The Settlement Instructions (T) 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 (T) message can be used in one of three modes (SettlInstMode):
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 (AV) message. In either of these scenarios, this message can provide multiple settlement instructions.
2) To reject a Settlement Instruction Request (AV) 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, StandInstDbName, and StandInstDbID (171) fields. See Volume 6 Appendix 6-H for further details regarding the construction and formatting of settlement instruction details.
| Tag | Field Name | FIXML | Req'd | Comments | |||
|---|---|---|---|---|---|---|---|
| <Standard Message Header> | Y | MsgType = T | |||||
| 777 | SettlInstMsgID | @SettlInstMsgID | Y | Unique identifier for this message | |||
| 791 | SettlInstReqID | @SettlInstReqID | N | Only used when this message is used to respond to a Settlement Instruction Request (AV) (to which this ID refers) | |||
| 160 | SettlInstMode | @SettlInstMode | Y | 1=Standing Instructions, 2=Specific Allocation Account (1) Overriding, 3=Specific Allocation Account (1) Standing , 4=Specific Order, 5=Reject SSI request | |||
| 792 | SettlInstReqRejCode | @SettlInstReqRejCode | C | Required for SettlInstMode (160) = 5. Used to provide reason for rejecting a Settlement Instruction Request (AV) message. | |||
| 58 | Text | @Txt | N | Can be used to provide any additional rejection text where rejecting a Settlement Instruction Request (AV) message. | |||
| 354 | EncodedTextLen | @EncTxtLen | C | ||||
| 355 | EncodedText | @EncTxt | C | ||||
| 11 | ClOrdID | @ClOrdID | C | Required for SettlInstMode=4. | |||
| 60 | TransactTime | @TxnTm | Y | Date/time this message was generated | |||
| 778 | NoSettlInst | SetInst | C | Required except where SettlInstMode (160) is 5=Reject SSI request | |||
| => | 162 | SettlInstID | @SettlInstID | C | Unique ID for this settlement instruction. Required except where SettlInstMode (160) is 5=Reject SSI request | ||
| => | 163 | SettlInstTransType | @SettlInstTransTyp | C | New, Replace, Cancel or Restate. Required except where SettlInstMode (160) is 5=Reject SSI request | ||
| => | 214 | SettlInstRefID | @SettlInstRefID | C | Required where SettlInstTransType (163) is Cancel or Replace | ||
| => | <Parties> | N | Insert here the set of "Parties" (firm identification) fields defined in "Common Components of Application Messages". Used here for settlement location. Also used for executing broker for CIV settlement instructions | ||||
| => | 54 | Side | @Side | N | Can be used for SettleInstMode 1 if SSIs are being provided for a particular side. | ||
| => | 460 | Product | @Prod | N | Can be used for SettleInstMode 1 if SSIs are being provided for a particular product. | ||
| => | 167 | SecurityType | @SecTyp | N | Can be used for SettleInstMode 1 if SSIs are being provided for a particular security type (as alternative to CFICode). | ||
| => | 461 | CFICode | @CFI | N | Can be used for SettleInstMode 1 if SSIs are being provided for a particular security type (as identified by CFI code). | ||
| => | 120 | SettlCurrency | @SettlCcy | N | Can be used for SettleInstMode 1 if SSIs are being provided for a particular settlement currency | ||
| => | 168 | EffectiveTime | @EfctvTm | C | Effective (start) date/time for this settlement instruction. Required except where SettlInstMode (160) is 5=Reject SSI request | ||
| => | 126 | ExpireTime | @ExpireTm | N | Termination date/time for this settlement instruction. | ||
| => | 779 | LastUpdateTime | @LastUpdateTm | C | Date/time this settlement instruction was last updated (or created if not updated since creation). Required except where SettlInstMode (160) is 5=Reject SSI request | ||
| => | <SettlInstructionsData> | N | Insert here the set of "SettlInstructionsData" fields defined in "Common Components of Application Messages". | ||||
| => | 492 | PaymentMethod | @PmtMethod | N | For use with CIV settlement instructions | ||
| => | 476 | PaymentRef | @PmtRef | N | For use with CIV settlement instructions | ||
| => | 488 | CardHolderName | @CardHolderName | N | For use with CIV settlement instructions | ||
| => | 489 | CardNumber | @CardNum | N | For use with CIV settlement instructions | ||
| => | 503 | CardStartDate | @CardStartDt | N | For use with CIV settlement instructions | ||
| => | 490 | CardExpDate | @CardExpDt | N | For use with CIV settlement instructions | ||
| => | 491 | CardIssNum | @CardIssNum | N | For use with CIV settlement instructions | ||
| => | 504 | PaymentDate | @PmtDt | N | For use with CIV settlement instructions | ||
| => | 505 | PaymentRemitterID | @PmtRemtrID | N | For use with CIV settlement instructions | ||
| <Standard Message Trailer> | Y | ||||||
© 2026.
EPAM Systems. All Rights Reserved.
All material contained within the website is copyright of EPAM Systems, Inc. No material contained herein can be copied or otherwise used without the express permission of the copyright holder.