ALERT FOREIGN EXCHANGE (FX) SETTLEMENT INSTRUCTIONS MARCH 15, 2019

Transcription

1 ALERT FOREIGN EXCHANGE (FX) SETTLEMENT INSTRUCTIONS MARCH 15, 2019

2 2019 The Depository Trust & Clearing Corporation. All rights reserved. The services described herein are provided under the DTCC brand name by certain affiliates of The Depository Trust & Clearing Corporation ( DTCC ). DTCC itself does not provide such services. Each of these affiliates is a separate legal entity, subject to the laws and regulations of the particular country or countries in which such entity operates. Please see for more information on DTCC, its affiliates and the services they offer. Publication Code: AL535 Service: ALERT Title: Foreign Exchange (FX) Settlement Instructions

3 TABLE OF CONTENTS 1. Foreign Exchange Trading 4 Alternate Country-Security-Method (CSM) Combinations for Selected Markets 5 ALERT Compliance for Margin Transit Utility (MTU) 7 Setup of Cash SSIs - Country/Security/Method Combinations 7 Global Custodian/Final Beneficiary/Executing Broker BIC Requirement 7 Cash or Fedwire Settlement 8 ALERT Fields Required to Settle with Cash or Fedwire 9 Example Screens for the ALERT Platform's Web Interface 12 Example 1 One Level of Clearing 12 Example 2 Two Levels of Clearing 13 Example 3 Three Levels of Clearing 14 Example 4 15 Example 5 16 Continuous Linked Settlement 17 ALERT Fields Required to Settle with CLS 17 Example Screens for the ALERT Platform's Web Interface 19 Example 1 19 Example Foreign Exchange and ISO 7775 Messages 21 Settlement Chain to ISO 7775 Messages 21 Mapping ALERT Fields to ISO 7775 Message 22 Intermediary and Correspondent Banks 24 ALERT and SWIFT Fields Example 24 Amco SWIFT Details 25 Deutsche Bank SWIFT details 26

4 1. FOREIGN EXCHANGE TRADING Foreign exchange trading is the simultaneous buying of one currency and selling of another. Example currency trading pairs: Euro and US dollar (EUR/USD) US dollar and Japanese yen (USD/JPY) Unlike other financial markets, the foreign exchange market has no physical location and no central exchange. To help investment managers, global custodian, and broker/dealers use the ALERT platform data consistently, and send successful settlement messages through SWIFT or other means, the following topics provide investment managers, global custodians, and broker/dealers with recommended market/business rules information for populating and interpreting settlement instructions for foreign exchange trading when using the following methods: Cash or Fedwire Settlement on page 8 Continuous Linked Settlement on page 17 Notes DTCC recommends the following: Maintain generic information at the model level; meaning data that is applicable to multiple accounts and attached to a model. Populate items specific to an account at the account level. Foreign Exchange Trading 4

5 Alternate Country-Security-Method (CSM) Combinations for Selected Markets When settling F/X and cash-related items (such as money markets or derivatives) that share the same instruction details, it is only necessary to maintain one set of cash instructions, as outlined in Table 1.1. For the TBA security type - Settlement of Cash Pair Offs resulting from TBAs: Use the US-TBA-CASH Country-Security-Method combination if the instruction differs from the US/F/X/Cash instruction. Important Do not use the Fedwire method for the TBA security type when the settlement of Pair Offs is a CASH movement and your instruction differs from your US-F/X-CASH instruction. Instead, use the US-TBA- CASH combination. This separate TBA cash instruction is only necessary if your instruction differs from your F/X instructions. Where settlement of Pair Offs results in securities movement, use your standard MBS-FEDWIRE instruction. Table 1.1 F/X and Cash-Related Items with Same Instruction Details Country Security Method US F/X Cash Only use the CASH security type when the CASH instructions are different from the F/X instructions and to settle clean cash payments, such as fee payments, as outlined in Table 1.2. Table 1.2 Use of CASH Security Type Country Security Method Note Country Code F/X Cash For use only with F/X or cash-related items that share the same instructions US F/X FEDWIRE For use only with F/X or cash-related items that share the same instruction-. Settlement is via FEDWIRE. Country Code CSH CASH Different SSI utilized when the SSI differs from F/X. Note: Use this combination to add cash instructions to support settlement of Precious metals transactions. US CSH CASH Different SSI utilized when the SSI differs from the F/X. US TBA CASH Use the TBA Country-Security-Method combination for settlement of Pair Offs resulting from TBAs if the instruction differs from the US/F/X/Cash instruction. ONLY applies if the instruction differs from the F/X instructions. Note: Do not use the FEDWIRE method. Foreign Exchange Trading 5

6 The only exceptions to this rule relate to specific countries, as outlined Table 1.3. Table 1.3 Country-Specific Requirements Country CSM Combinations Thailand Thailand FX Cash (for NRBA) Thailand Cash Cash (for NRBS) Brazil (for Non Taxable) Brazil (for taxable) India (for FPI/FII) India (for FDI) Brazil F/X-CASH Brazil-CSH-CASH India F/X-CASH India CSH-CASH Table 1.4 outlines settlement country-security-method options for China and Hong Kong. Table 1.4 Settlement Country-Security-Method Options for China and Hong Kong Country CSM Combinations Settlement Currency Code CHINA - CN (B Shares in USD) China - F/X - Cash CNY China (for HKD payments for B shares - Shenzhen) China-CSH-CASH HKD Hong Kong (for HKD payments - primary SSI for HKD) Hong Kong (for CNH - synthetic currency derived from CNY) Hong Kong - F/X-CASH Hong Kong - CSH - CASH HKD CNY Note Do NOT use country code C3 for FX/CASH; the industry has not approved how this new country code should be used for FX/CASH. Foreign Exchange Trading 6

7 ALERT Compliance for Margin Transit Utility (MTU) The Margin Transit Utility (MTU) accesses the ALERT database to retrieve the underlying collateral settlement instructions. Use the guidelines in this section to set up cash SSIs for collateral movements within the ALERT platform. Setup of Cash SSIs - Country/Security/Method Combinations The best practice for setting up Cash SSIs for Collateral movements within the MTU is to use one of the following Country-Security-Method combinations: US - CSH - FEDWIRE EUR - CSH - CASH JPY - CSH - CASH GBP - CSH CASH CAD - CSH - CASH Any other Security-Method combination will result in MTU SSI exception. Global Custodian/Final Beneficiary/Executing Broker BIC Requirement Regardless of a country s clearing requirements, always populate the Global Custodian/Final Beneficiary/Executing Broker BIC when entering settlement instructions for the MTU. Failure to populate a Global Custodian/Final Beneficiary/Executing Broker BIC results in the generation of a settlement instruction exception when MTU retrieves the underlying collateral settlement instruction from the ALERT database. Foreign Exchange Trading 7

8 Cash or Fedwire Settlement To create an SSI on the ALERT platform for this market, use the following recommended the ALERT platform country/method/security combination: Country Select the country based on the associated settlement currency used for the instruction. Notes F/X trades can settle in a different currency than the place of domicile. In this case, the ALERT platform country is based on the associated settlement currency used in the trade. For example, a fund based in Europe may use USD payments, so the ALERT platform country code is US for this USD payment. For all Eurozone countries, select Europe, not the legacy country. Method CASH or FEDWIRE - Federal Reserve Bank For method type, DTCC strongly recommends that for foreign exchange settlement instructions not settling through CLS, to select CASH as the ALERT platform method type. The exception is for US foreign exchange Federal Reserve payments. In this case, FEDWIRE is the preferred ALERT platform method type. When you choose method=cash for US, it is for Cashwire payment via CHIPS. Security F/X - Foreign Exchange This combination enables the associated field labels and validation rules specific to this market. Foreign Exchange Trading 8

9 ALERT Fields Required to Settle with Cash or Fedwire Table 1.5 lists the fields required to settle with cash or Fedwire for one and two clearing levels. Table 1.5 Settlement Instruction Fields for One and Two Clearing Levels - Cash or Fedwire ALERT Field IM 2 Levels B/D 1 Level Description Cash Clearing/Settlement Agency Data Bank Code 1, VO Code, Sort Code, ABA#, or CHIPS UID Recommended Recommended The bank code of the local (receiving) agent. Also known as local market identifier. (generic name field: ID1). The ID1 label changes according to the selected country: United Kingdom (GB) - Sort Code (mandatory for this market) United States (US) - ABA# (nine digits) or CHIPS UID (six digits) Russia: Populate the ALERT VO Code field label with the BKE/BIK Code All other markets - Bank Code 1: Local bank code of the receiving Agent o Australia (AU) Bank State Branch (BSB) number of the participant Bank: format: NNN-NNN o India (IN) Indian Financial System Code(IFSC) - format: 11 Alphanumeric o Pakistan (PK) - UIN Identifier o Nigeria (NG) - ECCI Code o Argentina (AR) - CDI # Note: When entering this code, enter the number only; do not precede it with descriptive text such as sort code, CHIPS UID, or ABA#. Do not include any special characters such as hyphens, dots, dashes, or commas. Bank Code 2 Note: This field is not available on the ALERT platform's web interface. You can only populate it using the ALERT platform's Global Custodian Direct interface or the ALERT Plus module. In addition, this field is only accessible via download Recommended Recommended Recommended for CHIPS (US-F/X-CASH) and Russia - F/X-CASH For US CHIPS ID/Participant # (four digits) For Russia INN Code Identification code for Tax bearer Foreign Exchange Trading 9

10 Table 1.5 Settlement Instruction Fields for One and Two Clearing Levels - Cash or Fedwire (continued) ALERT Field IM 2 Levels B/D 1 Level Description Bank Code 3 Recommended Recommended For Russia CBR code (format: 20 numeric) Note: This field is not available on the ALERT platform's web interface. You can only populate it using the ALERT Global Custodian Direct interface or the ALERT Plus module. In addition, this field is only accessible via download Settlement Currency Mandatory Mandatory The currency in which settlement takes place. (generic name field: PaymentCurrency) Cash Settlement Party Data: Receiving Agent Data Receiving Agent/IBAN Mandatory Mandatory Account number held at the local (receiving) agent. When settling in Thailand, populate this field with the NRBA (Non- Resident Baht Account) number. If the A/C# is not available, populate with a single full stop/period mark. Receiving Agent BIC Mandatory Mandatory BIC of local (receiving) agent. (generic name field: Local agent BIC) Beneficiary /Custodian Data Beneficiary Inst. BIC Recommended BIC of the institution to which the payment is made. (generic name field: Custodian BIC) Beneficiary Inst Name Mandatory Mandatory Name of the institution to which the payment is made (generic field name: Custodian Name). If the Beneficiary Inst BIC is populated, this field gets automatically populated with the related BIC name. Beneficiary Additional Info Optional Optional Malaysia (MY): Quote either CBO or NCBO (Change/No Change in Beneficial Ownership). Russia: INN Code, CBR Code, or CDI number. Final Beneficiary A/C # / IBAN Final Beneficiary A/C Number at the Global Custodian Beneficiary Inst Address City State/Province Country Recommended Recommended Beneficiary Address Note: Mexico and Canada mandate this information. Postcode/Zip Code Institution/Executing Broker Data Institution/Executing Broker BIC Optional Mandatory BIC of the investment manager or the executing broker/dealer, whichever is applicable. When the receiving agent has to go through an intermediary for the transfer of funds, instructions can have three levels of clearing. In these instances, an additional BIC and account number are required. Foreign Exchange Trading 10

11 To enter intermediary data: 1. On the Create Settlement Instruction page, in the Intermediary Data group, enter the Intermediary BIC and Intermediary A/C#/IBAN fields. 2. Set Relationship to CORRESPONDENT - C. If there are additional intermediaries (for example, four levels of clearing) or information referenced in the instruction, complete the fields in the Beneficiary/Custodian Data group. The Beneficiary Additional Info fields are free-form text fields mapped to tag 72 in SWIFT. Foreign Exchange Trading 11

12 Example Screens for the ALERT Platform's Web Interface The following examples show the instructions in the ALERT platform's web interface for different levels of clearing when settling in foreign exchange using cash or Fedwire. Example 1 One Level of Clearing If the global custodian and location agent are the same BIC codes, it is only necessary to enter data in the Receiving Agent BIC, A/C #, and Beneficiary Inst Name fields. This example shows investment manager foreign exchange settlement instructions for the United Kingdom with one level of clearing. The investment manager uses Citibank London as the global custodian and as the local agent. Because the local agent and the global custodian are the same bank, the Citibank London BIC code is populated once in the Receiving Agent BIC field. Figure 1.1 Foreign Exchange Settlement Instructions, Investment Manager, One Level of Clearing Foreign Exchange Trading 12

13 Example 2 Two Levels of Clearing When the global custodian utilizes a local agent, as in Figure 1.2, BBH US uses RBS GB to settle GBP. In some circumstances, a final beneficiary A/C number is NOT always necessary; populate it if provided. Figure 1.2 Foreign Exchange Settlement Instructions, Investment Manager, Two Levels of Clearing Foreign Exchange Trading 13

14 Example 3 Three Levels of Clearing Figure 1.3 shows investment manager foreign exchange settlement instructions, with three levels of clearing. In this example, Amco Investment Managers uses Fidelity as a custodian. For currency exchange (F/X), Fidelity uses State Street Bank and Trust Company who uses Deutsche Bank as the local intermediary in Germany. Figure 1.3 Foreign Exchange Settlement Instructions, Investment Manager, Three Levels of Clearing Foreign Exchange Trading 14

15 Example 4 Figure 1.4 shows broker/dealer foreign exchange settlement instructions for the United Kingdom with one level of clearing. The broker/dealer, Deutsche Bank NY, uses Deutsche Bank London as a local agent. Figure 1.4 Foreign Exchange Settlement Instructions, Broker/Dealer, One Level of Clearing Foreign Exchange Trading 15

16 Example 5 Figure 1.5 shows broker/dealer foreign exchange settlement instructions with two levels of clearing. The broker/dealer, Deutsche Bank NY, uses Deutsche Bank London as the clearing broker/dealer, which uses Deutsche Bank Germany as the local agent. Figure 1.5 Foreign Exchange Settlement Instructions, Broker/Dealer, Two Levels of Clearing Foreign Exchange Trading 16

17 Continuous Linked Settlement Continuous linked settlement (CLS) is an ALERT platform method type that enables both investment managers and broker/dealers to populate their foreign exchange (F/X) CLS instructions and publish them to their respective counterparties. F/X is the only instrument that is applicable for CLS. DTCC recommends that you set up a single CLS instruction with the following country/method/security combination to apply to all currencies: Country UNITED STATES - US Method CLS - CLS Bank International Security F/X - Foreign Exchange However, if multiple instructions are required, any country using the currency codes listed on the CLS web site ( is eligible for the F/X-CLS combination. When you use this combination, the ALERT platform automatically populates the PSET field with the BIC of CLSBUS33. ALERT Fields Required to Settle with CLS The ALERT platform provides a new mapping for CLS that reuses the ALERT platform SSI generic fields ID2, ID3, ID4, ID5, and new validations in addition to regular F/X validations. Table 1.6 lists the fields required to settle with CLS for one and two clearing levels. Table 1.6 CLS Settlement Instruction Fields for One and Two Clearing Levels ALERT Field IM 2 Levels B/D 1 Level Description Cash Clearing/Settlement Agency Data PSET Mandatory Mandatory The place of settlement. Settlement Currency Mandatory Mandatory The currency in which settlement takes place. (generic name field: PaymentCurrency) CLS Participant# Optional Optional Identifies the local clearing agent at CLS. (generic name field: ID1) Alt Institution BIC Optional Optional The entity that is sending the MT304 message on behalf of the investment manager. (generic name field: ID3) Confirmation Method Add Custodian to MT304/Tag57 Recommended Recommended Applicable data values are: GTSS FXAL SWIFT OMGEO MYSIS ACCORD OTHER (generic name field ID2) Conditional Conditional Becomes required if Confirmation Method is SWIFT. Allowed values are YES or NO. (generic name field: ID5) Cash Settlement Party Data: Receiving Agent Data / Settlement Member Data Foreign Exchange Trading 17

18 Table 1.6 CLS Settlement Instruction Fields for One and Two Clearing Levels (continued) ALERT Field IM 2 Levels B/D 1 Level Description Receiving Agent/IBAN Receiving Agent BIC Beneficiary /Custodian Data Final Beneficiary A/C# Beneficiary Institution BIC Institution/Executing Broker Data Institution/Executing Broker BIC Recommended Recommended Account number held at the local (receiving) agent. (generic name field Cash AC#) Mandatory Mandatory BIC of local (receiving) agent. (generic name field: Local agent BIC / Settlement Member BIC) Mandatory Mandatory Account number held at the beneficiary institution. This field becomes available when you complete the Beneficiary Institution BIC field. (generic name field: Local AC#) Mandatory Mandatory BIC of the institution to which the payment is made. (generic name field: CustodianBIC) Optional Mandatory Executing broker/dealer BIC, entered by the broker/dealer. Note When an investment manager saves an SSI, a Confirm prompt opens, allowing the investment manager to copy the value entered in Receiving Agent BIC into the Beneficiary Inst BIC field. Foreign Exchange Trading 18

19 Example Screens for the ALERT Platform's Web Interface The following examples show the instructions in the ALERT platform's web interface for different levels of clearing when settling in foreign exchange using CLS. Example 1 This example shows an investment manager CLS instruction with two levels of clearing. In this example, the investment manager, Amco, uses Bank of New York Mellon as the global custodian who has a direct membership in CLS. Figure 1.6 Foreign Exchange Settlement Instructions - CLS, Investment Manager, Two Levels of Clearing Foreign Exchange Trading 19

20 Example 2 This example shows broker/dealer CLS settlement instructions with one level of clearing. In this example, the broker/dealer (UBS) uses their Swiss branch, a direct participant at CLS. Figure 1.7 Foreign Exchange Settlement Instructions - CLS, Broker/Dealer, One Level of Clearing Foreign Exchange Trading 20

21 2. FOREIGN EXCHANGE AND ISO 7775 MESSAGES The securities industry sought to reduce the risk and cost of trade-settlement failure by automating settlements. In doing so, the need to standardize the format of the SWIFT settlement message became apparent. The Securities Market Practice Group (SMPG) and the International Organization for Standardization (ISO) provided guidance in resolving this problem. As a result, the ISO technical committee ISO/TC68 (Banking, Securities, and Related Financial Services) prepared ISO in the late 1990s. ISO specifies message-design principles and tools that enable different client segments to design standardized message types that support their specific information flows. The tools include a set of syntax and message design rules, a dictionary of data fields, and a catalog for present and future messages. However, clients still map cash and foreign exchange settlement instructions to ISO 7775 SWIFT messages instead of ISO messages. Settlement Chain to ISO 7775 Messages The three most frequently used ISO 7775 messages associated with cash and F/X transactions are MT304, MT202, and MT210: MT304 (advice/instruction of a third-party deal) is used, for example, when an investment manager uses a third party to complete a foreign exchange transaction. This message is sent to the custodian to inform the custodian that the transaction took place. The message informs the custodian where to wire the money (the sell side of the transaction). The message also indicates where to receive the money (the buy side of the transaction). MT202 (general financial institution transfer) is similar to the sell side of the SWIFT MT304 message. The difference between the two is the option code (for example, 58J to indicate the beneficiary institution in a 304 and 58A in a 202). MT210 (notice to receive) is similar to the buy side of the SWIFT MT304 message. The difference between the two is the option code used in the MT304 message. Foreign Exchange and ISO 7775 Messages 21

22 Mapping ALERT Fields to ISO 7775 Message The following examples show how the ALERT platform fields map to the corresponding fields of a SWIFT ISO 7775 message. Table 2.1 Mapping for the Deliver Cash Sequence of MT304 Message with Two Parties SWIFT Role ISO 7775 Tag ALERT Field Receiving agent :57J:/ABIC/ Receiving Agent BIC :57J:/NAME/ Receiving Agent Name1, Receiving Agent Name 2 :57J:/ACCT :57J:/USFW/ :57J:/USCH/ :57J:/GBSC/ Beneficiary Institution :58J:/ABIC/ :58J:/NAME/ :58J:/ACCT/ Receiving Agent/IBAN ABA# (Bank Code 1 for FEDWIRE), CHIPS UID (Bank Code 1), or Sort Code (Bank Code 1) Beneficiary Institution BIC Beneficiary Institution Name 1, Beneficiary Institution Name 2 Final Beneficiary A/C #/IBAN Table 2.2 Mapping for Deliver Cash Sequence of MT304 Message with Three Parties. SWIFT Role ISO 7775 Tag ALERT Field Intermediary :56J:/ABIC/ Intermediary BIC :56J:/NAME/ Intermediary Name1, Intermediary Name 2 :56J:/ACCT/ :56J:/USFW/ :56J:/USCH/ :56J:/GBSC/ Intermediary A/C #/IBAN Receiving Agent :57J:/ABIC/ Receiving Agent BIC ABA# (ID 1 for FEDWIRE), CHIPS UID (Bank Code 1), or Sort Code (Bank Code 1) :57J:/NAME/ Receiving Agent Name 1, Receiving Agent Name 2 :57J:/ACCT/ Beneficiary Institution :58J:/ABIC/ :58J:/NAME/ :58J:/ACCT/ Receiving Agent/IBAN Beneficiary Institution BIC Beneficiary Institution Name 1, Beneficiary Institution Name 2 Final Beneficiary A/C #/IBAN Foreign Exchange and ISO 7775 Messages 22

23 Table 2.3 Mapping for MT202 Deliver Cash Sequence with Two Parties SWIFT Role ISO 7775 Tag ALERT Field Example Account With Institution 57A Line 1 Receiving Agent BIC SBZAZAJJXXX 57A Line 2 57A Line 3 Bank Code 1 (Sort Code, CHIPS UID, or ABA) Receiving Agent/IBAN Beneficiary Institution 58A Line 1 Beneficiary Institution BIC PARBESMXXX 58A Line 2 Final Beneficiary Agent/IBAN The following example shows three levels involved in the settlement chain. Standard bank receives the money and passes it to BNP Paris, which passes it to BNP Madrid. As shown in the SWIFT messages, SWIFT tag 56 receives first, then passes onto SWIFT tag 57, and finally onto SWIFT tag 58. Standard Bank acts as an intermediary as they are passing the funds to BNP Paris, the receiving agent for BNP Spain. For more information on intermediary banks, see Intermediary and Correspondent Banks on page 24. Table 2.4 Mapping for MT202 Deliver Cash Sequence with Three Parties. SWIFT Role ISO 7775 Tag ALERT Field Example Intermediary 56A Line 1 Intermediary BIC SBZAZAJJXXX 56A Line 2 Bank Code 1 (Sort Code, CHIPS UID, ABA) 56A Line 3 Intermediary A/C#/IBAN Account With Institution 57A Line 1 Receiving Agent BIC PARBFRPPXX 57A Line 3 Receiving Agent/IBAN Beneficiary Institution 58A Line 1 Beneficiary Institution BIC PARBESMXXX 58A Line 2 Final Beneficiary A/C#/IBAN Table 2.5 Mapping for MT210 Receipt of Cash Sequence Role ALERT Field ISO 7775 Beneficiary Institution Receiving Agent/intermediary Receiving Agent/IBAN Beneficiary Institution BIC ID 1 (Sort Code, CHIPS UID, or ABA # if present) Receiving Agent BIC 52A Line 1 52A Line 2 56A Line 1 56A Line 2 Foreign Exchange and ISO 7775 Messages 23

24 Intermediary and Correspondent Banks When sending a payment in a currency that is not the domestic currency for the destination country you use an intermediary bank. When you route a USD payment to HSBC in Hong Kong through a US Bank. The intermediary bank is the bank that forwards the cash, often because the original bank is a small bank that does not handle foreign payments. The intermediary bank does not keep the cash; it simply helps the transfer of funds. When the end recipient resides in a country where the currency transferred is not the native currency, a correspondent bank comes into play. For example, if you transfer USD to Laos, a correspondent bank covers all transfers to the Laos bank. The end bank has an account at the correspondent bank and keeps all of its foreign currency in that account. Often, but not always, the correspondent bank resides in the country where the currency is native. For example, the USD correspondent bank is often an American bank. ALERT and SWIFT Fields Example In this example, Amco Investment Managers performs a foreign exchange transaction with Deutsche Bank New York. Amco purchases GBP 100,000 against Euros. Table 2.6 BIC and Account Numbers Amco BIC/Account # Deutsche Bank BIC/Account # Fidelity Management Trust Company BIC Intermediary A/C# (Account of State Street at Deutsche Bank) State Street Bank and Trust Company BIC Receiving Agent/IBAN (Account for Fidelity at State Street): Deutsche Bank AG (DEUTDEFF/XXX), Bank Code 1: FMTCUS3B Deutsche Bank New York BIC DE Receiving Agent/IBAN (Deutsche Bank New York account at Deutsche Bank London) SBOSUS33XXX Deutsche Bank AG (DEUTGB2LXXX), Sort Code DEUTUS33XXX GB66DEUT Foreign Exchange and ISO 7775 Messages 24

25 Table 2.7 lists the fields for the transaction. The ALERT platform fields for Amco are from Example 3 Three Levels of Clearing on page 14. The ALERT platform fields for Deutsche Bank New York are from Example 4 on page 15. Table 2.7 Fields Amco ALERT Field Value Deutsche Bank ALERT Field Value Method CASH Method CASH Country Germany Country United Kingdom Security Type Foreign Exch Security Type Foreign Exch PaymentCurrency EUR PaymentCurrency GBP Beneficiary Institution BIC FMTCUS3B Beneficiary Institution BIC Not applicable Intermediary A/C#/IBAN DE Intermediary A/C#/IBAN Not applicable Intermediary BIC DEUTDEFF/XXX Intermediary BIC Not applicable Receiving Agent/IBAN Receiving Agent/IBAN GB66DEUT Receiving Agent BIC SBOSUS33XXX Receiving Agent BIC DEUTGB2LXXX Institution/Broker BIC Not applicable Institution/Broker BIC DEUTUS33XXX Bank Code Sort Code Amco SWIFT Details Amco sends the following details on an MT304 message to its agent, State Street Bank and Trust Canada. This list does not include all fields. :87J:/ABIC/DEUTUS33XXX (Example 4 on page 15) :87J:/NAME/Deutsche Bank AG :53J:/ABIC/DEUTGB2LXXX (Example 4 on page 15) :53J:/NAME/Deutsche Bank AG :53J:/GBSC/ :57J:/ABIC/ DEUTDEFF/XXX (Example 5 on page 16) :57J:/NAME/ Deutsche Bank AG :58J:/ABIC/DEUTGB2LXXX (Example 5 on page 16) :58J:/NAME/Deutsche Bank AG :58J:/ACCT/GB66DEUT The MT202 message from State Street is populated as follows: :57A:/ DEUTDEFF/XXX (Example 5 on page 16) :58A:/GB66DEUT DEUTGB2LXXX The MT210 message from State Street is populated as follows: :56A:/ (Example 5 on page 16) DEUTGB2LXXX Foreign Exchange and ISO 7775 Messages 25

26 Deutsche Bank SWIFT details Deutsche Bank sends the following details on an MT210 message to its agent, Deutsche Bank AG. :52A:/DE (Example 3 Three Levels of Clearing on page 14) SBOSUS33 :56A:/ DEUTDEFF The MT202 message from Deutsche Bank is populated as follows: :57A:/ (Example 2 Two Levels of Clearing on page 13) / LOYDGB2LXXX :58A:/GB66DEUT /SBOSCATXXXX Foreign Exchange and ISO 7775 Messages 26

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