MT 304

MT 304 Advice/Instruction of a Third Party Deal

MT 304 Scope
This message is sent by a Fund Manager to a Custodian Bank as an advice of/instruction to settle a third party foreign exchange deal. The definition of third party must be agreed up front between the fund manager and the custodian relative to deals executed by the custodians’ treasury area on behalf of the fund manager. It is used to: • • • • provide details about a new deal provide a settlement notification amend a previously sent message cancel a previously sent message.

MT 304 Guidelines
To cover securities transactions, fund managers may need to buy and sell currencies. The term ‘fund managers’ includes investment managers, investment advisors, advisors and managers. The fund manager arranges these deals either with an independent (third party) forex institution, the executing broker, or with the treasury department of his Custodian. Having exchanged and matched the confirmation with the third party, the fund manager informs the custodian about the deal. This is done for accounting as well as for settlement purposes. The aim of the MT 304 is to automate the information flow between the fund manager and the custodian. The confirmation of the forex deal with the executing broker is still done through the exchange and matching of MT 300s:

November 1997

1

Category 3 - Foreign Exchange, Money Markets & Derivatives

IMGR Fund Manager

MT 300

EBKR Executing Broker

MT 304

CUST Custodian

After this, the fund manager generates the MT 304 and sends it to the global custody department of its custodian bank for settlement and accounting. This implies that when the MT 304 is sent, the settlement instructions have been checked between the fund manager and the executing broker. Consequently, the MT 304 only needs to specify where the custodian is expecting the money from (delivery agent for the amount bought) and who he has to pay (receiving agent for the amount sold). If the deal was agreed with the treasury department of the custodian, an MT 304 is not always needed as the message confirming the forex deal covers the purpose of sending an MT 304. The custodian bank enters the instruction into its accounting systems for reporting and valuation. It is also entered into its payment system to effect payment depending on the type of settlement. For a spot foreign exchange an MT 202 or MT 210 may be generated; for a forward currency contract this may be the settlement of a gain or loss via a separate currency payment. Because the message covers a settlement instruction, the MT 304 must be authenticated. In the case of block trades, the fund manager groups several currency requirements into one deal (allocated through an MT 303). In this case a separate MT 304 is sent for each individual allocation. The MT 304 is used to send a new instruction, but can also be used to amend or cancel a previously sent MT 304. The MT 392 can still be used instead of an MT 304 with CANC in Type of Operation. The following issues, however, have to be considered:

2

November 1997

all other fields are optional. D or J 1 2 3 4 5 6 7 8 9 10 11 November 1997 3 .I. the fields to be copied are mandated by the standard. Mandatory SEQUENCE A General Information M M O M M O O O M M M 15A 20 21 22A 94A 17O 17F 17N 83a 82a 87a New Sequence Sender’s Reference Related Reference Type of Operation Scope of Operation Open Indicator Final Close Indicator Net Settlement Indicator Fund Fund Manager Executing Broker (CrLf) 16x 16x 4a / 4a / 1a 1a 1a A. D or J A.MT 304 • Routing: An MT 304 with CANC is easily routed to the same department as the original MT 304.W.T. context. D or J A. • Authentication: In the S. the 392 is not authenticated.F. MT 392s are usually routed like other MTs 3xx to the Forex BackOffice instead of to the Custody Department. MT 304 Message Format MT 304 Advice/Instruction of a Third Party Deal Status Tag Field Name Content/Options No. Using the MT 392 to cancel an authenticated MT 304 instruction means that a non-authenticated message cancels an authenticated one. • Repetition of the original message: In the MT 392 only the Sender’s Reference of the previous message is mandatory. When an MT 304 with CANC is used.

Category 3 . D or J A. D or J A.Foreign Exchange. Amount Sold Delivery Agent Intermediary Receiving Agent Beneficiary Institution (CrLf) 8n 8n 12number 3 a15number A. D or J A. D or J 3 a15number A. Amount Bought Delivery Agent Intermediary Receiving Agent Currency. D or J A. Money Markets & Derivatives Mandatory SEQUENCE B Forex Transaction Details M M M M M M O O M O O M O 15B 30T 30V 36 32B 53a 56a 57a 33B 53a 56a 57a 58a New Sequence Trade Date Value Date Exchange Rate Currency. D or J 12 13 14 15 16 17 18 19 20 (17) (18) (19) 24 Optional SEQUENCE C Optional General Information M O O O O 15C 21A 21G 29A 72 New Sequence Reference to the Associated Trade Executing Broker’s Reference Contact Information Sender to Receiver Information (CrLf) 16x 16x 4*35x 6*35x 25 26 27 28 29 4 November 1997 . D or J A.

Amount 1a 3 a15number 32 33 21P Reference to Previous Deals 16x 31 15D New Sequence (CrLf) 30 Optional SEQUENCE E Net Amount to be Settled M M M O O O O 15E 17G 32G 53a 56a 57a 58a New Sequence Gain (Loss) Indicator Currency. November 1997 5 . D or J A. D or J A. D or J 34 (32) (33) (17) (18) (19) (24) M = Mandatory O = Optional Note The status M for fields in optional sequences means that the field must be present if the sequence is present.MT 304 Optional SEQUENCE D Accounting Information M ----> M ----| M M 17G 32G Gain (Loss) Indicator Currency. Amount Delivery Agent Intermediary Receiving Agent Beneficiary Institution (CrLf) 1a 3 a15number A. D or J A.

the presence of fields 17O and 17N depends on field 94A as follows (Error Code D03): Sequence A if field 94A is . network: C1 In Sequence A...F. AMND CANC DUPL NEWT Sequence A then field 21 is .I.Foreign Exchange..W. Money Markets & Derivatives MT 304 Conditional Rules Enforced rules The following rules apply and are validated by the S.. Not allowed Mandatory C3 In Sequence A..Category 3 . Not allowed Mandatory Not allowed 6 November 1997 . Mandatory Mandatory Optional Optional C2 In Sequence A.. ASET AFWD Sequence A then field 17O is . Y N Not present Sequence A then field 17F is ... Not allowed Mandatory Sequence A then field 17N is .... the presence of field 17F depends on field 17O as follows (Error Code D04): Sequence A if field 17O is .. the presence of field 21 depends on field 22A as follows (Error Code D02): Sequence A if field 22A is ...T.

I. Semantical rules The following rules apply but are not validated by the S. the cancellation message must contain a copy of at least the mandatory fields of the original message. the content of field 20) of the message containing the instruction to be cancelled..T.MT 304 C4 The presence of Sequence D depends on field 17O as follows (Error Code D23): Sequence A if field 17O is . Mandatory Not allowed Not allowed Not allowed C6 In the optional sequences... and are otherwise not allowed (Error Code C32). then Sequence E is .. network...W.. To cancel a previously sent message: • • field 21 must contain the reference (ie. Not allowed Mandatory Not allowed C5 The presence of Sequence E depends on fields 17F and 17N as follows (Error Code D29): Sequence A if field 17F is . Y N Not present then Sequence D is ...F. the fields indicated as M must be present if the sequence is present. November 1997 7 . Y Y N Not present Y N Y or N Y or N or not present Sequence A and field 17N is ..

Foreign Exchange.W. The MT 304 must be authenticated. in the MT 304 Message User Group.F. Money Markets & Derivatives To amend a previously sent message: • • • field 21 must contain the reference (ie.F.I.600 characters on output from FIN. Net Amount to be Settled.T.I. and 10. Should a registered user receive an MT 304 without having a bilateral agreement with the Fund Manager.000 characters on input to FIN. 56J and 57J must not be used in Sequence E. Implementation rules S. the amendment message replaces the original message.Category 3 .W. the amendment message must contain both the unchanged and the changed/new fields of the original message.T. the Receiver ought to query the message according to normal banking practice. • • 8 November 1997 .’s implementation of the MT 304 is as follows: • The MT 304 can only be sent or received over FIN by the Financial Institutions registered with S. The maximum length of the message (including header and trailers) when sent via FIN is 10. The code word /NETS/ in fields 53J. the content of field 20) of the message containing the instruction to be amended.

MT 304 MT 304 Field Specifications 1. Field 15A: New Sequence FORMAT PRESENCE DEFINITION Empty Field Mandatory This field specifies the beginning of the General Information. this field must contain the Sender’s Reference (field 20) of the previous MT 304. The reference number assigned to an instruction is used for crossreferencing purposes in subsequent messages. Must not start or end with a slash ‘/’ and must not contain two consecutive slashes ‘//’. ie. ie. Field 21: Related Reference FORMAT PRESENCE DEFINITION 16x Conditional (C1) This field contains the identification of the instruction to which the current message is related. such as following MTs 304 and statement messages as well as queries. Must not start or end with a slash ‘/’ and must not contain two consecutive slashes ‘//’. 2. When used. VALUES RULES 3. the number uniquely identifying the deal to the Fund Manager. Field 20: Sender’s Reference FORMAT PRESENCE DEFINITION 16x Mandatory This field specifies the reference number assigned by the Sender to unambiguously identify the instruction. field 20 (Sender’s Reference) of the previous instruction which is to be amended or cancelled by this message. VALUES RULES November 1997 9 . or the reference of the telex/fax of the original confirmation. It is thus essential for the identification of the original MT 304 sent.

T. They have the following meaning: AMND Replaces a previously sent instruction with the amended one contained in this message. Money Markets & Derivatives 4. Field 94A: Scope of Operation FORMAT PRESENCE DEFINITION 4a / Mandatory This field identifies the scope of the message.Foreign Exchange. the type of foreign exchange contract 10 November 1997 . ie. This field must contain one of the following code words. 5.W.F. Used to cancel an MT 304 sent previously -orto cancel an MT 304 which contains erroneous information. Used to send an instruction for the first time -orto send a corrected MT 304 when the erroneous one was cancelled using an MT 304 with function CANC. Used to inform the custodian that a instruction was already sent by telex.I. DUPL Duplicates a previously sent instruction.Category 3 . Used to add settlement agents to an MT 304 sent previously -orto correct error(s) in an MT 304 sent previously -orto add optional sequences/fields to an MT 304 sent previously. Field 22A: Type of Operation FORMAT PRESENCE DEFINITION VALUES 4a / Mandatory This field specifies the function of the message. NEWT New advice/instruction. CANC Cancels a previously sent instruction. fax or S.

Field 17O: Open Indicator FORMAT PRESENCE DEFINITION VALUES 1a Conditional (C2) This field specifies whether the instruction is for the opening of an FCC or for the closing of an FCC.MT 304 VALUES This field must contain one of the following code words: ASET Settlement Contract. The result can be settled by netting the local base or both currencies. Field 17N: Net Settlement Indicator FORMAT 1a November 1997 11 . Used to indicate that the foreign exchange is a physical settlement in which both the buy and sell currencies will move on the settlement (value) day. The contract is opened and closed for the same value date resulting in a gain or loss. One of the following codes must be used: Y N for the opening of an FCC for the partial or final close of an FCC 7. Field 17F: Final Close Indicator FORMAT PRESENCE DEFINITION VALUES 1a Conditional (C3) This field specifies whether the instruction is for the final close or the partial close of an FCC. Used to indicate that the foreign exchange is a forward/hedge executed for a future date at a set price. 6. or by settling the gross/principal amounts. One of the following codes must be used: Y N for the final close of an FCC for the partial close of an FCC 8. AFWD Forward Currency Contract (FCC) or hedge.

the following qualifiers must be used: /ABIC/ /ACCT/ /NAME/ /ADD1/ /ADD2/ /CITY/ /USFW/ /USCH/ /GBSC/ /CLRC/ O O M O O O O O O O followed by the BIC followed by the account number followed by the name followed by the first line of the address followed by the second line of the address followed by the city (and state. One of the following codes must be used: Y N for the net settlement of an FCC for the gross settlement of an FCC 9. Money Markets & Derivatives PRESENCE DEFINITION VALUES Conditional (C2) This field specifies whether the total amount is settled net or gross. country) followed by FedWire Routing Number followed by CHIPS UID followed by CHAPS sort code followed by a clearing code 12 November 1997 . With option J. Field 83a: Fund FORMAT Option A [/1a][/34x] 4a 2a 2a [3a ] / / Option D [/1a][/34x] 4*35x Option J PRESENCE DEFINITION VALUES 5*40x Mandatory This field specifies the Fund.Category 3 . the client for which the transaction was executed.Foreign Exchange. ie.

November 1997 13 . With option J. Field 87a: Executing Broker FORMAT Option A Option D Option J [/1a][/34x] 4a 2a 2a [3a ] / / [/1a][/34x] 4*35x 5*40x PRESENCE DEFINITION VALUES Mandatory This field specifies the Executing Broker. Field 82a: Fund Manager FORMAT Option A Option D Option J [/1a][/34x] 4a 2a 2a [3a ] / / [/1a][/34x] 4*35x 5*40x PRESENCE DEFINITION VALUES Mandatory This field specifies the Fund Manager.MT 304 10. country) followed by FedWire Routing Number followed by CHIPS UID followed by CHAPS sort code followed by a clearing code 11. the following qualifiers must be used: /ABIC/ /ACCT/ /NAME/ /ADD1/ /ADD2/ /CITY/ /USFW/ /USCH/ /GBSC/ /CLRC/ M O M O O O O O O O followed by the BIC or ‘UKWN’ if BIC not known followed by the account number followed by the name followed by the first line of the address followed by the second line of the address followed by the city (and state. See field 82a (#10).

Category 3 . without any leading zeroes. 15. Field 36: Exchange Rate FORMAT PRESENCE DEFINITION VALUES 12number Mandatory This field specifies the agreed exchange rate of the transaction. 13. Money Markets & Derivatives 12. Field 30V: Value Date FORMAT PRESENCE DEFINITION VALUES 8n Mandatory This field specifies the value date of the transaction. Amount Bought FORMAT PRESENCE DEFINITION 3a15number (Currency) (Amount) Mandatory This field specifies the currency and amount bought. The date must be a valid date expressed as YYYYMMDD. 14 November 1997 . It is the rate as the deal was struck. The decimal comma ‘.Foreign Exchange. Field 30T: Trade Date FORMAT PRESENCE DEFINITION VALUES 8n Mandatory This field specifies the date the transaction was agreed between the Fund Manager and the Executing Broker. The date must be a valid date expressed as YYYYMMDD. 16.’ is mandatory and the maximum length includes it. 14. Field 15B: New Sequence FORMAT PRESENCE DEFINITION Empty Field Mandatory This field specifies the start of the Forex Transaction Details. The integer part must contain at least one digit. Field 32B: Currency.

Field 53a: Delivery Agent FORMAT Option A Option D Option J [/1a][/34x] 4a 2a 2a [3a ] / / [/1a][/34x] 4*35x 5*40x PRESENCE Mandatory for the Amount Bought Optional for the Amount Sold Optional for the Net Amount DEFINITION VALUES This field specifies the delivery agent for the amount bought. The integer part of Amount must contain at least one digit. without any leading zeroes. The number of digits following the comma must not exceed the maximum number allowed for that specific currency as specified in ISO 4217. The decimal comma ‘.(Error Code C03). the following qualifiers must be used: /ABIC/ /ACCT/ /NAME/ /ADD1/ /ADD2/ /CITY/ /USFW/ /USCH/ /GBSC/ /CLRC/ or /NETS/ M A net settlement is taking place M O M O O O O O O O followed by the BIC or ‘UKWN’ if BIC not known followed by the account number followed by the name followed by the first line of the address followed by the second line of the address followed by the city (and state. With option J. 17.’ is mandatory and the maximum length includes it. country) followed by FedWire Routing Number followed by CHIPS UID followed by CHAPS sort code followed by a clearing code November 1997 15 .MT 304 VALUES Currency must be a valid ISO 4217 currency code.

When an account number is present. 20. mandatory for the amount sold This field specifies the receiving agent (account with institution) for the amount bought or sold. Money Markets & Derivatives or /SSIS/ 18. See field 53a (# 17) for codes for use with option J. this field must specify the code word ‘NONE’. If no movement of funds takes place. See field 53a (# 17). Field 33B: Currency. using option D. 19.Category 3 . Field 56a: Intermediary FORMAT M Standard settlement instructions are used Option A Option D Option J [/1a][/34x] 4a 2a 2a [3a ] / / [/1a][/34x] 4*35x 5*40x PRESENCE DEFINITION VALUES Optional This field identifies the intermediary institution for the amount bought or sold. Amount Sold FORMAT PRESENCE 3a15number (Currency) (Amount) Mandatory 16 November 1997 .Foreign Exchange. it identifies the account number which is to be debited or credited on the books of the Account With Institution which is to be specified. Field 57a: Receiving Agent FORMAT Option A Option D Option J [/1a][/34x] 4a 2a 2a [3a ] / / [/1a][/34x] 4*35x 5*40x PRESENCE DEFINITION VALUES Optional for the amount bought.

Field 58a: Beneficiary Institution FORMAT Option A Option D Option J [/1a][/34x] 4a 2a 2a [3a ] / / [/1a][/34x] 4*35x 5*40x PRESENCE DEFINITION VALUES Optional This field specifies the institution in favour of which the payment is done. 26. Field 21G: Executing Broker’s Reference FORMAT PRESENCE 16x Optional November 1997 17 . the identification of the securities transaction at the origin of the hedge. ie. 25. Field 15C: New Sequence FORMAT PRESENCE DEFINITION Empty Field Mandatory in optional sequence This field specifies the start of the Optional General Information.MT 304 DEFINITION RULES This field specifies the currency and amount sold. See Field 21 in Sequence A (#3). Field 21A: Reference to the Associated Trade FORMAT PRESENCE DEFINITION 16x Optional This field specifies the reference to the underlying securities deal. See field 82a in Sequence A (# 10). RULES 27. 24. See field 32B (# 16).

and should preferably be the last information in this field. No code words are defined for the MT 304. Code words must be put between slashes and at the beginning of a line. Money Markets & Derivatives DEFINITION RULES This field specifies the broker’s reference. must start with a double slash ‘//’ on a new line. Narrative text that is not qualified by a code word. ie. the reference number given by the executing broker to the trade. which may be continued on the next lines. Additional explanatory information.Category 3 . 29.Foreign Exchange. Therefore only bilaterally agreed code words can be used. 28. The format of field 72 is summarised by: 18 November 1997 . is preceded by a double slash ‘//’. Field 72: Sender to Receiver Information FORMAT PRESENCE DEFINITION VALUES 6*35x Optional This field specifies additional information for the Receiver and applies to the whole message. See Field 21 in Sequence A (#3). The following qualifiers must be used: /NAME/ /DEPT/ /PHON/ /TELX/ /FAXT/ followed by the name of the contact person followed by the name of the department followed by the telephone number followed by the telex number followed by fax number The code words do not need to be put on separate lines. It is the ‘/’ at the beginning of a code word and not the end-of-line that marks the end of the information behind the previous code word. Field 29A: Contact Information FORMAT PRESENCE DEFINITION VALUES 4*35x Optional This field specifies the contact name and telephone number the Receiver may contact for any queries concerning this transaction.

VALUES One of the following codes must be used: Y N for gain/amount received for loss/amount paid November 1997 19 . 30. Sequence E: whether the net amount represents a gain (amount received) or a loss (amount to be paid). Field 15D: New Sequence FORMAT PRESENCE DEFINITION Empty Field Mandatory in conditional sequence (C4) This field specifies the start of the Accounting Information. 31. ie. Field 17G: Gain (Loss) Indicator FORMAT PRESENCE DEFINITION 1a Mandatory in optional sequence This field specifies in: • • Sequence D: whether the close represents a gain or a loss. RULES 32.MT 304 Line 1 Lines 2-6 /8a/[additional information] [//continuation of additional information] or [/8a/[additional information]] RULES Field 72 must not be used for information for which another field is intended. See Field 21 in Sequence A (#3). Partial Close(s)) leading to this instruction. Field 21P: Reference to Previous Deal FORMAT PRESENCE DEFINITION 16x Repetitive and mandatory in optional sequence This field specifies the reference of the deals closed by this MT 304. it contains the reference of the original transactions (Open(s).

20 November 1997 . Amount FORMAT PRESENCE DEFINITION 3a15number (Currency) (Amount) Mandatory in optional sequence This field specifies in: • • Sequence D: the gain or loss currency and amount at a partial or final close Sequence E: the net currency and amount to be settled.Category 3 . 34. RULES See field 32B in Sequence B (#16). Field 15E: New Sequence FORMAT PRESENCE DEFINITION Empty Field Mandatory in conditional sequence (C5) This field specifies the start of the Net Amount to be Settled. Money Markets & Derivatives 33.Foreign Exchange. Field 32G: Currency.

Rothschild executes this deal on behalf of fund XYZ with account number: AUSQ7B9.41 AUD against GBP at the rate of 2.MT 304 MT 304 Examples EXAMPLE 1 Settlement Contract On 10 January 95.485. Amount Bought ROTHGB2A SBOSGB2X 304 :15A: :20:000159 :22A:NEWT :94A:ASET Format :83J:/ACCT/AUSQ7B9 /NAME/Fund XYZ :82J:/ABIC/ROTHGB2A /NAME/ Rothschild Asset Management :87J:/ABIC/LOYDGB22TSY /NAME/Lloyd Treasury :15B: :30T:19950110 :30V:19950709 :36:2. The value date is 9 July 95.004. Explanation Sender Receiver Message Type General Information Sender’s Reference Type of Operation Scope of Operation Fund Fund Manager Executing Broker Forex Transaction Details Trade Date Value Date Exchange rate Currency.87. Rothschild advises its custodian.0446.606.0446 :32B:AUD1606004. London of this deal and instructs them to settle it. The AUD are expected from Westpac in Sydney and the GBP will be paid to Lloyds Treasury in London.41 November 1997 21 . The amount in GBP is 785. State Street. London (Executing Broker) agree on a forex deal with the following terms: Rothschild buys 1. Rothschild Asset Management (Fund Manager) and LLoyd Treasury.

58.017.Foreign Exchange.94. Explanation Sender Receiver Message Type General Information Sender’s Reference Type of Operation Scope of Operation Open Indicator FUMAUS33 CUSTUS33 304 :15A: :20:1 :22A:NEWT :94A:AFWD :17O:Y Format 22 November 1997 . Instead of making three individual payments to Morgan. a Fund Manager. arranged three foreign exchange contracts with Morgan Guaranty New York (executing broker).87 :57J:/ABIC/LOYDGB22TSY /NAME/Lloyds Treasury /GBSC/301557 /ACCT/00001933 :58J:/ABIC/LOYDGB22TSY /NAME/Lloyds Treasury Currency. Sydney /ACCT/LLY0001978 :33B:GBP785485.83 to Morgan.543. The USD amount is 9.00 GBP against USD at the rate of 1. Money Markets & Derivatives Delivery Agent :53J:/ABIC/WPACAU2S /NAME/Westpac. The fund manager is acting on behalf of ABC fund with account number 12345 First Deal: The first deal was agreed on 17 February 95. Amount Sold Receiving Agent Beneficiary Institution Optional General Information Contact Information :15C: :29A:/NAME/Sara-Jane/PHON/634-2596 EXAMPLE 2 Forward Contract FUMAUS33.717. The GBP amounts net to zero and the custodian is instructed to pay 2. FUMA sells 6. All three trades are to settle on 23 March 1995.507.873. the fund manager has netted the three trades and instructed the custodian to pay the difference.Category 3 .

Amount Bought Delivery Agent Currency.09. :87J:/ABIC/MGTCUS33 /NAME/Morgan Guaranty /CLRC/ABA-021000238 :15B: :30T:19950217 :3OV:19950323 :36:1.58 :32B:USD9507717. Amount Sold Receiving Agent Optional General Information Contact Information :15C: :29A:/NAME/Richard Jones/PHON/2121234567 Second Deal: The second deal was agreed on 2 March 95.299. Explanation Sender Receiver Message Type General Information Sender’s Reference Type of Operation Scope of Operation Open Indicator Net Settlement Indicator FUMAUS33 CUSTUS33 304 :15A: :20:2 :22A:NEWT :94A:AFWD :17O:Y :17N:Y Format November 1997 23 .004.203. The USD amount is 10.M.876.94 :53J:/NETS/ :33B:GBP6017543. FUMA sells 6.00 :57J:/NETS/ Forex Transaction Details Trade Date Value Date Exchange rate Currency.00 GBP against USD at the rate of 1.588.MT 304 Net Settlement Indicator Fund Fund Manager Executing Broker :17N:Y :83J:/ACCT/12345 /NAME/ABC Fund :82J:/ABIC/FUMAUS33 /NAME/F.

04 :53J:/NETS/ :33B:GBP6299876. Money Markets & Derivatives Fund Fund Manager Executing Broker :83J:/ACCT/12345 /NAME/ABC Fund :82J:/ABIC/FUMAUS33 /NAME/F.Foreign Exchange.588 :32B:USD10004203.Category 3 .00 :57J:/NETS/ Optional General Information Contact Information :15C: :29A:/NAME/Richard Jones/PHON/2121234567 24 November 1997 .M. :87J:/ABIC/MGTCUS33 /NAME/Morgan Guaranty /CLRC/ABA-021000238 Forex Transaction Details Trade Date Value Date Exchange rate Currency. Amount Bought Delivery Agent Currency. Amount Sold Receiving Agent :15B: :30T:19950302 :3OV:19950323 :36:1.

00 GBP against USD at the rate of 1.86 :57J:/NETS/ November 1997 25 . It was agreed on 21 March 95.873. Amount Bought Delivery Agent Currency. :53J:/NETS/ :33B:USD19514794. FUMA buys 12.584325 :32B:GBP12317419. Amount Sold Receiving Agent :15B: :30T:19950321 :30V:19950323 :36:1.584325. The payments of the three deals are netted.86.794.317. :87J:/ABIC/MGTCUS33 /NAME/Morgan Guaranty /CLRC/ABA-021000238 Forex Transaction Details Trade Date Value Date Exchange rate Currency.MT 304 Third Deal: The third deal is the closing of the two other deals. Explanation Sender Receiver Message Type General Information Sender’s Reference Type of Operation Scope of Operation Open Indicator Final Close Indicator Net Settlement Indicator Fund Fund Manager Executing Broker FUMAUS33 CUSTUS33 304 :15A: :20:3 :22A:NEWT :94A:AFWD :17O:N :17F:Y :17N:Y Format :83J:/ACCT/12345 /NAME/ABC Fund :82J:/ABIC/FUMAUS33 /NAME/F.M. This results in a GBP amount of zero and a USD amount of 2.83 to be paid to Morgan.419. The USD amount is 19.514.

83 Net Amount to be settled Gain (Loss) Indicator Currency. Amount Receiving Agent :15E: :17G:N :32G:USD2873.Category 3 .Foreign Exchange. Beneficiary Institution 26 November 1997 .83 :57J:/ABIC/MGTCUS33 /NAME/Morgan Guaranty /CLRC/ABA-021000238 :58J:/ABIC/FUMAUS33 /NAME/F. Money Markets & Derivatives Optional General Information Contact Information :15C: :29A:/NAME/Richard Jones/PHON/2121234567 Reference to Previous messages Reference to Previous Deal Reference to Previous Deal Gain (Loss) Indicator Currency. Amount :15D: :21P:1 :21P:2 :17G:N :32G:USD2873.M.