closes the Confirmation Details block.

Sequence C1Confirmation PartiesMandatory, repeatable

One party per occurrence, at least one occurrence. The 95a party field is mandatory in each; the qualifier is your choice. 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 party that receives the securities. On a client buy this is the client or its fund.
95a	SELL	Seller	M	P: :4!c//4!a2!a2!c[3!c] Q: :4!c//4*35x R: :4!c/8c/34x	The party that delivers the securities. On a client buy, often the broker itself.
95a	INVE	Investor	M	P: :4!c//4!a2!a2!c[3!c] Q: :4!c//4*35x R: :4!c/8c/34x	The investor whose assets are invested, when different from the instructing party, common in fund orders.
95a	AFFM	Affirming Party	M	P: :4!c//4!a2!a2!c[3!c] R: :4!c/8c/34x	The party expected to affirm the confirmation with an MT517. Other party qualifiers include CLBR (clearing broker), STBR (step-in broker), INBR (introducing broker) and ETC1/ETC2 (ETC service providers).
97a	SAFE	Safekeeping Account	O	A: :4!c//35x B: :4!c/[8c]/4!c/35x	The party’s securities account, for example the fund’s account at its custodian. 97a::CASH gives a cash account.
22F	TRCA	Party Capacity IndicatorRepeatable	O	:4!c/[8c]/4!c	The capacity in which the party acted, for example AGEN (agent) or PRIN (principal). Regulators and clients use it to know whether the broker traded from its own book.
20C	PROC	Processing Reference	O	:4!c//16x	The party’s own reference, for example the client’s order reference.
16S		End of block	M	CONFPRTY	Closes the Confirmation Parties block.

Sequence C2Financial 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.
12a	CLAS	Classification Type	O	A: :4!c/[8c]/30x C: :4!c//6!c	Type of instrument, for example the six-character CFI code in option C.
11A	DENO	Currency of Denomination	O	:4!c//3!a	Currency of the security. For funds, the currency in which the net asset value is expressed.
98A	MATU	Maturity Date	O	:4!c//8!n	Maturity date of a debt instrument. COUP, ISSU and other dates use the same field.
92A	INTR	Interest Rate	O	:4!c//[N]15d	Current coupon rate of a bond. CUFC (current factor) is used for amortising debt.
16S		End of block	M	FIA	Closes the Financial Instrument Attributes block.

Sequence DSettlement DetailsOptional

How the trade will settle. When D is present, 22F::SETR is mandatory. Common qualifiers only.

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; SUBS and REDM appear in fund flows. The custodians normally reuse it in their settlement instructions.
22F	STCO	Settlement Transaction Condition IndicatorRepeatable	O	:4!c/[8c]/4!c	Settlement conditions such as NPAR (no partial settlement) or PART.
22F	DBNM	Settlement Standing Instruction Database Indicator	O	:4!c/[8c]/4!c	Says the settlement chain comes from a standing settlement instruction database (INTE, BRKR or VEND) instead of sequence D1.
16S		End of block	M	SETDET	Closes the Settlement Details block.

Sequence D1Settlement PartiesOptional, repeatable

The settlement chain, one party per occurrence, in the same way as in an MT541 or MT543: the place of settlement (PSET), the delivering side (DEAG, DECU, SELL) and the receiving side (REAG, RECU, BUYR). 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 or ICSD where the trade settles, by BIC in option P.
95a	DEAG	Delivering Agent	M	P: :4!c//4!a2!a2!c[3!c] Q: :4!c//4*35x R: :4!c/8c/34x	The CSD participant that delivers the securities. On a client buy, the broker’s settlement agent: the client’s custodian will quote it as DEAG in its MT541.
95a	REAG	Receiving Agent	M	P: :4!c//4!a2!a2!c[3!c] Q: :4!c//4*35x R: :4!c/8c/34x	The CSD participant that receives the securities. On a client buy, the client’s custodian. A wrong agent here becomes reason ICAG at the CSD.
95a	BUYR	Buyer	M	P: :4!c//4!a2!a2!c[3!c] Q: :4!c//4*35x R: :4!c/8c/34x	The final receiver of the securities in the chain. SELL is the final deliverer; DECU and RECU are the custodians in between.
97a	SAFE	Safekeeping Account	C	A: :4!c//35x B: :4!c/[8c]/4!c/35x	Account of the party in the same occurrence, for example the account at the CSD.
16S		End of block	M	SETPRTY	Closes the Settlement Parties block.

Sequence D2Cash PartiesOptional, repeatable

Cash side of the settlement, when the cash does not follow the securities chain. 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 (beneficiary of money), DEBT, INTM and PAYE are the other qualifiers.
97a	CASH	Cash Account	O	A: :4!c//35x E: :4!c//34x	The cash account to use. CHAR, COMM and TAXE name separate accounts for charges, commission and tax.
16S		End of block	M	CSHPRTY	Closes the Cash Parties block.

Sequence D3AmountsOptional, repeatable

One 19A amount per occurrence. The list of amount qualifiers is long (more than forty, many for country-specific taxes); common ones 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: quantity times price (for bonds, face amount times price percentage).
19A	EXEC	Executing Broker's Commission	M	:4!c//[N]3!a15d	The broker’s commission. The client recalculates it from the agreed rate; a difference is the classic reason for an unaffirmed confirmation.
19A	ACRU	Accrued Interest Amount	M	:4!c//[N]3!a15d	Accrued interest on a bond trade, paid by the buyer to the seller.
19A	CHAR	Charges/Fees	M	:4!c//[N]3!a15d	Other charges. Taxes and levies have their own qualifiers: STAM (stamp duty), STEX (stock exchange tax), TRAX (transaction tax), VATA (value added tax), REGF (regulatory fees) and others.
19A	VATA	Value-Added Tax	M	:4!c//[N]3!a15d	Value added tax, for example on the commission in markets that charge it.
19A	SETT	Settlement Amount	M	:4!c//[N]3!a15d	Net amount that moves on settlement date. Both custodians’ instructions should carry this amount, since it is compared at the CSD for against payment trades (DMON when it differs beyond the tolerance).
17B	ACRU	Accrued Interest Flag	O	:4!c//1!a	Y or N: whether the amounts include accrued interest. EXEC, STAM and other flags exist for their amounts.
92B	EXCH	Exchange Rate	O	:4!c//3!a/3!a/15d	Rate used to convert the amount, with the converted amount in 19A::RESU.
16S		End of block	M	AMT	Closes the Amounts block.

Sequence EOther PartiesOptional, repeatable

Parties outside the trade and settlement chain. 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 to which the trade is reported. TRRE (trade regulator), MEOR and MERE (originator and recipient of the message), VEND (vendor), TRAG (triparty agent) and INPA (interested party) 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 such as a repo or a securities loan. 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, or OPEN in option B for an open-ended deal.
92a	REPO	Repurchase Rate	O	A: :4!c//[N]15d	Repo rate agreed for the deal.
19A	TRTE	Termination Transaction Amount	O	:4!c//[N]3!a15d	Amount due on 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, A1 and C are mandatory. Inside C, at least one C1 (confirmation party) is required. B (partial fills), C2, D with D1 to D3, E and F are optional.
When 23G is CANC, an A1 occurrence must hold 20C::PREV with the SEME of the confirmation being cancelled. Fund market practice also requires PREV on the switch-to leg of a switch, pointing to the switch-from confirmation.
Where a block trade was executed and allocation instructions were given, one confirmation is sent per allocation.
There is no amendment: cancel and replace. A replacement is a new NEWM with a new SEME, usually linked to the cancelled one.
Each 19A amount qualifier sits in its own D3 occurrence. If an exchange rate (92B::EXCH) is given, the resulting amount (19A::RESU) goes in the same occurrence.
Network validated rules exist on the settlement parties (the same chain logic as in the MT54x instructions), on party qualifiers and on alternate identifiers. Their numbers differ between messages and standards releases, so search for the error code your interface reports.
The SR 2025 structure also allows newer options for digital assets, such as a quantity of digital tokens (36D) and a blockchain or wallet address (97D). They are not shown here.

MT515 example

The broker (BRKRAEADXXX) confirms to Northwind Asset Management (FUNDGB2LXXX) the allocation of 25,000 shares of ZAGTRADER DEMO PJSC to its Gulf Equity Fund, bought on the exchange at an average price of AED 4.85 on 20 October 2026 for settlement on 22 October. The shares will be delivered by the broker’s custodian CUSTAEADXXX to the fund’s custodian ZAGTAEADXXX at the CSD CSDXAEADXXX.

{1:F01BRKRAEADAXXX0000000000}{2:I515FUNDGB2LXXXXN}{4:
:16R:GENL
:20C::SEME//BRK515261020001
:23G:NEWM
:98C::PREP//20261020171500
:22F::TRTR//TRAD
:16R:LINK
:13A::LINK//514
:20C::RELA//NW514261020001
:16S:LINK
:16R:LINK
:20C::MAST//NW502261020007
:16S:LINK
:16S:GENL
:16R:CONFDET
:98A::TRAD//20261020
:98A::SETT//20261022
:90B::DEAL//ACTU/AED4,85
:92A::CORA//0,15
:94B::TRAD//EXCH/XDFM
:22H::BUSE//BUYI
:22H::PAYM//APMT
:22F::PRIC//AVER
:16R:CONFPRTY
:95P::BUYR//FUNDGB2LXXX
:97A::SAFE//NWGEF-001
:16S:CONFPRTY
:16R:CONFPRTY
:95P::SELL//BRKRAEADXXX
:16S:CONFPRTY
:36B::CONF//UNIT/25000,
:35B:ISIN AEZAGT000016
ZAGTRADER DEMO PJSC
:16S:CONFDET
:16R:SETDET
:22F::SETR//TRAD
:16R:SETPRTY
:95P::DEAG//CUSTAEADXXX
:97A::SAFE//CUST-BRKR-01
:16S:SETPRTY
:16R:SETPRTY
:95P::REAG//ZAGTAEADXXX
:97A::SAFE//ZAG-NWGEF-001
:16S:SETPRTY
:16R:SETPRTY
:95P::PSET//CSDXAEADXXX
:16S:SETPRTY
:16R:AMT
:19A::DEAL//AED121250,
:16S:AMT
:16R:AMT
:19A::EXEC//AED181,88
:16S:AMT
:16R:AMT
:19A::VATA//AED9,09
:16S:AMT
:16R:AMT
:19A::SETT//AED121440,97
:16S:AMT
:16S:SETDET
-}

Decode this example in the parser

Line by line

Line	What it says
{1:F01BRKRAEADAXXX0000000000}{2:I515FUNDGB2LXXXXN}{4:	Sender BRKRAEADXXX (the executing broker), receiver FUNDGB2LXXX (the investment manager).
:16R:GENL
:20C::SEME//BRK515261020001	Broker’s reference of this confirmation.
:23G:NEWM
:98C::PREP//20261020171500
:22F::TRTR//TRAD	Regular trade.
:16R:LINK
:13A::LINK//514
:20C::RELA//NW514261020001	The manager’s allocation (MT514) this confirmation answers.
:16S:LINK
:16R:LINK
:20C::MAST//NW502261020007	The block order (MT502) behind the allocation.
:16S:LINK
:16S:GENL
:16R:CONFDET
:98A::TRAD//20261020
:98A::SETT//20261022	T+2 settlement date.
:90B::DEAL//ACTU/AED4,85	Average price per share.
:92A::CORA//0,15	Commission rate 0.15%.
:94B::TRAD//EXCH/XDFM	Executed on the exchange, given by its market identifier code.
:22H::BUSE//BUYI	The client buys.
:22H::PAYM//APMT	Against payment.
:22F::PRIC//AVER	Average execution price of the block.
:16R:CONFPRTY
:95P::BUYR//FUNDGB2LXXX
:97A::SAFE//NWGEF-001	The fund’s account.
:16S:CONFPRTY
:16R:CONFPRTY
:95P::SELL//BRKRAEADXXX
:16S:CONFPRTY
:36B::CONF//UNIT/25000,	Quantity confirmed for this allocation.
:35B:ISIN AEZAGT000016
ZAGTRADER DEMO PJSC
:16S:CONFDET
:16R:SETDET
:22F::SETR//TRAD
:16R:SETPRTY
:95P::DEAG//CUSTAEADXXX	Broker’s custodian, which delivers.
:97A::SAFE//CUST-BRKR-01
:16S:SETPRTY
:16R:SETPRTY
:95P::REAG//ZAGTAEADXXX	The fund’s custodian, which receives.
:97A::SAFE//ZAG-NWGEF-001
:16S:SETPRTY
:16R:SETPRTY
:95P::PSET//CSDXAEADXXX	Place of settlement: the CSD.
:16S:SETPRTY
:16R:AMT
:19A::DEAL//AED121250,	25,000 x 4.85.
:16S:AMT
:16R:AMT
:19A::EXEC//AED181,88	0.15% commission, rounded to fils.
:16S:AMT
:16R:AMT
:19A::VATA//AED9,09	5% VAT on the commission.
:16S:AMT
:16R:AMT
:19A::SETT//AED121440,97	Net amount the fund pays: 121,250.00 + 181.88 + 9.09.
:16S:AMT
:16S:SETDET
-}

The manager checks the confirmation against the order and its own calculation, then affirms it with an MT517 quoting BRK515261020001, and instructs ZAGTAEADXXX with an MT541 for 25,000 shares against AED 121,440.97 with CUSTAEADXXX as delivering agent.

The broker sends a second MT515 for the other fund’s 15,000 shares of the same block, with the same average price.

All BICs, accounts and the ISIN are made up. The ISIN carries a valid check digit.

Common errors and rejects

Commission or fee disagreement: confirmation not affirmed
The client’s system recalculates commission and taxes from its agreed rates. If 19A::EXEC or a tax line differs, the trade stays unaffirmed and the client answers with an MT509 (affirmation status NAFI or a rejection with a reason such as EXEC or CHAR) instead of an MT517. Agree the rate, then cancel and resend the confirmation.
Average price rounding
On a block executed in many fills, the broker and the client may round the average price differently, so 19A::DEAL and 19A::SETT differ by a few units. Agree the rounding convention (and use 22F::PRIC//RDAV for a rounded average) so that the custodians’ settlement amounts match at the CSD.
Wrong settlement date or settlement chain
If 98A::SETT or the D1 parties are wrong, the confirmation may still be affirmed, but the two custodians’ instructions will not match: NMAT with DDAT or ICAG. Check the counterparty’s standing settlement instructions before sending.
How to fix it
Confirmation cannot be linked to an order
A confirmation without the client’s order or allocation reference in 20C::RELA, or with a typo in it, cannot be matched automatically. The client may reject it with reason ULNK (unknown linked reference) in an MT509.
Cancellation without PREV
A 23G CANC must name the confirmation it cancels in 20C::PREV inside an A1 occurrence. Without it the message fails validation, and a replacement sent before the cancellation is processed creates a duplicate trade on the client side.

MT515 in ISO 20022

Swift’s MT and MX equivalence table (edition of 8 May 2024) lists, against the MT515 funds template, setr.012 (SubscriptionOrderConfirmation), setr.006 (RedemptionOrderConfirmation), setr.015 (SwitchOrderConfirmation) and setr.027 (SecuritiesTradeConfirmation). The same table shows no equivalent for the general MT515. Fund platforms such as Clearstream’s Vestima document the pairs MT515 NEWM to setr.012, setr.006 and setr.015, and MT515 CANC to the confirmation cancellation messages setr.047, setr.051 and setr.055.

Trade confirmation between brokers and investment managers was not part of the November 2025 end of coexistence for payments, and the MT515 remains in use on FIN. Many confirmations today flow through ETC service providers in their own formats, with the MT515 used on direct links and as the copy to custodians. See how the securities migration differs from payments.

MT515 questions

What is an MT515 message?: The Swift confirmation a broker sends to its client after executing a buy or sell order: trade and settlement dates, price, quantity, amounts and settlement chain. Where legally accepted it serves as an electronic contract note. Fund platforms use it to confirm fund subscriptions and redemptions.
What is the difference between MT515 and MT518?: The MT515 confirms a trade to the client (broker to investment manager). The MT518 confirms a trade to the market counterparty (broker to broker, or to a matching service). One market trade can produce one MT518 and several MT515s, one per client allocation.
Is an MT515 a settlement instruction?: No. It confirms the trade. Settlement needs separate instructions to the custodians: an MT541 for the buyer’s side and an MT543 for the seller’s side (or MT540/MT542 for a free of payment trade). A custodian that receives a copy of an MT515 treats it as information.
How does a client accept or reject an MT515?: By affirming it with an MT517, or by rejecting it with an MT509 with a reason code. Many firms route this through an ETC service provider, which can also force an affirmation when the rules of the service allow it.
What is the ISO 20022 equivalent of MT515?: For investment funds, setr.012 (subscription), setr.006 (redemption) and setr.015 (switch order confirmation). Swift’s equivalence table also lists setr.027 (SecuritiesTradeConfirmation) with the funds template and shows no equivalent for the general MT515, which remains in use on FIN.
Can one MT515 confirm several fills?: Yes. Sequence B (PAFILL) can repeat, one occurrence per fill with its quantity and price, while sequence C carries the total confirmed quantity and the average price.

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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