[AndyJagger]

Hello!

I have a question. There is a process:

A trader makes a deal on FOREX.
The transaction is uploaded to the BEC - OFFICE of the bank.
The bank and the counterparty send counter confirmations to each other. (SWIFT МТ300).
It is necessary to acknowledge counter messages MT300 in the BACK - OFFICE. If there are discrepancies, send a warning.

Can you please tell me what is the best way to describe it? Perhaps there are examples of similar processes.


Thank you.

[ayodelebamgboye]

Hello

from your little info

i hope this step by step description helps

Title: MT300 Counter Confirmation Acknowledgment Process

Objective: To acknowledge counterparty messages related to MT300 confirmations, ensure the accuracy of transaction details, and raise a warning if there are discrepancies.

Steps:

1. A trader initiates a deal on FOREX.
2. The transaction details are uploaded to the BEC-OFFICE of the bank.
3. The bank sends a counter confirmation message to the counterparty through SWIFT MT300.
4. The counterparty sends a counter confirmation message to the bank through SWIFT MT300.
5. The bank receives the counter confirmation message from the counterparty.
6. The bank verifies the accuracy of the transaction details in the counter confirmation message against its own records.
7. If the transaction details match, the bank sends an acknowledgment message to the counterparty through SWIFT MT300.
8. If there are discrepancies in the transaction details, the bank sends a warning message to the counterparty through SWIFT MT300.
9. The bank logs the transaction and confirmation details in its back-office system for record-keeping and audit purposes.

This process involves several steps that are typical for trade confirmation and settlement processes in the financial industry, especially in the area of foreign exchange trading. It is important to ensure that the process is followed accurately and efficiently to minimize the risk of errors and discrepancies.