Collateral Withdrawal. In a Collateral withdrawal, the buyer instructs to return (the seller instructs to receive) securities due to excess of collateral following mark to market valuation. - One delivery free message should be sent by the buyer, one receipt by the seller. - The message will be identified as part of collateral adjustment using the settlement transaction indicator field with the appropriate collateral indication. The Repo sequence will allow for the identification of the repo contract being topped up In addition the Repurchase type field will indicate that the transaction is for a Withdrawal. - The message will be linked to the original instruction using the Repo reference and/or a linkage sequence with the message reference of the original instruction. The table below provides a summary representation of business element requirements for the amendment message types outlined above.
Collateral Withdrawal. In a Collateral withdrawal, the buyer instructs to return (the seller instructs to receive) securities due to excess of collateral following mark to market valuation. :23G:NEWM :20C::PREV//Link to initiation instruction :22F::SETR//COLO or :22F::SETR//COLI :22F::REPT//WTHD :20C::REPO// This scenario is dealing specifically with the collateral when the underlying repo is not impacted. It is distinguished by the use of the 22F::SETR//COLO or COLI field. For a Withdrawal scenario where the underlying repo is being rolled over, with the use of the 22F::SETR//REPU or RVPO field, see section 34. I. Message Structure and Requirements
Collateral Withdrawal. In a Collateral withdrawal, the buyer instructs to return (the seller instructs to receive) securities due to excess of collateral following mark to market valuation. One delivery free message should be sent by the buyer, one receipt by the seller. The message will be identified as part of collateral adjustment using the settlement transaction indicator field with the appropriate collateral indication. The Repo sequence will allow for the identification of the repo contract being topped up In addition the Repurchase type field will indicate that the transaction is for a Withdrawal. The message will be linked to the original instruction using the Repo reference and/or a linkage sequence with the message reference of the original instruction. The table below provides a summary representation of business element requirements for the amendment message types outlined above. ISO 15022 illustration: Message Sequence Diagram *For Matching and Settlement Status Reporting Market Practice guidelines, please refer to the Status and Fail Reporting (MT548) Market Practice documentation. Message Usage Rules The section below will give the message type and defining elements of the repurchase/reverse repurchase agreement. Please note that these fields are just identifying the critical fields for the specified business process and do not show all SWIFT message elements. For the complete message please refer to the Appendix. General message usage rules: The instruction will be identified as being the settlement of a repo operation by using Sequence E indicator field :22F::SETR//REPU. The instruction will be identified as being the settlement of a reverse repo operation by using Sequence E indicator field :22F::SETR//RVPO. Where there is a cancel to modify a repo contract for a repo closing scenario under the single message method, it is mandatory to provide a previous reference (PREV) in the linkages sequence of the cancellation that contains the reference number of the original transaction (SEME from the original or first transaction) that is being amended. In the event multiple closing scenarios occur, the PREV reference of the follow-up cancellation will contain the most recent replacement instruction SEME and not the original opening repo. Confirmation messages will only include the 20C::RELA of the last repo instruction received and not all previous instructions. For example: Confirmation of the closing leg instruction only references the closing leg instruction 20C::SE...
Collateral Withdrawal. Without obtaining the prior written consent of the Agent, the Borrower or the Investment Adviser submits unilateral instructions to the applicable Custodian for a withdrawal of Collateral from the Collateral Accounts which individually or in the aggregate would result in a withdrawal of Collateral from the Collateral Accounts in contravention of Section 2(g); or
