Floating Rebate Rate Payment Frequency - Multiplier

Field 2.63 | Matching Date: 2023-01-01 | Tolerance: None | Agent Lender Data Provision: No>

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

Field 2.63 | Matching Date: 2023-01-01 | Tolerance: None | Agent Lender Data Provision: No

Description:
Multiplier of the time period describing frequency of payments for the floating rebate rate.

Best Practice:
If Field 2.59 (Floating Rebate Rate) is populated, an integer based on Field 2.64 (Floating Rebate Rate Reset Frequency - Time Period) should be provided, else the field should be left blank.

Fields 2.60 - Field 2.65 are only populated upon Field 2.59 (Floating Rebate Rate) being populated.

For an example of a floating rebate rate payment frequency multiplier on a trade, see the following:

Days
Field 2.62 = DAYS
Field 2.63 =1

Week
Field 2.62 = WEEK
Field 2.63 = 7

Month
Field 2.62 = MONTH
Field 2.63 =1

Year
Field 2.62 = YEAR
Field 2.63 = 1

Given the fact that reporting firms could express a year as DAYS / 365 etc., there is a risk that these fields may not match so it is incumbent on reporting parties to align. (SFTR-83)