15.11.4 Settlement Details Notice

The Settlement Details Notice message constitutes of the Funding Memo details from Markit. Each message consists of the following primary details.

• Markit Trade ID - Unique Identifier for the Trade.
• LQT Ticket ID - LQT Ticket ID of the Parent Trade.
• Allocation ID - Unique Id for each of the Allocation.
• Buyer, seller and Expected settlement date.
• Settlement details of multiple tranches for a trade id/allocation id

The following details are sent from Markit to Oracle Banking Corporate Lending as part of the Settlement Details Notice message.

Table 15-6 Markit Fields from XML Message

Markit Fields from XML Message	Description
SettlementPlatform	Defines the platform on which the trade is being settled. This field always has the value Markit Clear.
Trade ID	Unique Trade Id for each Markit trade. It consists of the Markit Trade Id and LQT Ticket ID, which is the Ticket Id of the SLT trade.
AllocationID	The identifier that defines the allocation (applicable when the trade involves an allocating party). This can have only one Allocation ID.
Seller/Buyer	Reference to the Seller and Buyer of Trades
ProposedSettlementDate	Expected Settlement Date as received in the Trade Match notice.
Party	MEI codes for the Seller and Buyer involved in the trade.
facilitySettlementDetails	Wrapper Element which is repeated for each tranche.
TradedCommitmentAmount	Original Trade Amount for the CUSIP/ISIN.
RevisedCommitmentAmount	Revised Trade Amount for the CUSIP/ISIN.
Facility Identifier	Wrapper Element. Includes instrument id (External CUSIP of the tranche), tranche Currency and the original commitment (tranche) amount.
Facility contracts	Wrapper Element. For each tranche, it carries the Drawdown Details and the associated DCF details for each Drawdown.
Contract -> loancontractsummary-> identifier -> contractid	Drawdown reference number
Contract -> loancontractsummary-> original amount	Original drawdown amount with currency
Contract -> loancontractsummary-> maturitydate	Maturity date of the drawdown
Contract -> amount	Global Drawdown amount with currency
Contract -> effective date	Value date of the Drawdown
Contract -> participation- Amount -> globalAmount	Global Drawdown amount with currency
Contract -> participation- Amount -> shareAmount	Traded portion of the Drawdown amount with currency.
Settlement Amount	Wrapper Element. This could repeat multiple times for each of the Settlement currency, Payment Type, Payer and Receiver combination.

System does the necessary validations and matching by resolving the details from Markit SLT interface Browser and then the trade details are populated in the Markit Trade Settlement queue. The details of each trade are resolved and detailed validations are done based on the following:

• This message is processed only if the corresponding Trade Match Notice and Syndicated Loan Trade Allocation (if allocation id exists in the system) messages with Message status as Processed exist in the system for the Markit Trade id/Allocation id. Else all the trades under this message are marked as Rejected in Markit SLT interface Browser and the Markit Trade Settlement queue with appropriate exception details.
• Settlement Details Notice message is always for a single Markit Allocation Id in case of an allocated trade. If it is an unallocated trade, this message is for a single Markit Trade Id.
• Each message has the settlement details of multiple tranches and there should be only one matched Oracle Banking Corporate Lending SLT trade for each of the tranches (CUSIP/ISIN).
• All the drawdown details associated with the tranche including the buyers share of the drawdown and the Delayed Compensation Fees for each drawdown are part of this message.
• The settlement amount is sent for each currency if the tranche is funded in multiple currencies.
• Markit can send this message any number of times to Oracle Banking Corporate Lending before it is closed in Markit.
• Though the settlement details are received upfront, the Funding Memo advice to the Trade Counterparty is sent only during trade settlement.
• If the settlement is scheduled for a future date, then you can generate the funding memo before trade settlement using the Ticket/Trade Settlement screen.
• Post all the validations, the trades are populated in the Markit Trade Settlement queue with the appropriate status. The status is updated accordingly in the Markit SLT Interface Browser as well.
• If the validation is not met for a CUSIP/ISIN and the trade is rejected, then all the CUSIP/ ISINs under the Markit Trade Id are rejected and appropriate exception is logged to indicate the CUSIP/ISIN that has failed. The message status is updated as Rejected in the Markit SLT interface Browser and Markit Trade Settlement queue (for all the allocations/CUSIP/ISINs).
• If all validations are met, then the message status is updated as Processed in the Markit Trade Settlement queue and Markit SLT interface Browser. This indicates that the system has successfully processed all the trades under the Settlement Details Notice message.
• If all validations are met and the matching is not successful, then the processing status will still be Processed for all the Trades but the Match Status for all the unmatched trades will remain Unmatched.
• This message can be received multiple times from Markit, so if any subsequent messages are received for an existing Trade Id/Allocation Id, then all the validations/resolutions are re-done and the status is updated accordingly with the new data received.