Settlement and Financial Instruments Registration (SaFIR) System

Transcription

1 NATIONAL BANK OF ROANIA Settlement and Financial Instruments Registration (SaFIR) System SWIFT User Guide - arch Unofficial translation (provided for information purposes only) 1

2 Index 1 General Information SaFIR functions Participants connection to SaFIR Classification criteria Glossary of terms Template messages and operational flow Settlement instructions Free of payment messages (FoP) Operations between two Participants Two SWIFT messages required One SWIFT message is required Operations between a Participant and its clients Delivery/receive against payment Trades on RON denominated securities DvP operations on non-ron denominated securities Repo management Repurchase agreement between two Participants Repurchase agreement with NBR Pledges Pledge between two SaFIR Participants Pledge to support settlement of DNS NBR Initial placement of a new issue Initial placement of new issues for RON denominated securities NBR Initial placement of new issues for non RON denominated securities.. 87 NBR Corporate action messages Statement messages Request for Statement/Status Advice Settlement status and processing advice Statement of accounts Statement of transactions Statement of pending operations Broadcast messages Examples Deliver/Receive against payment - initiation and cancellation Receive/deliver free of payment - initiation and cancellation Pledge registration - initiation and cancellation Corporate action messages atching criteria Validation rules Annex Annex Annex

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4 1 General Information 1.1 SaFIR functions The Settlement and Financial Instruments Registration (SaFIR) System is designed to manage financial instruments and provide for following main functions: a. aintenance of the primary register; b. Settlement of transactions involving financial instruments; c. Payment of the proceeds; d. Housekeeping functions. 1.2 Participants connection to SaFIR Participants are connected to SaFIR through: a. SWIFT b. Network RCI-IPF Networks Overview NBR Banks RCI-IPF SaFIR SWIFT SWIFT FIN Network Network Securities Houses TransFonD Key Workstation SWIFT Gateway Each Participant shall be connected to the SaFIR system through a single point of entry into the system, preferably its headquarters, such that the connection between 4

5 the Participant and SaFIR is always available during the business day. The SWIFT Alliance Access Interface provides a means for Participants to enter securities settlement instructions for transmission via SWIFT to the SaFIR system for processing. Please note that SWIFT Alliance Entry interfaces could also be used by smaller users needing less automation. 2 Classification criteria This edition of the SaFIR SWIFT user guide provides information on the ISO securities message standards. The securities message standards discussed are: a) Settlement and Reconciliation (S&R) messages; b) Corporate Action (CA) messages; c) SaFIR Broadcast essage. In order to get a complete and comprehensive view of the SWIFT standards, this guide should be consulted in conjunction with the document "SWIFT Standards T November 2008 Standards Release Guide" provided by SWIFT. This Guide defines the relevant aspects to each area of operations performed within SaFIR, identifies common characteristics of operational flows and establishes relationships. Send by Participants to SaFIR Participants Banks Brokerage companies National Bank of Romania inistry of Public Finance Headquarter of credit cooperatives DNS Clearing Houses* SaFIR T540, T541, T542, T543, T527, T549, T910 T540, T541, T542, T543, T527, T549, T910 T540, T541, T542, T543, T527, T549, T910 T540, T541, T542, T543, T527, T549, T910 T540, T541, T542, T543, T527, T549, T910 T599 5

6 Send by SaFIR to Participants Participants Banks Brokerage companies National Bank of Romania inistry of Public Finance Headquarter of credit cooperatives DNS Clearing Houses* SaFIR T515, T544, T545, T546, T547, T548, T558, T535, T536, T537, T599, T564, T566, T598 T515, T544, T545, T546, T547, T548, T558, T535, T536, T537, T599, T564, T566, T598 T515, T544, T545, T546, T547, T548, T558, T535, T536, T537, T599, T564, T566, T598 T515, T544, T545, T546, T547, T548, T558, T535, T536, T537, T599, T564, T566, T598 T515, T544, T545, T546, T547, T548, T558, T535, T536, T537, T599, T564, T566, T598 T599 * DNS Clearing House is informed of the value of pledges on request via SWIFT only if they are connected. Sending / receiving SWIFT authenticated messages Category 5 mentioned above, shall be made 1 in accordance with the SWIFT procedures as valid since trim. 4/2008, after exchanging SWIFT RA (Relationship anagement Application) authorization between SWIFT interfaces of SaFIR participants and the system. SaFIR performs operations initiated by participants in relation to the Issuer (settlement of primary market results, interest and/or coupon payments, partial/optional/total redemptions) and operations performed between participants on the secondary market (sale/purchase operations, pledge contracts, Repo contracts, portfolio transfers). 1 SaFIR participants who have already exchanged SWIFT bilateral authentication keys, does not require exchanging new RA authorizations. 6

7 3 Glossary of terms Term Beneficiary of oney Cash amount & Currency essage reference number DNS Exposure type Function of the essage In/Out indicator ISIN code aturity date/time of a repo Paying Institution Place of settlement Preparation Date Definition Identifies the party credited with the payment, when payment has been made to an institution different from the Sender and identified as account with institution. Currency and the total amount of money paid/to be paid or received/to be received in exchange of the financial instruments. Reference assigned by the system to unambiguously identify the message A system that effects the settlement of obligations or transfers between or among counterparties on a net basis at some later time The underlying business area/type of trade causing the exposure. In SaFIR case the underlying business is a secured loan. Identifies the function of the message Whether the quantity of financial instrument is to be delivered or received. International Securities Identification Number. A unique international code which identifies a securities issue. The closing date/time or maturity date/time of the repo transaction. Specifies the party from whose account the payment needs to be done. Account servicer, respectively the depositor Date at which message was prepared Registration date The date/time the client wishes the pledge instruction to be executed. Release date The closing date/time of the collateral management transaction Repo reference Repurchase amount SSIF Repo Reference common to all the collateral pieces (one or many). Total amount to be paid/received on second leg of a repo trade Securities companies 7

8 4 Template messages and operational flow 4.1 Settlement instructions The following types of operations can be performed by the SaFIR: Primary market operations. Secondary market operations o Sale/purchase operations through Delivery against payment transfer (DvP) or FoP; o Repo management; o Pledge management; o Transfer of portfolio through Free of payment transfer (FoP); Free of payment messages (FoP) Participants may require a free transfer of portfolio for: - trades between participants and own clients - transfer of clients portfolio or of own portfolio - pledge execution through appropriation - repo substitution - margin calls for repo contracts Operations between two Participants An operation between two SaFIR Participants which doesn t imply any transfer of funds in RTGS is settled using FoP messages Two SWIFT messages required The two messages required are sent by the deliverer participant and by the receiver participant for the following cases: transfer of client s portfolio between two SaFIR Participants; transactions between two SaFIR participants who settles the fund leg through same settlement account in ReGIS system. 8

9 T542 Transaction initiation T540 T546 Transaction initiation Transaction confirmation T544 Participant T542 T548 Cancellation request Cancellation initiation Cancellation confirmation T540 T548 Participant Settlement status query T549 Query T549 T548 Status response T548 T548 Errors validation T548 T548 T One SWIFT message is required One SWIFT message is required in case of pledge execution trough appropriation even there are two Participants involved or Participant and its client; Operations between a Participant and its clients In case of transactions between Participant and its own clients, where securities are moved between two accounts of the same participant, a single SWIFT message is required. The participant will send a receiving (T540) Swift instruction if it is the beneficiary of the financial instruments or a delivery (T542) instruction if it is the supplier of these financial instruments. Operational flow for transactions between a participant and its clients is presented in paragraph

10 T540/542 T544/546 Transaction initiation Transaction initiation Transaction confirmation Participant Buyer/Seller T549 T548 T548 T548 Settlement status query Query Status response Errors validation SWIFT templates essages processed by the SaFIR are: Function Input FIN - SaFIR Output Instruct the receipt of financial instruments Request a cancellation of a instruction previously sent Instruct the delivery of financial instruments Request a cancellation of a instruction previously sent Request for statement/status advice* T540 T540 T542 T542 T549 T544 T548 T546 T548 T548 * For T 549/548 templates see paragraph Settlement status and processing advice 10

11 T540 This message is sent to SaFIR by the Participant who receives financial instruments in order to initiate a free of payment transfer or request the cancellation of a previously sent instruction. Tag Qualifier Format Comment /O Note :16R: GENL 1 :20C: :SEE// 16x :23G: NEW CANC 2 :16R: LINK :20C: :PREV// 16x :CO// C 3 :16S: LINK :16S: GENL :16R: TRADDET :98a: :SETT// Option A: SETT//8!n (date) Option C: 4 SETT//8!n6!n (date)(time) :98A: :TRAD// 8!n S :90A: :DEAL//YIEL 15d S 5 :35B: ISIN1!e12!c [4*35x] 6 :16S: TRADDET :16R: FIAC :36B: :SETT//FAT 15d Quantity expressed as the face amount :97a: :SAFE// 35x Option A: :SAFE//35x Option B: 7 :SAFE//ARG/35x :16S: FIAC :16R: SETDET :22F: :SETR// PORT 8 TRAD 9 REAL 10 :22F: STCO//FRCL Although this is a free of payment transfer, a payment C 11 instruction will be sent. :16R: SETPRTY :95a: :DEAG// 4!a2!a2!c Opţiune 12 11

12 Tag Qualifier Format Comment /O Note P:DEAG//4!a2!a2!c Opţiune Q: DEAG//4*35x :16S: SETPRTY :16R: SETPRTY S :95P: :PSET// 4!a2!a2!c BIC of depository system where settlement takes S place :16S: SETPRTY S :16R: SETPRTY S/O 13 :95R: SELL// 8c/34x Participant s account number in the system of the depository where S settlement takes place :16S: SETPRTY S :16R: SETPRTY S 14 :95P: :REAG// 4!a2!a2!c S :16S: SETPRTY S :16R: SETPRTY O Option P: :95a: :SELL// O SELL//4!a2!a2!c 15 Option Q: SELL//4*35x :16S: SETPRTY O :16R: AT S 16 :19A: :SETT// [N]3!a15d S :16S: AT S :16S: SETDET 1. The fields described in this template could be mandatory for SWIFT (), optional for SWIFT but mandatory for SaFIR (S), conditional (C) when their presence depending on the presence of the other fields and optional (O). 2. Function CANC is used to request the cancellation of an instruction previously sent (the function of the message is CANC). In this case all fields marked with O indicator in red color are optional. 3. Block LINK is conditioned by the message function or by the type of operation. This block is present when the Function of essage is CANC (with field :20C::PREV//) or in a Repo margin operation (with the field :20C::CO//). In the second case, the 12

13 value of CO is the SaFIR reference number. Exceptions are transactions concluded on the basis of the Global aster Repurchase Agreement (GRA) Protocol for reverse sale-purchase transactions in government securities GRA (Repo-RA operation) developed by ACI-Romania, where the block "LINK" will not be used. 4. If the parties agreed a cut off time until the instruction has to be settled, the format of the settlement date is Option C. wise, the system try to settle the instruction until the cut off time of the FoP service. 5. Price is mandatory for SaFIR, excepting the transfer of clients' portfolio and the margin operation. 6. ISIN code is mandatory, its description is optional. 7. Option B is used only in case of a Repo margin operation. 8. :22F::SETR//PORT is mentioned in the case of the transfer of portfolio. 9. :22F::SETR//TRAD is mentioned when note 8 is not applicable. 10. :22F::SETR//REAL is used when reconstitued SaFIR system positions as a result of transactions settled in other systems depositories. 11. If (9) is applicable then STCO indicator (Settlement Transaction Condition) becomes mandatory. 12. Q option is used related to transfers to S.C. Depozitarul Central S.A This indicator is used only for the transfer of financial instruments from another central depository system and contains the account number of the participant in the central depository system where settlement takes place. 14. Will be used only in contingency situation. Here is BIC code of the Participant in a contingency situation. 15. In option P, the seller is identified by the BIC code. If the BIC code is not available, option Q should be used (name and address). 16. andatory when (9) is applicable. 13

14 T542 This message is sent to SaFIR by the Participant who delivers financial instruments in order to initiate a free of payment transfer or request the cancellation of a a previously sent instruction. Tag Qualifier Format Comment /O Note :16R: GENL 1 :20C: :SEE// 16x :23G: NEW CANC 2 :16R: LINK :20C: :PREV// 16x :CO// C 3 :16S: LINK :16S: GENL :16R: TRADDET :98a: :SETT// Option A: SETT//8!n (date) Option C: 4 SETT//8!n6!n (date)(time) :98A: :TRAD// 8!n S :90A: :DEAL//YIEL 15d S 5 :35B: ISIN1!e12!c [4*35x] 6 :16S: TRADDET :16R: FIAC :36B: :SETT//FAT 15d Quantity expressed as the face amount Option A: :SAFE//35x :97a: :SAFE// 35x Option B: :SAFE//ARG/35x 7 :16S: FIAC :16R: SETDET :22F: :SETR// PORT 8 TRAD 9 REAL 10 :22F: STCO//FRCL Although this is a free of payment transfer, a payment instruction C 11 will be sent. :16R: SETPRTY :95a: :REAG// 4!a2!a2!c Option P:DEAG//4!a2!a2!c 12 Option Q: 14

15 Tag Qualifier Format Comment /O Note DEAG//4*35x :16S: SETPRTY :16R: SETPRTY S :95P: :PSET// 4!a2!a2!c BIC of depository system where S settlement takes place :16S: SETPRTY S :16R: SETPRTY S/O 13 :95R: BUYR// 8c/34x Participant s account number in the system of the depository S where settlement takes place :16S: SETPRTY S :16R: SETPRTY S 14 :95P: :DEAG// 4!a2!a2!c S :16S: SETPRTY S :16R: SETPRTY O :95a: :BUYR// Option R: BUYR//8c/34x S 14 Option P: O BUYR//4!a2!a2!c 15 Option Q: BUYR//4*35x :16S: SETPRTY O :16R: AT S 16 :19A: :SETT// [N]3!a15d S :16S: AT S :16S: SETDET 1. The fields described in this template could be mandatory for SWIFT (), optional for SWIFT but mandatory for SaFIR (S), conditional (C) when their presence depending on the presence of the other fields and optional (O). 2. Function CANC is used to request the cancellation of an instruction previously sent (the function of the message is CANC). In this case all fields marked with O indicator in red color are optional. 3. Block LINK is conditioned by the message function or by the type of operation. This block is present when the Function of essage is CANC (with field :20C::PREV//) or in a Repo margin operation (with the field :20C::CO//). In the second case, the value of CO is the SaFIR reference number. Exceptions are transactions concluded on the basis of the Global aster Repurchase 15

16 Agreement (GRA) Protocol for reverse sale-purchase transactions in government securities GRA (Repo-RA operation) developed by ACI-Romania, where the block "LINK" will not be used. 4. If the parties agreed a cut off time until the instruction has to be settled, the format of the settlement date is Option C. wise, the system try to settle the instruction until the cut off time of the FoP service. 5. Price is mandatory for SaFIR, excepting the transfer of clients' portfolio and the margin operation. 6. ISIN code is mandatory, its description is optional. 7. Option B is used only in case of a Repo margin operation. 8. :22F::SETR//PORT is mentioned in the case of the transfer of portfolio. 9. :22F::SETR//TRAD is mentioned when note 8 is not applicable. 10. :22F::SETR//REAL is used when reconstitued SaFIR system positions as a result of transactions settled in other systems depositories. 11. If (9) is applicable then STCO indicator (Settlement Transaction Condition) becomes mandatory. 12. Q option is used related to transfers to S.C. Depozitarul Central S.A This indicator is used only for the transfer of financial instruments from another central depository system and contains the account number of the participant in the central depository system where settlement takes place. 14. Will be used only in contingency situation. Here is BIC code of the Participant in a contingency situation. 15. In option P, the seller is identified by the BIC code. If the BIC code is not available, option Q should be used (name and address). 16. andatory when (9) is applicable. 16

17 T544 This message is sent by depositary to Participant to confirm the receipt of financial instruments free of payment instruction. Tag Qualifier Format Comment /O Note :16R: GENL 1 :20C: :SEE// 16x :23G: NEW CANC 2 :16R: LINK :20C: :RELA// 16x PREV 3 :16S: LINK :16S: GENL :16R: TRADDET :98C: :ESET// 8!n6!n :35B: ISIN1!e12!c [4*35x] 4 :16S: TRADDET :16R: FIAC :36B: :ESTT//FAT 15d Quantity expressed as the face amount :97a: :SAFE// 35x Option A: :SAFE//35x Option B: :SAFE//ARG/35x 5 :16S: FIAC :16R: SETDET :22F: :SETR// 4!c 6 :16R: SETPRTY :95 Q: :DEAG// 4!a2!a2!c Opţiune P:DEAG//4!a2!a2!c Opţiune Q: DEAG//4*35x 7 :16S: SETPRTY :16R: SETPRTY S :95P: :PSET// 4!a2!a2!c BIC SaFIR S :16S: SETPRTY S :16R: SETPRTY O :95a: :SELL// Option P: SELL//4!a2!a2!c O Option Q: SELL//4*35x :16S: SETPRTY O :16R: AT S 9 :19A: :ESTT// [N]3!a15d S :16S: AT S :16S: SETDET 1. The fields described in this template are either mandatory for SWIFT (), or 8 17

18 optional for SWIFT but mandatory for SaFIR (S) or optional for both of them (O). 2. Function CANC is used to request the cancellation of an instruction previously sent (the function of the message is CANC). 3. When the Function of essage is CANC, block LINK indicator must be :20C::PREV//. wise, this block will have indicator :20C::RELA//. Exceptions are transactions concluded on the basis of the Global aster Repurchase Agreement (GRA) Protocol for reverse sale-purchase transactions in government securities GRA (Repo-RA operation) developed by ACI-Romania, where the block "LINK" will not be used. 4. ISIN code is mandatory, description is optional. 5. The option (A or B) should be the same like that in the original instruction T540; 6. The indicator should be the same like that in the original instruction T540; 7. Q option is used related to transfers to S.C. Depozitarul Central S.A.. 8. In option P, the seller is identified by the BIC code. If the BIC is not available, option Q should be used (name and address). 9. This block is used only in case of pledge execution. T546 This message is sent by depositary to Participant to confirm the delivery of financial instruments free of payment instruction. Tag Qualifier Format Comment /O Note :16R: GENL 1 :20C: :SEE// 16x :23G: NEW CANC 2 :16R: LINK :20C: :RELA// 16x PREV 3 :16S: LINK :16S: GENL :16R: TRADDET :98C: :ESET// 8!n6!n :35B: ISIN1!e12!c [4*35x] 4 :16S: TRADDET 18

19 Tag Qualifier Format Comment /O Note :16R: FIAC :36B: :ESTT//FAT 15d Quantity expressed as the face amount :97a: :SAFE// 35x Option A: :SAFE//35x Option B: :SAFE//ARG/35x 5 :16S: FIAC :16R: SETDET :22F: :SETR// 4!c 6 :16R: SETPRTY :95 Q: :REAG// 4!a2!a2!c Opţiune P: REAG//4!a2!a2!c Opţiune Q: REAG//4*35x 7 :16S: SETPRTY :16R: SETPRTY S :95P: :PSET// 4!a2!a2!c BIC SaFIR S :16S: SETPRTY S :16R: SETPRTY O :95a: :BUYR// Option P: BUYR//4!a2!a2!c O Option Q: BUYR//4*35x 8 :16S: SETPRTY O :16R: AT S 9 :19A: :ESTT// [N]3!a15d S :16S: AT S :16S: SETDET 1. The fields described in this template are either mandatory for SWIFT (), or optional for SWIFT but mandatory for SaFIR (S) or optional for both of them (O). 2. Function CANC is used to request the cancellation of an instruction previously sent (the function of the message is CANC). 3. When the Function of essage is CANC, block LINK indicator must be :20C::PREV//. wise, this block will have indicator :20C::RELA//. Exceptions are transactions concluded on the basis of the Global aster Repurchase Agreement (GRA) Protocol for reverse sale-purchase transactions in government securities GRA (Repo-RA operation) developed by ACI-Romania, where the block "LINK" will not be used. 4. ISIN code is mandatory, description is optional. 5. The option (A or B) should be the same like that in the original instruction T542; 6. The indicator should be the same like that in the original instruction T542; 7. Q option is used related to transfers to S.C. Depozitarul Central S.A.. 19

20 8. In option P, the buyer is identified by the BIC code. If the BIC is not available, option Q should be used (name and address). 9. This block is used only in case of pledge execution Delivery/receive against payment According to CPSS Committee on Payment and Settlement Systems the system fulfills the DvP principle as follows: the delivery of securities will take place only if the money transfer is possible and take place, ensuring that both the settlement of funds and of financial instruments occurs Trades on RON denominated securities Operational flow for DvP operations on RON denominated securities: T541 Transaction initiation T543 T545 DvPTransaction initiation Transaction confirmation T547 Buyer T541 T548 Cancellation request Cancellation initiation Cancellation confirmation T543 T548 Seller Settlement status query T549 Query T549 T548 Status response T548 T548 Errors validation T548 T548 T548 20

21 DvP operations on non-ron denominated securities The DvP principle is fulfilled also for non-ron denominated securities, although with a different time lag. Funds settlement is carried out through corresponding bank of the Participants and the process usually takes several days but no later then the end of working day on which the fund settlement confirmation is received from the correspondent bank, or no later then the cut-off time (ADEL) specified on SWIFT instruction Operational flow for deliver/receive against payment on non-ron denominated securities: Settlement day T - 2 T541 Transaction initiation Transaction initiationdvp T543 T548 atching of instructions Reservation confirmation T548 Buyer T545 Settlement day T Funds transfer confirmation Transaction confirmation T910 T547 Seller T541 T548 Cancellation request Query Status response T543 T548 Settlement status query T549 Query T549 T548 Status response T548 T548 Errors validation T548 T548 T548 21

22 SWIFT templates essages processed by the SaFIR are: Function Input FIN - SaFIR Output Instruct the receipt of government securities T541 T545 Request a cancellation of a instruction previously sent T541 T548 Instruct the delivery of government securities T543 T547 Fund settlement confirmation Request a cancellation of a instruction previously sent T910 T543 T548 Provide the transaction reference number in case of nonron trades Request for statement/status advice T549 T548 * For T 549/548 templates see paragraph Settlement status and processing advice T541 This message is sent by a Participant to depositor to instruct the receipt of financial instruments against payment instruction or request the cancellation of a receive against payment instruction previously sent by the Participant Tag Qualifier Format Comment /O Note :16R: GENL 1 :20C: :SEE// 16x :23G: NEW CANC 2 :16R: LINK :20C: :PREV// 16x C 3 :16S: LINK :16S: GENL :16R: TRADDET :98a: :SETT// Option A: SETT//8!n (date) Option C: SETT//8!n6!n (date)(time) 4 22

23 Tag Qualifier Format Comment /O Note :98a: :ADEL// Option A: ADEL//8!n (date) -/ Option C: ADEL//8!n6!n 5 (date)(time) :98A: :TRAD// 8!n S :90A: :DEAL//YIEL 15d S :35B: ISIN1!e12!c [4*35x] 6 :16S: TRADDET :16R: FIAC :36B: :SETT//FAT 15d Quantity expressed as the face amount :97A: :SAFE// 35x Securities account (house or omnibus account) :16S: FIAC :16R: SETDET :22F: :SETR//TRAD :16R: SETPRTY :95P: :DEAG// 4!a2!a2!c :16S: SETPRTY :16R: SETPRTY S :95P: :PSET// 4!a2!a2!c BIC SaFIR S :16S: SETPRTY S :16R: SETPRTY S 7 :95P: :REAG// 4!a2!a2!c S :16S: SETPRTY S :16R: SETPRTY O :95a: :SELL// Option P: SELL//4!a2!a2!c O Option Q: SELL//4*35x :16S: SETPRTY O :16R: CSHPRTY S 9 4!a2!a2!c BIC ReGIS for RON For RON :95P: :ACCW// S 4!a2!a2!c3!c for EUR BIC TARGET2- Romania for EUR :16S: CSHPRTY S :16R: CSHPRTY S 10 :95P: :PAYE// 4!a2!a2!c For RON BIC code of buyer s funds 4!a2!a2!c3!c settlement bank S for EUR :16S: CSHPRTY S 8 23

24 Tag Qualifier Format Comment /O Note :16R: AT :19A: :SETT// [N]3!a15d :16S: AT :16S: SETDET 1. The fields described in this template could be mandatory for SWIFT (), optional for SWIFT but mandatory for SaFIR (S), conditional (C) when their presence depending on the presence of the other fields and optional (O) for both SWIFT and system. 2. Function CANC is used to request the cancellation of an instruction previously sent (the function of the message is CANC). In this case all fields marked with O indicator in red color are optional. 3. The block LINK is present when the Function of essage is CANC (with the field :20C::PREV//). 4. If the parties agreed a cut off time until the instruction has to be settled, the format of the settlement date is Option C. wise, the system try to settle the instruction until the cut off time of the DvP service. 5. This option is not allowed for EUR- and RON-settled operations; it becomes mandatory only for transactions with financial instruments denominated in other currencies. 6. ISIN code is mandatory, description is optional. 7. Will be used only in contingency situation. Here is BIC code of the Participant in a contingency situation. 8. In option P, the buyer is identified by the BIC code. If the BIC is not available, option Q should be used (name and address). 9. This block is mandatory for EUR-settled operations while for RON-settled operations this block is mandatory only if the buyer is a securities company. For all other cases, this block is optional. 10. If (9) is applicable, then (10) is mandatory. T543 This message is sent by a Participant to depositary to instruct the delivery of financial instruments against payment or request the cancellation of a delivery against payment 24

25 instruction previously sent by the Participant Tag Qualifier Format Comment /O Note :16R: GENL 1 :20C: :SEE// 16x :23G: NEW CANC 2 :16R: LINK :20C: :PREV// 16x C 3 :16S: LINK :16S: GENL :16R: TRADDET :98a: :SETT// Option A: SETT//8!n (date) Option C: SETT//8!n6!n (date)(time) :98a: :ADEL// Option A: ADEL//8!n (date) -/ Option C: ADEL//8!n6!n (date)(time) :98A: :TRAD// 8!n S :90A: :DEAL//YIEL 15d S :35B: ISIN1!e12!c [4*35x] :16S: TRADDET :16R: FIAC :36B: :SETT//FAT 15d :97A: :SAFE// 35x Quantity expressed as the face amount Securities account (house or omnibus account) :16S: FIAC :16R: SETDET :22F: :SETR//TRAD :16R: SETPRTY :95P: :REAG// 4!a2!a2!c :16S: SETPRTY :16R: SETPRTY S :95P: :PSET// 4!a2!a2!c BIC SaFIR S :16S: SETPRTY S :16R: SETPRTY S 7 :95P: :DEAG// 4!a2!a2!c S :16S: SETPRTY S :16R: SETPRTY O :95a: :BUYR// Option P: BUYR//4!a2!a2!c O Option Q: BUYR//4*35x :16S: SETPRTY O :16R: CSHPRTY S

26 Tag Qualifier Format 4!a2!a2!c BIC ReGIS for RON Comment /O Note :95P: :ACCW// S 4!a2!a2!c 3!c BIC TARGET2- Romania for for EUR EUR :16S: CSHPRTY S :16R: CSHPRTY S 10 :95P: :BEN// 4!a2!a2!c For RON BIC code of seller s funds 4!a2!a2!c3!c settlement bank S for EUR :16S: CSHPRTY S :16R: AT :19A: :SETT// [N]3!a15d :16S: AT :16S: SETDET 1. The fields described in this template could be mandatory for SWIFT (), optional for SWIFT but mandatory for SaFIR (S), conditional (C) when their presence depending on the presence of the other fields and optional (O) for both SWIFT and system. 2. Function CANC is used to request the cancellation of an instruction previously sent (the function of the message is CANC). In this case all fields marked with O indicator in red color are optional. 3. The block LINK is present when the Function of essage is CANC (with the field :20C::PREV//) 4. If the parties agreed a cut off time until the instruction has to be settled, the format of the settlement date is Option C. wise, the system try to settle the instruction until the cut off time of the DvP service. 5. This option is not allowed for EUR- and RON-settled operations; it becomes mandatory only for transactions with financial instruments denominated in other currencies. 6. ISIN code is mandatory, description is optional. 7. Will be used only in contingency situation. Here is BIC code of the Participant in a contingency situation. 8. In option P, the buyer is identified by the BIC code. If the BIC is not available, option 26

27 Q should be used (name and address). 9. This block is mandatory for EUR-settled operations while for RON-settled operations this block is mandatory only if the buyer is a securities company. For all other cases, this block is optional. 10. If (9) is applicable, then (10) is mandatory. T545 This message is sent by the depository to the Participant to confirm the receipt of financial instruments against payment instruction. Tag Qualifier Format Comment /O Note :16R: GENL 1 :20C: :SEE// 16x :23G: NEW CANC 2 :16R: LINK :20C: :RELA// 16x PREV 3 :16S: LINK :16S: GENL :16R: TRADDET :98C: :ESET// 8!n6!n :35B: ISIN1!e12!c [4*35x] 4 :16S: TRADDET :16R: FIAC :36B: :ESTT//FAT 15d Quantity expressed as the face amount :97A: :SAFE// 35x Securities account (house or omnibus account) :16S: FIAC :16R: SETDET :22F: :SETR// 4!c 5 27

28 Tag Qualifier Format Comment /O Note :16R: SETPRTY :95P: :DEAG// 4!a2!a2!c :16S: SETPRTY :16R: SETPRTY S :95P: :PSET// 4!a2!a2!c BIC SaFIR S :16S: SETPRTY S :16R: SETPRTY O :95a: :SELL// Option P: SELL//4!a2!a2!c O Option Q: SELL//4*35x :16S: SETPRTY O :16R: CSHPRTY S 7 4!a2!a2!c BIC ReGIS for RON For RON :95P: :ACCW// S 4!a2!a2!c3!c for EUR BIC TARGET2- Romania for EUR :16S: CSHPRTY S :16R: CSHPRTY S 8 :95P: :PAYE// 4!a2!a2!c For RON BIC code of buyer s funds 4!a2!a2!c3!c settlement bank S for EUR :16S: CSHPRTY S :16R: AT :19A: :ESTT// [N]3!a15d :16S: AT :16S: SETDET 1. The fields described in this template are either mandatory for SWIFT (), or optional for SWIFT but mandatory for SaFIR (S) or optional for both of them (O). 2. Function CANC is used to request the cancellation of an instruction previously sent (the function of the message is CANC). 3. When the Function of essage is CANC indicator must be :20::PREV//. wise the indicator is :20C::RELA//. 4. ISIN code is mandatory, description is optional. 5. The indicator should be the same like in the original instruction T In option P, the seller is identified by the BIC code. If the BIC is not available, option Q should be used (name and address). 7. This block is mandatory for EUR-settled operations while for RON-settled 6 28

29 operations this block is mandatory only if the buyer is a securities company. 8. If (7) is applicable, then this block is mandatory. T547 This message is sent by the depository to the Participant to confirm the delivery of financial instruments against payment instruction. Tag Qualifier Format Comment /O Note :16R: GENL 1 :20C: :SEE// 16x :23G: NEW CANC 2 :16R: LINK :20C: :RELA// 16x PREV 3 :16S: LINK :16S: GENL :16R: TRADDET :98C: :ESET// 8!n6!n :35B: ISIN1!e12!c [4*35x] 4 :16S: TRADDET :16R: FIAC :36B: :ESTT//FAT 15d :97A: :SAFE// 35x Quantity expressed as the face amount Securities account (house or omnibus account) :16S: FIAC :16R: SETDET :22F: :SETR// 4!c 5 :16R: SETPRTY :95P: :REAG// 4!a2!a2!c :16S: SETPRTY :16R: SETPRTY S :95P: :PSET// 4!a2!a2!c BIC SaFIR S :16S: SETPRTY S :16R: SETPRTY O :95a: :BUYR// Option P: BUYR//4!a2!a2!c O Option Q: BUYR//4*35x 6 :16S: SETPRTY O :16R: CSHPRTY S 7 29

30 Tag Qualifier Format Comment /O Note 4!a2!a2!c BIC ReGIS for RON for RON :95P: :ACCW// S 4!a2!a2!c3!c for EUR BIC TARGET2- Romania for EUR :16S: CSHPRTY S :16R: CSHPRTY S 8 :95P: :BEN// 4!a2!a2!c For RON BIC code of seller s funds 4!a2!a2!c3!c settlement bank S for EUR :16S: CSHPRTY S :16R: AT :19A: :ESTT// [N]3!a15d :16S: AT :16S: SETDET 1. The fields described in this template are either mandatory for SWIFT (), or optional for SWIFT but mandatory for SaFIR (S) or optional for both of them (O). 2. Function CANC is used to request the cancellation of an instruction previously sent (the function of the message is CANC). 3. When the Function of essage is CANC indicator must be :20::PREV//. wise the indicator is :20C::RELA//. 4. ISIN code is mandatory, description is optional. 5. The indicator should be the same like in the original instruction T In option P, the buyer is identified by the BIC code. If the BIC is not available, option Q should be used (name and address). 7. This block is mandatory for EUR-settled operations while for RON-settled operations this block is mandatory only if the buyer is a securities company. 8. If (7) is applicable, then (8) is mandatory T548 This message is sent by SaFIR system to the settlement bank to confirm the payment receipt. 30

31 Tag Qualifier Format Comment /O Note :16R: GENL 1 :20C: :SEE// 16x essage reference provided by sender :23G: INST 4!c Status of the instruction :16R: LINK :20C: :RELA// 16x Number provided by the system to the transaction whose funds are about to be settled :16S: LINK :16R: STAT :25D: :IPRC//PACK 16x Status of the instruction / Instruction has been received by the account manager :16S: STAT :16S: GENL :16R: SETTRAN :35B: ISIN1!e12!c [4*35x] Securities ISIN 2 :36B: :SETT//FAT 15d Value of transaction expressed as nominal value :19A: :SETT//RON 15d Settlement amount in Ron S 3 :97A: :SAFE// 35x Account symbol where the financial instruments are deposited :22F: :SETR//TRAD 4!c Settlement / transaction type :22H: :REDE//DELI 4!c Instruments are delivered from SAFE account :22H: :PAY//APT 4!c DvP type delivery :98A: :SETT// 8!c Settlement date :98A: :TRAD// 8!c Transaction date :16R: SETPRTY :95P: :DEAG// 4!a2!a2!c BIC seller bank :20C: :PROC// :4!c//16x SWIFT message reference seller S :16S: SETPRTY :16R: SETPRTY :95P: :REAG// 4!a2!a2!c BIC buyer bank 31

32 Tag Qualifier Format Comment /O Note :20C: :PROC// :4!c//16x SWIFT message reference buyer S :16S: SETPRTY :16S: SETTRAN 1. The fields described in this template are either mandatory for SWIFT validation (), or optional for SWIFT validation but mandatory for SaFIR validation (S), conditional (C) when their presence depends on the presence of other fields and optional (O) for all situations. 2. ISIN code is mandatory, its description being optional. 3. Ron settlement amount. T 910 Tag Content Explications /O :20: 16x Transaction Reference Number :21: 16x Related Reference :25: 35x Account Identification (cash account) :32A: 6!n3!a15d This field specifies the value date, currency code and amount of the credit :52A: 4!a2!a2!c :56A 4!a2!a2!c This field identifies the financial institution which originated the transaction resulting in this credit This field indicates the BIC code of the participant which has to confirm the payment. It is a mandatory field for contingency situations. According with SWIFT Network Validated Rules either field 50a or field 52a must be present, but not both. C O Repo management Repurchase agreement between two Participants Repo is a sale and repurchase agreement between two Participants and it is composed by two DvP operations linked together. The second DvP operations (second leg) is automatically started by SaFIR on a specific time or date on the basis of the previously stored data. 32

33 Excepting intraday Repo, a substitution function is available if it has been agreed in the contract by the parties. The Repo substitution will be carried out by four free of payment transfer instructions of the new securities in exchange for the purchased securities to be replaced (a FoP operation contingent to the other one). The initial buyer sends a T542 (Deliver Free) in order to return the purchased securities and a T540 (Receive Free). The initial seller sends a T542 (Deliver Free) in order to transfer the new securities and a T540 (Receive Free) in order to receive the purchased securities. For long term repo, if the value of collateral decreases or increases, the participant exposed as result of this price variation will call for a margin. If the margin agreed is a bond (not cash), than a new FoP messages are sent. Template for this message is described in the FoP transfer section. In case of repo operations between a SaFIR participant who is a primary dealer, and brokerage companies (SSIF) who settles the fund leg through the settlement account of the primary dealer, DvP messages (T 541 and T 543) will be replaced by FoP messages (T 540 and T 542) Operational flow for repo trades between two SaFIR participants: 33

34 First leg settlement T541 T545 Transaction initiation DvPTransaction initiation Transaction confirmation T543 T547 T541 T548 Cancellation request Cancellation initiation Cancellation confirmation T543 T548 Repo Buyer T540 T542 T544 T546 Substitution initiation Old securities (first FoP) transfer New securities (second FoP) transfer Transfer 1 confirmation T542 T540 T546 T544 Repo Seller T540 Transfer 2 confirmation T542 argin call T547 Second leg settlement T545 Automatic DvPtransfer Transaction confirmation T549 T548 Settlement status query Ouery T549 T548 T548 Status response T548 T548 Errors validation T548 34

35 Repurchase agreement with NBR For intra day repo with NBR only one message is needed, from the Participant and matching is not required because the system will manage the control criteria process (eligible securities, amount, etc). After successful validation, a DvP transaction is immediately started. If there are not enough securities to be blocked, the operation is immediately rejected. Operational flow for repo trades between a participant and NBR: First leg Seller T543 T547 Transaction initiation Transaction initiation Transaction confirmation T545 NBR T545 T548 Second Leg Automatic transfer Transaction confirmation T547 Note: in case that the participant is the buyer of securities, it will send an T 541 and the flow will be updated accordingly. 35

36 SWIFT Templates essages processed by the SaFIR are: Function Input FIN - SaFIR Output Instruct the receipt of government securities (first leg of a Repo) T541 T545 Request a cancellation of a instruction previously sent (first leg of a Repo) Instruct the delivery of government securities (first leg of a Repo) Request a cancellation of a instruction previously sent (first leg of a Repo) T541 T543 T543 T548 T547 T548 Instruct the receipt of government securities (Repo substitution) T540 T544 Request a cancellation of a instruction previously sent (Repo substitution) T540 T548 Provide the transaction reference number in case of nonron trades Instruct the delivery of government securities (Repo substitution) Request a cancellation of a instruction previously sent (Repo substitution) T542 T542 T546 T548 argin Call - Instruct the receipt of government securities T540 T548 Request to cancel a margin call instruction T540 T548 argin Call - Instruct the delivery of government securities T542 T548 Request to cancel a margin call instruction T542 T548 Request for statement/status advice* T549 T548 Receive against payment confirmation (second leg of a Repo) - T545 Deliver against payment confirmation (second leg of a Repo) - T547 Provide the transaction reference number (second leg of a Repo) in case of nonron trades

37 T541- repo RA and SBB operations Tag Qualifier Format Comment /O Note :16R: GENL 1 :20C: :SEE// 16x :23G: NEW CANC 2 :16R: LINK :20C: :PREV// 16x C 3 :16S: LINK :16S: GENL :16R: TRADDET :98a: :ADEL// Option A: ADEL//8!n (date) -/ Option C: ADEL//8!n6!n (date)(time) :98a: :SETT// Option A: SETT//8!n (date) Option C: SETT//8!n6!n (date)(time) :98A: :TRAD// 8!n S :90A: :DEAL//YIEL 15d Repo rate S :35B: ISIN1!e12!c [4*35x] :22F: :PROC//CLOP O 7 :25D: :AFF// AFFI -/ 8 NAFI -/ :70E: :SPRO// 10*35x RA O 9 :16S: TRADDET :16R: FIAC :36B: :SETT//FAT 15d :97A: :SAFE// 35x Quantity expressed as the face amount Securities account (house or omnibus account) :16S: FIAC :16R: REPO :98a: :TER// Option A: TER//8!n (date) S Option C: TER//8!n6!n 10 (date)(time) :20C: :REPO // 16x S 11 :19A: :REPA // [N]3!a15d S :70C: :REPO// 8!n Date format O 12 :16S: REPO 37

38 Tag Qualifier Format Comment /O Note :16R: SETDET :22F: :SETR// REPU 13 SBBK 14 :22F: :REPT// CALL S 15 :16R: SETPRTY :95P: :DEAG// 4!a2!a2!c :16S: SETPRTY :16R: SETPRTY S :95P: :PSET// 4!a2!a2!c BIC SaFIR S :16S: SETPRTY S :16R: SETPRTY S 16 :95P: :REAG// 4!a2!a2!c S :16S: SETPRTY S :16R: SETPRTY O :95a: :SELL// Option P: SELL//4!a2!a2!c O Option Q: SELL//4*35x :16S: SETPRTY O :16R: CSHPRTY S 18 4!a2!a2!c BIC ReGIS for RON for RON :95P: :ACCW// S 4!a2!a2!c3!c for EUR BIC TARGET2- Romania for EUR :16S: CSHPRTY S :16R: CSHPRTY S 19 :95P: :PAYE// 4!a2!a2!c For RON BIC code of buyer s funds 4!a2!a2!c3!c settlement bank S for EUR :16S: CSHPRTY S :16R: AT :19A: :SETT// [N]3!a15d :16S: AT :16S: SETDET 1. The fields described in this template may contain mandatory information for SWIFT validation (), optional for SWIFT validation but mandatory for SaFIR validation (S), conditional (C) when their presence depends on the presence of other information and optional (O) for all situations. 2. Function CANC is used to request the cancellation of an instruction previously sent (the function of the message is CANC). In this case all fields marked with O indicator 17 38

39 in red color are optional. 3. The block LINK is present when the Function of essage is CANC (with the field :20C::PREV//) 4. This option is not allowed for EUR- and RON-settled operations; it becomes mandatory only for transactions with financial instruments denominated in other currencies. 5. If the parties agreed a cut off time until the instruction has to be settled, the format of the settlement date is Option C. wise, the system try to settle the instruction until the cut off time of the service. 6. ISIN code is mandatory, its description is optional. 7. andatory only for repo RA protocols second leg cancellation 8. If (7) is applicable this field is not mandatory. Using AFFI field indicates that for second leg cancellation both participants involved in the protocol will send instructions requiring matching and NAFI field indicates that second leg cancellation is unilateral. NAFI field cannot be used for SBB contracts. 9. Optional field but, when it does exist, must be matching criteria. Identifies reverse sell-buy and sell/buyback operations subject to RA protocol. 10. If the parties agreed a cut off time until the instruction has to be settled in the second leg (the closing/maturity date of the Repo), the format of the settlement date is Option C. wise, the system try to settle the instruction until the cut off time of the service. 11. Repo agreement reference number unique identifier assigned by both parties to a Repo agreement (agreement reference number) 12. Used only for non-ron Repo agreements (when settlement time lag for second leg is different from the one in the first leg). 13. REPU is used for identifying Repo operations. 14. SBBK is used for identifying sell/buyback operations. 15. This option is used only in operations for changing the redemption date and/or price. Its use is not allowed otherwise. 16. Will be used only in contingency situation. Here is BIC code of the Participant in a contingency situation. 17. In option P, the seller is identified by the BIC code. If the BIC is not available, option Q should be used (name and address). 39

40 18. This block is mandatory for EUR-settled operations while for RON-settled operations this block is mandatory only if the buyer is a securities company. For all other cases, this block is optional. 19. If (18) is applicable, then this block is mandatory. T543 repo RA and SBB operations Tag Qualifier Format Comment /O Note :16R: GENL 1 :20C: :SEE// 16x :23G: NEW CANC 2 :16R: LINK :20C: :PREV// 16x C 3 :16S: LINK :16S: GENL :16R: TRADDET :98a: :ADEL// Option A: ADEL//8!n (date) -/ Option C: ADEL//8!n6!n (date)(time) :98a: :SETT// Option A: SETT//8!n (date) Option C: SETT//8!n6!n (date)(time) :98A: :TRAD// 8!n S :90A: :DEAL//YIEL 15d Repo rate S :35B: ISIN1!e12!c [4*35x] :22F: :PROC//CLOP O 7 :25D: :AFF// AFFI -/ 8 NAFI -/ :70E: :SPRO// 10*35x RA O 9 :16S: TRADDET :16R: FIAC :36B: :SETT//FAT 15d Quantity expressed as the face amount 40

41 Tag Qualifier Format :97A: :SAFE// 35x Comment /O Note Securities account (house or omnibus account) :16S: FIAC :16R: Repo :98a: :TER// Option A: TER//8!n (date) S Option C: TER//8!n6!n 10 (date)(time) :20C: :REPO // 16x S 11 :19A: :TRTE // [N]3!a15d S :70C: :SECO// 8!n Date format S 12 :16S: REPO :16R: SETDET :22F: :SETR// REPU 13 SBBK 14 :22F: :REPT// CALL S 15 :16R: SETPRTY :95P: :REAG// 4!a2!a2!c :16S: SETPRTY :16R: SETPRTY S :95P: :PSET// 4!a2!a2!c BIC SaFIR S :16S: SETPRTY S :16R: SETPRTY S 16 :95P: :DEAG// 4!a2!a2!c S :16S: SETPRTY S :16R: SETPRTY O :95a: :SELL// Option P: SELL//4!a2!a2!c O Option Q: SELL//4*35x :16S: SETPRTY O :16R: CSHPRTY S 18 4!a2!a2!c BIC ReGIS for RON for RON :95P: :ACCW// S 4!a2!a2!c3!c for EUR BIC TARGET2- Romania for EUR :16S: CSHPRTY S :16R: CSHPRTY S 19 :95P: :PAYE// 4!a2!a2!c For RON BIC code of seller s funds 4!a2!a2!c3!c settlement bank S for EUR :16S: CSHPRTY S :16R: AT 17 41

42 Tag Qualifier Format Comment /O Note :19A: :SETT// [N]3!a15d :16S: AT :16S: SETDET 1. The fields described in this template may contain mandatory information for SWIFT validation (), optional for SWIFT validation but mandatory for SaFIR validation (S), conditional (C) when their presence depends on the presence of other information and optional (O) for all situations. 2. Function CANC is used to request the cancellation of an instruction previously sent (the function of the message is CANC). In this case all fields marked with O indicator in red color are optional. 3. The block LINK is present when the Function of essage is CANC (with the field :20C::PREV//) 4. This option is not allowed for EUR- and RON-settled operations; it becomes mandatory only for transactions with financial instruments denominated in other currencies. 5. If the parties agreed a cut off time until the instruction has to be settled, the format of the settlement date is Option C. wise (i.e. Option A), the system will try to settle the instruction until the service cut off time. 6. ISIN code is mandatory, its description is optional. 7. andatory only for repo RA protocols second leg cancellation 8. If (7) is applicable this field is not mandatory. Using AFFI field indicates that for second leg cancellation both participants involved in the protocol will send instructions requiring matching and NAFI field indicates that second leg cancellation is unilateral. NAFI field cannot be used for SBB contracts. 9. Optional field but, when it does exist, must be matching criteria. Identifies reverse sell-buy and sell/buyback operations subject to RA protocol. 10. If the parties agreed a cut off time until the instruction has to be settled in the second leg (the closing/maturity date of the Repo), the format of the settlement date is Option C. wise, the system try to settle the instruction until the cut off time of the service. 11. Repo agreement reference number unique identifier assigned by both parties to a Repo agreement (agreement reference number) 42

43 12. Used only for non-ron Repo agreements (when settlement time lag for second leg is different from the one in the first leg). 13. REPU is used for identifying Repo operations. 14. SBBK is used for identifying sell/buyback operations. 15. This option is used only in operations for changing the redemption date and/or price. Its use is not allowed otherwise. 16. Will be used only in contingency situation. Here is BIC code of the Participant in a contingency situation. 17. In option P, the seller is identified by the BIC code. If the BIC is not available, option Q should be used (name and address). 18. This block is mandatory for EUR-settled operations while for RON-settled operations this block is mandatory only if the buyer is a securities company. For all other cases, this block is optional. 19. If (18) is applicable, then this block is mandatory. T 545 This message is sent by the depository to the Participant to confirm the receipt of financial instruments against payment instruction Tag Qualifier Format Comment /O Note :16R: GENL 1 :20C: :SEE// 16x :23G: NEW CANC 2 :16R: LINK :20C: :RELA// 16x PREV C 3 :16S: LINK :16S: GENL :16R: TRADDET :98C: : ESET// 8!n6!n :35B: ISIN1!e12!c [4*35x] 4 :22F: :PROC//CLOP O :25D: :AFF// AFFI -/ 5 6 NAFI -/ 43

44 Tag Qualifier Format Comment /O Note :70E: :SPRO// 10*35x RA 7 :16S: TRADDET :16R: FIAC :36B: :ESTT//FAT 15d :97A: :SAFE// 35x Quantity expressed as the face amount Securities account (house or omnibus account) :16S: FIAC :16R: REPO :98a: :TER// Option A: TER//8!n (date) S Option C: TER//8!n6!n - (date)(time) :20C: : REPO // 16x S - :19A: :REPA // [N]3!a15d S :16S: REPO :16R: SETDET :22F: :SETR// 4!c 8 :22F: :REPT// 4!c S 9 :16R: SETPRTY :95P: :DEAG// 4!a2!a2!c :16S: SETPRTY :16R: SETPRTY S :95P: :PSET// 4!a2!a2!c BIC SaFIR S :16S: SETPRTY S :16R: SETPRTY O :95a: :SELL// Option P: SELL//4!a2!a2!c O Option Q: SELL//4*35x :16S: SETPRTY O :16R: CSHPRTY S 11 4!a2!a2!c BIC ReGIS for RON for RON :95P: :ACCW// S 4!a2!a2!c3!c for EUR BIC TARGET2- Romania for EUR :16S: CSHPRTY S :16R: CSHPRTY S 12 :95P: :PAYE// 4!a2!a2!c for RON BIC code of buyer s funds 4!a2!a2!c3!c settlement bank S for EUR :16S: CSHPRTY S 10 44