SWIFT ISO 20022 - Message description - Switch Order Cancellation Request (setr.014.001)
Description
Scope
The SwitchOrderCancellationRequest message is sent by an instructing party, for example, an investment manager or its authorised representative, to the executing party, for example, a transfer agent, to request the cancellation of a previously sent SwitchOrder instruction.
Usage
The SwitchOrderCancellationRequest is used to cancel the entire previously sent SwitchOrder instruction/s and all the individual legs that it contains. There is no amendment, but a cancellation and re-instruct policy.
To request the cancellation of a switch order, the order reference of the original switch order is quoted in the order reference element. The message identification of the SwitchOrder message may also be quoted in PreviousReference but this is not recommended.
The deadline and acceptance of a cancellation request is subject to a service level agreement (SLA). This cancellation message is a cancellation request. There is no automatic acceptance of the cancellation request.
The rejection or acceptance of a SwitchOrderCancellationRequest is made using an OrderCancellationStatusReport message.