SWIFT MESSAGES FORMAT IN SCRIPLESS SECURITIES
SETTELEMENT SYSTEM
The messages in DEPO/X typically adhere to SWIFT ISO 15022 standards.
Interaction with RTGS
The following messages will be used to interaction between the DEPO/X and RTGS.
MT103 and other messages from SWIFT 1 group can also be used for settlement.
Name of message
SWIFT message type
Direction
Cash leg transaction
MT202, MT103
To RTGS
Approval rejection
MT296/ERROR,
MT196/ERROR
From RTGS
Settlement delay notification
MT296/WAIT, MT196/WAIT
From RTGS
Settlement notification
MT296, MT196
From RTGS
Cancellation notification
MT296/CANC, MT196/CANC
From RTGS
AUCTIONS (Primary market operations)
Auction activation
Sequential number of message SWIFT message type
Name of message
MT500
Instrument Registration
MT502
Auction announcement
MT509
Auction start
Standard submission of bid
Participants (e.g., dealer) send bids to the Auction module. If the validation fails, the participant
receives Error notification). If the validation is successful, the bid is registered in DEPO/X,
and the participant who sent the bid receives Bid Accept confirmation.
Sequential number of message SWIFT message type
Name of message
MT502
Instrument Registration
MT509
Error notification
MT509
Bid Accept confirmation
Cancellation of bid
After successful registration of a bid, it is possible to cancel it. Bid cancellation will be allowed
before closing date & time. Participant (e.g. dealer) sends Request for cancellation to the
Auction module.
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If the validation fails, the participant receives Error notification. If the validation is successful,
the bid is cancelled in DEPO/X, and the participant who sent the request receives Cancellation
Request confirmation, Bid cancellation notification.
Sequential number of message SWIFT message type
1
MT502
Name of message
Request for cancellation
MT509
Error notification
MT509
Cancellation Request confirmation
MT509
Bid cancellation notification
Settlement of the Auction results
The payments for bought Instruments will be performed via RTGS. The cash leg transactions are
generated automatically by the command of Auction manager at the time when auction results
are applied (Settlement date/time of Auction).
Sequential number of message SWIFT message type
Name of message
MT548
Transaction pending notification
MT548
Transaction pending notification
MT202
Cash leg transaction
MT296/WAIT
Settlement delay notification
MT545
Transaction settlement confirmation
MT547
Transaction settlement confirmation
MT296
Settlement notification
10
MT548
Transaction cancellation notification
11
MT548
Transaction cancellation notification
12
MT296/CANC
Cancellation notification
ILF operations
Participant-initiated ILF operation (ILF Request by Securities)
Seller of securities: Commercial banks.
Buyer of securities: CB
Rendering of the temporary financial help (within the limits of the same day). Securities eligible
for ILF should be specified. Operation is initiated by the participant.
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Sequential number of message SWIFT message type
Name of message
MT548
Transaction pending notification
MT548
MT548
MT202
MT296/WAIT
MT547
MT545
MT296
MT548
MT548
MT296/CANC
Transaction pending notification
Transaction pending notification
Cash leg transaction
Settlement delay notification
Transaction settlement confirmation
Transaction settlement confirmation
Settlement notification
Transaction cancellation notification
Transaction cancellation notification
Cancellation notification
3
4
7
8
9
10
11
12
13
Securities eligible for ILF Request by Cash
Each Participants sub-account has a special ILF sub-balance to hold securities eligible for ILF.
Participants are requested to move securities to those sub-balances in advance during a day or on
previous days before any ILF operation becomes possible. DEPO/X may use the securities on
ILF sub-balance for processing the ILF Request by Cash.
Sequential number of message
1
2
SWIFT message type
Name of message
MT524
Securities reservation for ILF
operations
MT548
Collateral rejection
MT509
Collateral information ACK
Participant-initiated ILF operation (ILF Request by Cash, option 1)
Seller of securities: Commercial bank.
Buyer of securities: CB.
Rendering of the temporary financial help (within the limits of the same day). Securities eligible
for ILF should be specified. Operation is initiated by the participant.
Sequential number of message SWIFT message type
1
MT986
MT548
MT548
MT202
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Name of message
ILF Request by Cash
Transaction pending
notification
Transaction pending
notification
Cash leg transaction
MT296/WAIT
MT547
MT545
10
MT296
MT548
MT548
MT296/CANC
11
12
13
Settlement delay notification
Transaction settlement
confirmation
Transaction settlement
confirmation
Settlement notification
Transaction cancellation notification
Transaction cancellation notification
Cancellation notification
CB-initiated ILF operation (ILF Request by Cash, option 1)
Seller of securities: Commercial bank
Buyer of securities: CB
Rendering of the temporary financial help (within the limits of the same day). Securities eligible
for ILF should be specified. Operation is initiated by CB, usually to force the settlement of
auction results.
Participant should specify which securities are eligible for the operation.
Sequential number of message SWIFT message type
1
2
3
4
7
8
9
10
11
12
13
MT986
MT548
MT548
MT202
MT296/WAIT
MT547
MT545
MT296
MT548
MT548
MT296/CANC
Name of message
ILF Request by Cash
Transaction pending notification
Transaction pending notification
Cash leg transaction
Settlement delay notification
Transaction settlement confirmation
Transaction settlement confirmation
Settlement notification
Transaction cancellation notification
Transaction cancellation notification
Cancellation notification
ILF request by cash (option2)
Borrower of cash: Commercial bank
Lender of Cash: CB
Securities to be used as collateral for ILF to be specified. No pledging or delivering of
instruments is performed. Operation is initiated by participant. Any securities transaction will be
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rejected by the system if its settlement reduces the ILF limit at a level lower than the ILF granted
earlier on the same day.
Sequential number of message SWIFT message type
1
2
3
4
7
8
9
10
MT595
MT596
MT202
MT296/WAIT
MT296/SETL
MT547
MT545
MT296/CANC
Name of message
ILF Request by Cash
Request cancellation notification
Cash leg transaction
Settlement delay notification
Transaction cancellation notification
Transaction settlement confirmation
Transaction settlement confirmation
Cancellation notification
Automated maturity ILF / Buy-back operation (option 1)
Seller of securities: CB
Buyer of securities: Commercial bank
Return of the temporary financial help. The operation is automatically initiated by DEPO/X:
maturity operation in relation to the Participant-initiated ILF operation), the Participant-initiated
ILF operation (ILF Request by Cash, option 1) and the CB-initiated ILF operation (ILF Request
by Cash, option 1).
Sequential number of message SWIFT message type
1
2
3
4
7
8
9
10
11
12
MT548
MT548
MT202
MT296/WAIT
MT545
MT547
MT296
MT548
MT548
MT296/CANC
Automated maturity ILF operation (option 2)
Seller of securities: CB.
Buyer of securities: Commercial bank.
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Name of message
Transaction pending notification
Transaction pending notification
Cash leg transaction
Settlement delay notification
Transaction settlement confirmation
Transaction settlement confirmation
Settlement notification
Transaction status notification
Transaction status notification
Cancellation notification
Return of the temporary financial help. Operation is initiated automatically. Maturity operation in
relation to ILF request by cash (option2).
Sequential number of message SWIFT message type
1
2
3
4
5
6
7
8
MT202
MT296/WAIT
MT296/SETL
MT545
MT547
MT296/CANC
MT548
MT548
Name of message
Cash leg transaction
Settlement delay notification
Settlement notification
Transaction settlement confirmation
Transaction settlement confirmation
Cancellation notification
Transaction status notification
Transaction status notification
Injection REPO operations
Participant-initiated REPO operation
Seller of securities: Commercial bank.
Buyer of securities: CB.
Injection of liquidity to economy. Securities stay blocked on the account of owner.
Sequential number of message SWIFT message type
1
2
3
4
7
8
9
10
11
12
13
MT543
MT548
MT548
MT202
MT296/WAIT
MT547
MT545
MT296
MT548
MT548
MT296/CANC
Automated maturity REPO / Buy-Back operation
Seller of securities: CB.
Buyer of securities: Commercial bank.
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Name of message
Request for REPO
Transaction pending notification
Transaction pending notification
Cash leg transaction
Settlement delay notification
Transaction settlement confirmation
Transaction settlement confirmation
Settlement notification
Transaction cancellation notification
Transaction cancellation notification
Cancellation notification
The repurchase of securities by Commercial bank. Operation is initiated automatically.
Maturity operation in relation to Participant-initiated REPO operation.
Sequential number of message SWIFT message type
MT548
MT548
MT202
MT296/WAIT
MT547
MT545
MT296
MT548
MT548
MT296/CANC
1
2
3
4
5
6
7
8
9
10
Name of message
Transaction pending notification
Transaction pending notification
Cash leg transaction
Settlement delay notification
Transaction settlement confirmation
Transaction settlement confirmation
Settlement notification
Transaction cancellation notification
Transaction cancellation notification
Cancellation notification
Mop-up REPO operations
CB-initiated mop-up REPO operation
Seller of securities: CB.
Buyer of securities: Commercial bank (Primary Dealer).
Auction will be used to initiate REPO operation for the purpose of mopping up of excess
liquidity in the economy. CB will announce either the amount or the interest rate, so banks can
bid. Pro-ratio may be applied. The operation is automatically initiated by request of the Auction
manager.
Sequential number of message SWIFT message type
Name of message
MT502
Auction announcement
MT509
Auction start
MT502
Bid
MT513 or MT509
Bid Confirmation or Bid Rejection
Provisional reports
MT548
Transaction pending notification
MT548
Transaction pending notification
MT202
Cash leg transaction
MT296/WAIT
Settlement delay notification
12
MT545
Transaction settlement confirmation
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13
MT547
Transaction settlement confirmation
14
MT296
Settlement notification
15
MT548
Transaction cancellation notification
16
MT548
Transaction cancellation notification
17
MT296/CANC
Cancellation notification
Automated maturity mop-up REPO operation
Seller of securities: Commercial bank.
Buyer of securities: CB.
The repurchase of securities by Commercial bank. Operation is initiated automatically.
Maturity operation in relation to CB-initiated mop-up REPO operation.
Sequential number of message SWIFT message type
MT548
1
Name of message
Transaction pending notification
MT548
Transaction pending notification
MT202
Cash leg transaction
MT296/WAIT
Settlement delay notification
MT548
Transaction cancellation notification
MT548
Transaction cancellation notification
MT547
Transaction settlement confirmation
MT545
Transaction settlement confirmation
MT296
Settlement notification
10
MT548
Transaction status notification
11
MT548
Transaction status notification
12
MT296/CANC
Cancellation notification
Interbank REPO (Horizontal REPO)
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Participant-initiated Interbank REPO operation
Seller of securities: Commercial bank
Buyer of securities: Commercial bank
A Commercial bank pledges securities against amount of cash to another Commercial bank.
Securities stay blocked on the account of the owner.
Sequential number of message SWIFT message type
Name of message
MT543
Order Sell
MT541
Order Buy
MT548
Transaction cancellation notification
MT548
Transaction cancellation notification
MT548
Transaction pending notification
MT548
Transaction pending notification
MT202
Cash leg transaction
MT296/WAIT
Settlement delay notification
MT547
Transaction settlement confirmation
12
MT545
Transaction settlement confirmation
13
MT296
Settlement notification
14
MT548
Transaction cancellation notification
15
MT548
Transaction cancellation notification
16
MT296/CANC
Cancellation notification
Automated maturity of the Interbank REPO / buy-back operation
Seller of securities: Commercial bank
Buyer of securities: Commercial bank
Return of the borrowed cash amount and releasing of blocked securities under Interbank
(Horizontal) REPO. Operation is initiated automatically.
Maturity operation in relation to Participant-initiated Interbank REPO operation.
Sequential number of message SWIFT message type
MT548
1
Name of message
Transaction pending notification
MT548
Transaction pending notification
MT202
Cash leg transaction
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MT296/WAIT
Settlement delay notification
MT547
Transaction settlement confirmation
MT545
Transaction settlement confirmation
MT296
Settlement notification
MT548
Transaction cancellation notification
MT548
Transaction cancellation notification
12
MT296/CANC
Cancellation notification
Manual repurchase - maturity Interbank REPO / buy-back operation
Seller of securities: Commercial bank.
Buyer of securities: Commercial bank.
Return of the borrowed cash amount and releasing of blocked securities under Interbank
(Horizontal) REPO. Operation is initiated by involved Participants manually. Maturity operation
in relation to Participant-initiated Interbank REPO operation.
Sequential number of message SWIFT message type
Name of message
MT543
Request for Buy-Back operation
MT541
Request for Buy-Back operation
MT548
Transaction cancellation notification
MT548
Transaction cancellation notification
MT548
Transaction pending notification
MT548
Transaction pending notification
MT202
Cash leg transaction
10
MT296/WAIT
Settlement delay notification
11
MT547
Transaction settlement confirmation
12
MT545
Transaction settlement confirmation
13
MT296
Settlement notification
14
MT548
Transaction cancellation notification
15
MT548
Transaction cancellation notification
16
MT296/CANC
Cancellation notification
CB-initiated buy-back operation
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Seller of securities: Commercial bank.
Buyer of securities: Commercial bank.
Return of the borrowed cash amount and releasing of blocked securities under Interbank
(Horizontal) REPO. Operation is initiated by CB manually.
Maturity operation in relation to Participant-initiated Interbank REPO operation.
Sequential number of message SWIFT message type
1
MT543
Name of message
Request for buy-back operation
MT202
Cash leg transaction
MT548
Transaction pending notification
MT548
Transaction pending notification
MT296/WAIT
Settlement delay notification
MT296
Settlement notification
MT545
Transaction settlement confirmation
MT547
Transaction settlement confirmation
MT296/CANC
Cancellation notification
10
MT548
Transaction cancellation notification
11
MT548
Transaction cancellation notification
Overnight REPO operations
Automated Conversion of ILF (option 1)/REPO operation to O/N REPO/ Extension of O/N
REPO operation to another O/N REPO operation
Seller of securities: Commercial bank
Buyer of securities: CB
DvF operation: No Cash-leg involved. Only change in the REPO / ILF terms. Continuation of
Automated maturity ILF / Buy-back operation (option 1)or Automated maturity REPO / BuyBack operation, or Automated Conversion of ILF (option 1)/REPO operation to O/N REPO/
Extension of O/N REPO operation to another O/N REPO operation.
Sequential number of message SWIFT message type
Name of message
MT548
Transaction pending notification
MT548
Transaction pending notification
MT547
Transaction settlement confirmation
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MT545
Transaction settlement confirmation
MT202
Penalty transfer
Automated Conversion of ILF (option 2) operation to O/N repo operation
Seller of securities: Commercial bank
Buyer of securities: CB
DvF operation: No Cash-leg involved. Only initiation of repo operation. Continuation ofAutomated
maturity ILF operation (option 2).
Sequential number of message SWIFT message type
Name of message
MT548
Transaction pending notification
MT548
Transaction pending notification
MT547
Transaction settlement confirmation
MT545
Transaction settlement confirmation
MT202
Penalty transfer
Participant-initiated Conversion of ILF/REPO operation to O/N REPO operation/
Extension of O/N REPO operation to another O/N REPO
Seller of securities: Commercial bank
Buyer of securities: CB
DvF operation: the Securities transaction is initiated by the participant and approved by the CB.
No Cash involved. Only change in the REPO / ILF terms.
Sequential number of message SWIFT message type
Name of message
MT542
Request to conversion/extension
MT548
Approval request
MT595
Approval reply
MT596/ERROR
Approval rejection
MT596/ERROR
Approval rejection
MT548
Transaction pending notification
MT548
Transaction pending notification
MT547
Transaction settlement confirmation
MT548
Transaction settlement confirmation
10
MT202
Penalty transfer
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Automated maturity of the O/N REPO operation
Seller of securities: CB
Buyer of securities: Commercial bank
Return of the temporary financial help. Maturity operation in relation to Automated Conversion
of ILF (option 1)/REPO operation to O/N REPO/ Extension of O/N REPO operation to another
O/N REPO operation and Participant-initiated Conversion of ILF/REPO operation to O/N REPO
operation.
Sequential number of message SWIFT message type
MT548
1
Name of message
Transaction pending notification
MT548
Transaction pending notification
MT202
Cash leg transaction
MT296/WAIT
Settlement delay notification
MT545
Transaction settlement confirmation
MT547
Transaction settlement confirmation
MT296
Settlement notification
MT548
Transaction status notification
MT548
Transaction status notification
10
MT296/CANC
Cancellation notification
(Re)Discounting of instruments before maturity date
Seller of securities: Commercial bank
Buyer of securities: CB
Sale of securities to the CB. Securities are carried over to buyer. Prevailing (re)discount rate is
applied to seller.
This is when the CB buys securities from an investor and no other transaction takes place on
these securities.
Sequential number of message SWIFT message type
Name of message
MT543
Request for discount operation
MT548
Transaction pending notification
MT548
Transaction pending notification
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MT202
Cash leg transaction
MT296/WAIT
Settlement delay notification
MT547
Transaction settlement confirmation
MT545
Transaction settlement confirmation
MT296
Settlement notification
MT548
Transaction cancellation notification
10
MT548
Transaction cancellation notification
11
MT296/CANC
Cancellation notification
Maturity of Instruments
Seller of securities: Commercial banks
Buyer of securities: CB.
The maturity of securities. The operation is initiated automatically. Maturity operation in relation
to placement.
Sequential number of message SWIFT message type
Name of message
MT548
Transaction pending notification
MT548
Transaction pending notification
MT202
Cash leg transaction
MT296/WAIT
Settlement delay notification
MT547
Transaction settlement confirmation
MT545
Transaction settlement confirmation
MT296
Settlement notification
MT548
Transaction cancellation notification
MT548
Transaction cancellation notification
10
MT296/CANC
Cancellation notification
11
Summary of the net debit and credits
Message types (ISO 15022)
MT 500, 501, 502, 508, 509, 513, 519, 524, 535, 536, 537,
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540, 541,542, 543, 544, 545, 546, 547,
548, 549, 568, 578, 581, 586, 592, 595, 596, 598, 599
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