This message provides instructions for trade settlement. SettlInstSource (165) indicates if the settlement instructions belong to a broker or institution. It's been designed so that it can be sent between different types of institutions.

This message can be used in one of two modes (SettlInstMode (160)):

• To provide "standing instructions" for the settlement of trades occurring in the future, messages should include some combination of:
  • AllocAccount (79)
  • LastMkt (30)
  • Side (54)
  • SecurityType (167)
  • SettlLocation (166)
  • SettlDeliveryType (172)
  • EffectiveTime (168)
• To provide settlement instructions for a specific Allocation Account either as overriding or standing instructions to support matching. The following key should be used to tie the settlement instructions to the corresponding Allocation <35=J> message: (TradeDate (75) + AllocID (70) + AllocAccount (79))

The Settlement Instruction detail can be either explicitly specified (via SecuritySettl* and CashSettl* fields) or can exist on within an independent standing instructions database and can be referenced via the StandInstDbType (169), StandInstDbName (170), and StandInstDbID (171) fields.