General Collateral Indicator

Field 2.18 | Matching Date: 2023-01-01 | Tolerance: None | Agent Lender Data Provision: No>

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

Field 2.18 | Matching Date: 2023-01-01 | Tolerance: None | Agent Lender Data Provision: No

Description:
Indication whether the secured financing transaction is subject to a general collateral arrangement. In the case of a securities lending transaction, the field refers to the securities provided as a collateral, and not to the security on loan.

Best Practice:
While this field is not mandatory in the Validation Rules, as it is not accessible on a COLU message it should be populated on the NEWT, MODI, CORR & POSC for all SFTs which will be collateralised (ie. Field 2.72 (Uncollateralised SL Flag) = "FALSE") and only where that collateral will be non-cash (even when Field 2.75 (Type of Collateral Component) is left blank).

When populated, this field shall contain only one of the following values: "SPEC" or "GENE", with the value used derived from the master agreement type used.

Validation rules (31 Jan 2022) require mandatory population, therefore regarding cash pool collateral a default value of 'GENE' should be used to avoid data rejection. (SFTR-38)