Floating Rebate Rate Reference Period - Multiplier

Field 2.61 | Matching Date: 2023-01-01 | Tolerance: None | Agent Lender Data Provision: No>

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

Field 2.61 | Matching Date: 2023-01-01 | Tolerance: None | Agent Lender Data Provision: No

Description:
Multiplier of the time period describing reference period of the floating rebate rate.

Best Practice:
If Field 2.59 (Floating Rebate Rate) is populated, this field shall be populated and shall contain up to 3 numerical characters, else the field should be left blank.

The multiplier for the time period describing the reference period for the floating rebate rate is specified in Field 2.60 (Floating Rebate Rate Reference Period - Time Period).

Fields 2.60 - Field 2.65 are only populated upon Field 2.59 being populated.

For an example of a multiplier on a trade, see the following:

Days
Field 2.60 = DAYS
Field 2.61 = 1

Week
Field 2.60 = WEEK
Field 2.61 = 1

Month
Field 2.60 = MNTH
Field 2.61 = 1

Year
Field 2.60 = YEAR
Field 2.61 = 1

Given the fact that reporting firms could express a year as DAYS = 365, for example, there is a risk that these fields may not match so it is incumbent on reporting parties to align to best-practice. (SFTR-81)