dc:rights
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Intellectual Property Rights:
The ISO 20022 Message Definitions described in this class and subclasses were contributed by SWIFT. The ISO 20022 IPR policy
is available at www.ISO20022.org > Intellectual Property Rights Policy.
Copyright:
Copyright © S.W.I.F.T. SCRL ("SWIFT"), avenue Adèle 1, B-1310 La Hulpe, Belgium, or its licensors, 2008. All rights
reserved. SWIFTStandards are licensed subject to the terms and conditions of the SWIFTStandards IPR Policy - End-
User License Agreement, available at www.ISO20022.org > Intellectual Property Rights Policy > SWIFT.
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rdfs:comment
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Scope
An instructing party, eg, an investment manager or its authorised representative sends the SubscriptionBulkOrder message to the executing party, eg, a transfer agent, to instruct a subscription to a financial instrument for two or more accounts.
Usage
The SubscriptionBulkOrder message is used to bulk several individual orders into one bulk order. The individual orders come from different instructing parties, ie, account owners, but are related to the same financial instrument.
This message will typically be used by a party collecting orders and bulking these individual orders into one bulk order before sending it to another party. For a single subscription order, the SubscriptionOrder message, not the SubscriptionBulkOrder message, must be used. If there are subscription orders for different financial instruments but for the same account, then the SubscriptionOrder must be used.
Main characteristics
The SubscriptionBulkOrder message has the following main characteristics:
Bulk Order
A bulk order is composed of several individual orders. These individual orders have common characteristics. They are for the same financial instrument, have the same cancellation rights, the same place of trade, the same requested net asset value (NAV) currency and the same requested settlement currency. However, each individual order can specify a different investment fund account, different quantities of financial instrument, different commission levels, etc. Except for these constraints, there are no specific guidelines on how to bulk individual orders.
Subscription in GrossAmount or NetAmount or UnitsNumber
The subscription quantity must be expressed in one of the following ways:
- GrossAmount: the monetary GROSS value of the financial instrument to be subscribed to, eg, the subscription of EUR 1,500 of financial instrument ISIN LU0123456789, or
- NetAmount: the monetary NET value of the financial instrument to be subscribed to, eg, the subscription of EUR 1,000 of financial instrument ISIN LU0123456789, or
- UnitNumber: the number of units of financial instrument to be subscribed to, eg, the subscription of 10 units of financial instrument ISIN LU0123456789.
Cash Settlement
The cash settlement of a bulk order may be specified in one of the two ways, either as a single bulk payment, or individual settlements for each order. There might be a standing instruction in place and therefore no need to repeat the cash settlement information in the order.
If no standing instruction has been set up at the account level, then cash settlement information must be present in the message. If there is a standing instruction, but cash settlement information is also present in the message, then the cash settlement information in the message overrides the standing instruction.
Charge and Commission
Generally speaking, a charge is directly paid by the investor whereas a commission is paid by the fund to the intermediary.
This rule might not apply to some specific markets.
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