MT515 — Client Confirmation of Purchase or Sale
The "order filled" confirmation. Issued by the broker or transfer agent to the institutional investor after execution; the executed counterpart of the MT502 instruction.
Purpose
MT515 confirms execution of a securities buy or sell to the ordering party. It
carries: the original order reference (:20C::RELA:), the executed
quantity, the actual price obtained (:90B::DEAL:), the net settlement
amount (:19A::SETT:), the settlement date, and information on third
parties involved (custodian, depository).
Typically issued trade day (T+0), after price or NAV matching. The receiving bank uses MT515 to: reconcile against its original MT502, update its inventory accounting, and prepare the MT540-543 settlement instructions to send to the custodian.
Sequence structure
- GENL — General Information: SEME (sender's reference), RELA (related order reference — the MT502), function NEWM/CANC/AMEN.
- CONFDET — Confirmation Details: the actual execution (instrument, quantity, price, amount).
- SETDET — Settlement Details: settlement type and date (sub-sequence of CONFDET).
- OTHRPRTY — Other Parties: third parties (custodian, central depository, OTC counterparty).
Key tags
| Tag | Name | Usage |
|---|---|---|
:20C::SEME// | Sender's Message Reference | Unique identifier of the MT515. |
:20C::RELA// | Related Reference | Reference of the originating MT502. |
:23G: | Function | NEWM (new confirmation), CANC (cancel a previous one), AMEN (amend). |
:98A::PREP// | Preparation Date | Date the message was prepared. |
:98A::TRAD// | Trade Date | Actual execution date. |
:98A::SETT// | Settlement Date | Settlement date: T+1 (US, since May 2024) or T+2 (Europe). |
:35B: | Identification of Instrument | ISIN + name. |
:36B::CONF// | Confirmed Quantity | Quantity actually executed (can be lower than the ORDR on MT502). |
:90A: / :90B: | Deal Price | Actual price obtained. |
:19A::SETT// | Settlement Amount | Net settlement amount after fees. |
:22H::BUSE// | Buy/Sell Indicator | BUYI or SELL. |
:95P::DEAG// | Delivering Agent | BIC of the seller-side custodian. |
:97A::SAFE// | Safekeeping Account | Beneficiary securities account. |
Real-world example
Northern Trust confirms to BNP Paribas the execution of 200 Apple Inc. shares at an
average USD 189.75 (better than the 190.50 limit). Net amount USD 37,950, T+1
settlement on 16 May 2026, delivery via Clearstream Luxembourg
(CEDELULL):
{1:F01NTRSUS33XXXX0000000000}{2:I515BNPAFRPPAXXXN}{3:{108:CONF20260515001}}{4:
:16R:GENL
:20C::SEME//CONF20260515001
:20C::RELA//ORD20260515001
:23G:NEWM
:98A::PREP//20260515
:16S:GENL
:16R:CONFDET
:98A::TRAD//20260515
:90B::DEAL//ACTU/USD/189,75
:35B:ISIN US0378331005
APPLE INC
:36B::CONF//UNIT/200,
:19A::SETT//USD37950,00
:22H::BUSE//BUYI
:16R:SETDET
:22F::SETR//TRAD
:98A::SETT//20260516
:16S:SETDET
:16S:CONFDET
:16R:OTHRPRTY
:95P::DEAG//CEDELULL
:97A::SAFE//12345678
:16S:OTHRPRTY}:20C::RELA//ORD20260515001— reference of the originating MT502.:90B::DEAL//ACTU/USD/189,75— average executed price (better than the 190.50 limit).:36B::CONF//UNIT/200,— 200 units confirmed (full lot executed).:19A::SETT//USD37950,00— net settlement amount (200 × 189.75).:95P::DEAG//CEDELULL— Clearstream Luxembourg as seller-side depositary.:97A::SAFE//12345678— BNP Paribas securities account at Clearstream.
Common pitfalls
- Missing RELA —
:20C::RELA//must point to the original MT502. Without it the client cannot reconcile the confirmation against its order. - Confirmed quantity > ordered quantity — business inconsistency: the confirmed quantity must be ≤ the MT502 quantity. Partial execution is normal (fill rate < 100%); an over-fill is not.
- Mis-computed settlement amount —
:19A::SETT//must be net of broker fees, taxes and other charges. If the investor expects a gross amount, use:19A::DEAL//and a separate tag for fees. - Settlement date < trade date — settlement must be ≥ trade date. US markets are now T+1 (since May 2024); Europe is T+2; a few emerging markets remain T+3.
- BUSE missing — without
:22H::BUSE//the receiver cannot tell whether the confirmation is a buy or a sell on the client side.
ISO 20022 equivalent
MT515 maps to:
- secl.004 — Trade Confirmation for OTC markets.
- setr.012 — Subscription Bulk Order Confirmation for fund units.
- setr.014 — Redemption Bulk Order Confirmation for redemptions.
Related messages
- MT502 — Order to Buy or Sell, the order that MT515 confirms.
- MT509 — Trade Status Message, for technical follow-up (accept, reject, pending execution).
- MT513 — Client Advice of Execution, lightweight variant.
- MT540 / MT541 — Receive Free / Against Payment, triggered after MT515.
- ISO 20022: setr.012, secl.004.