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Scope
An executing party, eg, a transfer agent, sends the OrderInstructionStatusReport to the instructing party, eg, an investment manager or its authorised representative to report the status of an order from the time the executing party receives the order until the time the order is executed. Usage The OrderInstructionStatusReport message is used to report on the status of a subscription, redemption or a switch order.
The OrderInstructionStatusReport message may be used to give the status of:
- one order message by using OrderDetailsReport or,
- one or more individual order instructions by using IndividualOrderDetailsReport, or
- one or more switch orders by using SwitchOrderDetailsReport. If the OrderInstructionStatusReport message is used to report the status of an individual order, then IndividualOrderDetailsReport is used and the order reference of the individual order is quoted in OrderReference. The message identification of the message in which the individual order was conveyed may also be quoted in RelatedReference. If the OrderInstructionStatusReport message is used to report the status of a switch order, then SwitchOrderDetailsReport is used and the order reference of the switch order is quoted in OrderReference. The message identification of the message in which the switch order was conveyed may also be quoted in RelatedReference. If the OrderInstructionStatusReport message is used to report the status of an entire order message, for example, the SubscriptionBulkOrder, or a SubscriptionOrder containing several orders, then OrderDetailsReport is used and the message identification of the order message is quoted in RelatedReference. All the orders within the message must have the same status. One of the following statuses can be reported:
- an accepted status , or,
- an already executed status, or,
- a sent to next party status, or,
- a received status, or,
- a settled status, or,
- a communication problem with next party status, or,
- a confirmation amendment status, or,
- a done for the day status, or,
- a partially done status, or,
- an open status, or,
- a cancelled status, or
- a conditionally accepted status, or,
- a rejected status, or,
- a suspended status, or,
- a partially settled status, or,
- an in-repair status (only for an individual or switch order).
For a switch order, the OrderInstructionStatusReport message provides the status of the whole switch order, ie, it is not possible to accept one leg and to reject the other leg: the entire switch order has to be rejected. In order to identify the legs within the switch that are causing the problem, the leg is identified in either the RedemptionLegIdentification or SubscriptionLegIdentification elements. When the OrderInstructionStatusReport is used to give the status of an individual or a switch order, the following can be specified:
- repaired conditions (for a switch, this is at the level of a leg),
- information related to the order, eg, settlement amount, number of units, expected trade date, etc.
Main characteristics
The OrderInstructionStatusReport message has the following characteristics:
References
It is mandatory to include the reference of the previously sent order instruction for which the Sender is requesting a status. The message for which the status is provided is identified through referencing rather than by including a complete copy of the original order.
Pre-confirmation
It is possible to provide an expected trade date and an expected settlement date in the OrderInstructionStatusReport. These pre-confirmation dates are elements that were not in the original order instruction but that enrich the instructing party's order. This information enables the instructing party the opportunity to complete the instruction prior to its execution rather than being informed in the confirmation message sent after execution.
Offering a repair service The executing party may offer a repair service to the instructing party. This is restricted to commission and charge details as they are the most common elements repaired. For example, if an instructing party is entitled to a reduced commission rate of two percent waiving, but the order contains zero percent, the executing party could provide an order status in which it informs the instructing party of the repaired commission rate. This operation still allows the instructing party to potentially cancel the order before execution.
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