The Settlement Instructions message provides the brokers, the institutions, or the intermediarys instructions for trade settlement. This message has been designed so that it can be sent from the broker to the institution, from the institution to the broker, or from either to an independent standing instructions database or matching system or, for CIV, from an intermediary to a fund manager.
The Settlement Instructions message can be used in one of three modes (SettlInstMode <160>):
1) To provide standing instructions for the settlement of trades occurring in the future. The message could either be sent in an 'unsolicited' fashion (i.e. a 'push'-style update from one firm to that firm's counterparties) or in response to a Settlement Instruction Request message. In either of these scenarios, this message can provide multiple settlement instructions.
2) To reject a Settlement Instruction Request message (e.g. unable to process request, no matching settlement instructions found).
3) To provide settlement instructions for a specific Order with a single account either as overriding or standing instructions to support matching. The ClOrdID <11> field should be used to link the settlement instructions to the corresponding Order message.
See VOLUME 7 - "PRODUCT: COLLECTIVE INVESTMENT VEHICLES"
The Settlement Instruction detail can be either explicitly specified (via the <SettlInstructionsData> component block) or can exist within an independent standing instructions database and can be referenced via the StandInstDbType <169>, StandInstDbName <170>, and StandInstDbID <171> fields. See Volume 6 Appendix 6-H for further details regarding the construction and formatting of settlement instruction details.