Modification (MODI) - Triggers

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Status: Best Practice Finalised, Last Updated: 26/04/2021

Question:
Is the general understanding that a change to any fields, regardless of whether it is transactional or reference data, would result in a MODI submission; or have any distinctions been made as to what will and will not trigger a report?

Best Practice:
Where any field required for a MODI template message, which has a dynamic data-point, changes; then users have an obligation to report this change. For example, if Field 2.09 (Master Agreement Type) changed from OSLA to GMSLA.

Given that the market value of an SFT will change on a daily basis, participants should be restating this by way of MODI every day when open, therefore any changes to reference data will also be consumed through this process and also updated accordingly. (SFTR-262)