The Settlement Obligation Report message provides a central counterparty, institution, or individual counterparty with a capacity for reporting the final details of a currency settlement obligation. The settlement obligation is intended to be used for auxiliary reporting of settlement details that will be conducted over SWIFT or CLS in order to affect the instructions. The Settlement Obligation Report message is designed to allow multiple FX deals to be aggregated and netted into a single instruction to simplify the reporting process.

The Settlement Obligation message can be used in one of two modes (SettlObligMode <1159>):

  1. Preliminary - the instructions have been generated prior to final cutoff and information is still subject to change up until cutoff has been reached
  2. Final - the instructions have been generated with final settlement information which cannot subsequently be changed for the current settlement period

See VOLUME 7 - "PRODUCT: FOREIGN EXCHANGE" section for more detailed usage notes for this message type.

Settlement Obligation Report


Tag Field Name Req'd Comments
Component Block - <StandardHeader> Y MsgType = BQ
Component Block - <ApplicationSequenceControl> N
715 ClearingBusinessDate N
1153 SettlementCycleNo N Settlement cycle in which the settlement obligation was generated
1160 SettlObligMsgID Y Unique identifier for this message
1159 SettlObligMode Y Used to identify the reporting mode of the settlement obligation which is either preliminary or final
58 Text N Can be used to provide any additional rejection text where rejecting a Settlement Instruction Request message.
354 EncodedTextLen N
355 EncodedText N
60 TransactTime N Time when the Settlemnt Obligation Report was created.
Component Block - <SettlObligationInstructions> Y
Component Block - <StandardTrailer> Y