setr.005 — Subscription Bulk Order

The grouped order for multiple subscriptions on the same fund (or several), sent by a distributor. Bulk variant of setr.001 intended for the high volumes of the Vestima and Fundsettle platforms.

Purpose and place in the flow

setr.005 lets a distributor (private bank, fund supermarket, robo-advisor platform) send several subscription orders for different investors on one or several funds in a single message. It is the high-volume optimised version: instead of 1,000 separate setr.001, you send a single setr.005 carrying 1,000 individual order details.

Flow context: the distributor aggregates orders received during the day before NAV cut-off, then sends a setr.005 to the TA; the TA executes each individual order at NAV and confirms the lot via a setr.012 bulk confirmation. Cash settlement follows at T+2 for each investor.

XML structure

setr.005 is wrapped in <Document> then the root <SbcptBulkOrdr>. Structure:

• MsgId — Unique bulk message identifier + CreDtTm.
• MstrRef — Master order reference (grouping all orders).
• PoolRef — Pool reference (for central clearing).
• BlkOrdrDtls (Bulk Order Details) — Main block: fund + list of individual orders.
• FinInstrmDtls — Fund identification (ISIN, name).
• IndvOrdrDtls (Individual Order Details) — Repeated: each individual order with investor, amount, dates.

Key fields

• MsgId/Id — Unique bulk identifier (max 35 chars).
• MstrRef — Master order reference on the distributor side (used to reconcile with setr.012).
• PoolRef — Optional pool reference for clearing.
• BlkOrdrDtls/FinInstrmDtls/Id/ISIN — Fund ISIN (12 chars ISO 6166).
• BlkOrdrDtls/IndvOrdrDtls/OrdrRef — Unique reference for each individual order.
• BlkOrdrDtls/IndvOrdrDtls/Invstr/Pty/Pty/PrsnNm — Ultimate investor identification.
• BlkOrdrDtls/IndvOrdrDtls/GrssAmt — Gross amount to invest for that investor (Ccy ISO 4217).
• BlkOrdrDtls/IndvOrdrDtls/CshSttlmDt — Cash settlement date (T+2 or T+1).

XML example

Bulk order sent by a distributor on 16 May 2026 carrying two individual subscriptions on Amundi Funds Global Equity: ACME SARL for EUR 12,500 and BETA CORP for EUR 25,000, cash settlement T+2 (19 May):

<?xml version="1.0" encoding="UTF-8"?>
<Document xmlns="urn:iso:std:iso:20022:tech:xsd:setr.005.001.04">
  <SbcptBulkOrdr>
    <MsgId>
      <Id>DIST-SBSC-BULK-20260516-001</Id>
      <CreDtTm>2026-05-16T10:00:00+02:00</CreDtTm>
    </MsgId>
    <MstrRef>DIST-SBSC-BULK-2026-Q2-001</MstrRef>
    <PoolRef>DIST-POOL-2026-187</PoolRef>
    <BlkOrdrDtls>
      <FinInstrmDtls>
        <Id>
          <ISIN>FR0010315770</ISIN>
        </Id>
        <Nm>Amundi Funds Global Equity</Nm>
      </FinInstrmDtls>
      <IndvOrdrDtls>
        <OrdrRef>DIST-INV-001-187</OrdrRef>
        <Invstr>
          <Pty>
            <Pty>
              <PrsnNm>ACME SARL</PrsnNm>
            </Pty>
          </Pty>
        </Invstr>
        <GrssAmt Ccy="EUR">12500.00</GrssAmt>
        <CshSttlmDt>2026-05-19</CshSttlmDt>
      </IndvOrdrDtls>
      <IndvOrdrDtls>
        <OrdrRef>DIST-INV-002-188</OrdrRef>
        <Invstr>
          <Pty>
            <Pty>
              <PrsnNm>BETA CORP</PrsnNm>
            </Pty>
          </Pty>
        </Invstr>
        <GrssAmt Ccy="EUR">25000.00</GrssAmt>
        <CshSttlmDt>2026-05-19</CshSttlmDt>
      </IndvOrdrDtls>
    </BlkOrdrDtls>
  </SbcptBulkOrdr>
</Document>

Versions

Common pitfalls

• Non-unique MstrRef — the master reference must be unique on the distributor side to reconcile with setr.012. Reuse creates collisions.
• Duplicated OrdrRef in the bulk — each IndvOrdrDtls/OrdrRef must be unique within the message. Duplicates rejected by the TA.
• Inconsistent ISINs — each BlkOrdrDtls must carry a single ISIN. To group several funds, create multiple BlkOrdrDtls blocks in the same message.
• Investor without unique identifier — without LEI or internal ID, the TA cannot credit the right wallet. Include a structured Invstr/Pty/Pty/Id for wholesale operations.
• Heterogeneous CshSttlmDt — if orders have different settlement dates, create multiple separate setr.005 messages. Mixing T+1 and T+2 in the same bulk complicates cash netting.
• NAV cut-off mismatch — all orders in a bulk execute at the same cut-off. For different cut-offs, split into multiple messages.

Related messages

• setr.001 — Subscription Order (single variant).
• setr.002 — Subscription Order Cancellation Request.
• setr.004 — Subscription Bulk Order Cancellation Request.
• setr.012 — Subscription Bulk Order Confirmation (response).
• setr.013 — Switch Order (alternative for a bulk move).
• setr.010 — Redemption Order (inverse).