 |
Scope
An instructing party, eg, an investment manager or its authorised representative, sends the SubscriptionOrderCancellationRequest message to the executing party, eg, a transfer agent, to request the cancellation of a previously sent SubscriptionOrder.
Usage
The SubscriptionOrderCancellationRequest message is used to either:
- request the cancellation of an entire SubscriptionOrder message, ie, all the individual orders that it contained, or,
- request the cancellation of one or more individual orders. There is no amendment, but a cancellation and re-instruct policy.
There are two ways to use the message:
(1) When the SubscriptionOrderCancellationRequest message is used to request the cancellation of an entire SubscriptionOrder message, this can be done by either:
- quoting the order references of all the individual orders listed in the SubscriptionOrder message, or,
- quoting the details of all the individual orders (this includes the OrderReference) listed in SubscriptionOrder message, but this is not recommended. The message identification of the SubscriptionOrder message may also be quoted in PreviousReference.
It is also possible to request the cancellation of an entire SubscriptionOrder message by quoting its message identification in PreviousReference, but this is not recommended.
(2) When the SubscriptionOrderCancellationRequest message is used to request the cancellation of one or more individual orders, this can be done by either:
- quoting the OrderReference of each individual order listed in the SubscriptionOrder message, or,
- quoting the details of each individual order (including the OrderReference) listed in SubscriptionOrder message, but this is not recommended. The message identification of the SubscriptionOrder message in which the individual order was conveyed may also be quoted in PreviousReference.
The deadline and acceptance of a cancellation request is subject to a service level agreement (SLA). This cancellation message is a cancellation request. There is no automatic acceptance of the cancellation.
The rejection or acceptance of a SubscriptionOrderCancellationRequest is made using an OrderCancellationStatusReport message.
|
