setr.001 — Subscription Order

The order to subscribe units of an investment fund. Issued by the investor or its distributor towards the transfer agent (TA) — direct ISO 20022 successor of MT502 for fund orders.

Purpose and place in the flow

setr.001 (Subscription Order) instructs the transfer agent of an investment fund to subscribe units for the investor. The order can be expressed in cash (e.g. subscribe for EUR 12,500 at today's NAV) or in units (e.g. subscribe 100 units at NAV).

In the fund post-trade flow: the investor (or its distributor) sends setr.001 to the TA, which waits for the day's NAV published at cut-off, computes the quantity (cash order) or amount (units order), and confirms via setr.012. Cash settlement follows at T+2 (or T+1 for US funds since May 2024).

Adoption: Vestima (Clearstream), Fundsettle (Euroclear), FundsDLT. Practically every European UCITS fund supports setr.001 in 2026, progressively replacing MT502.

XML structure

setr.001 is wrapped in <Document> then the root <SbcptOrdr>. Structure:

• MsgId — Unique message identifier + CreDtTm.
• MltplOrdrDtls (Multiple Order Details) — main block holding the order list.
• OrdrRef — Business order reference (used to reconcile against setr.012).
• Invstr (Investor) — identifies the ultimate investor (party).
• IndvOrdrDtls (Individual Order Details) — each order with instrument, amount or quantity, dates.

Key fields

• MsgId/Id — Sender's message identifier (max 35 chars).
• MltplOrdrDtls/OrdrRef — Order reference for reconciliation with the confirmation.
• IndvOrdrDtls/FinInstrmDtls/Id/ISIN — Fund ISIN (ISO 6166, 12 chars).
• IndvOrdrDtls/GrssAmt — Gross amount to invest (Ccy ISO 4217). Choice between GrssAmt (cash subscription) or UnitsNb (units subscription).
• IndvOrdrDtls/UnitsNb/Unit — Unit count for a units order. Decimals allowed.
• IndvOrdrDtls/CshSttlmDt — Cash settlement date (T+2 or T+1).
• IndvOrdrDtls/FctvOrdrDtTm — Effective order datetime (for NAV cut-off).
• IndvOrdrDtls/CshSttlm/PmtInstrm/CdtTrf — Cash settlement instructions (DbtrAgt = investor's bank, CdtrAgt = fund's bank).

XML example

Subscription order for EUR 12,500 of Amundi Funds Global Equity (ISIN FR0010315770) for ACME SARL, to be executed at today's NAV on 15 May 2026 (cut-off 12:00 CET), cash settlement T+2 (19 May), via BNP Paribas:

<?xml version="1.0" encoding="UTF-8"?>
<Document xmlns="urn:iso:std:iso:20022:tech:xsd:setr.001.001.04">
  <SbcptOrdr>
    <MsgId>
      <Id>ACME-SBSC-20260515-001</Id>
      <CreDtTm>2026-05-15T09:30:00+02:00</CreDtTm>
    </MsgId>
    <MltplOrdrDtls>
      <OrdrRef>ACME-SBSC-2026-187</OrdrRef>
      <Invstr>
        <Pty>
          <Pty>
            <PrsnNm>ACME SARL</PrsnNm>
          </Pty>
        </Pty>
      </Invstr>
      <IndvOrdrDtls>
        <OrdrRef>ACME-SBSC-2026-187</OrdrRef>
        <FinInstrmDtls>
          <Id>
            <ISIN>FR0010315770</ISIN>
          </Id>
          <Nm>Amundi Funds Global Equity</Nm>
        </FinInstrmDtls>
        <GrssAmt Ccy="EUR">12500.00</GrssAmt>
        <CshSttlmDt>2026-05-19</CshSttlmDt>
        <FctvOrdrDtTm>
          <DtTm>2026-05-15T09:30:00+02:00</DtTm>
        </FctvOrdrDtTm>
        <CshSttlm>
          <PmtInstrm>
            <CdtTrf>
              <DbtrAgt>
                <FinInstnId><BICFI>BNPAFRPP</BICFI></FinInstnId>
              </DbtrAgt>
              <CdtrAgt>
                <FinInstnId><BICFI>AMUNFRPP</BICFI></FinInstnId>
              </CdtrAgt>
            </CdtTrf>
          </PmtInstrm>
        </CshSttlm>
      </IndvOrdrDtls>
    </MltplOrdrDtls>
  </SbcptOrdr>
</Document>

Versions

Common pitfalls

• GrssAmt vs UnitsNb — a cash order uses GrssAmt, a units order uses UnitsNb. Including both is ambiguous and rejected by the TA.
• Wrong ISIN — 12-char ISO 6166. An internal ID or a CUSIP must go into OthrId with scheme code.
• FctvOrdrDtTm after NAV cut-off — an order arriving after cut-off (typical 12:00 or 13:00 local) is executed at the next day's NAV. Synchronise clocks.
• CshSttlmDt < FctvOrdrDtTm — logical inconsistency. Settlement date must be ≥ trade date.
• Non-unique OrdrRef — the reference must be unique to reconcile with setr.012. Reusing it triggers reconciliation collisions.

Related messages

• setr.012 — Subscription Bulk Order Confirmation.
• setr.004 — Subscription Bulk Order Cancellation Request.
• setr.010 — Subscription Bulk Order (bulk variant).
• setr.010 — Redemption Order (inverse).
• reda.001 — Price Report (NAV publication by the TA).
• MT502 — legacy SWIFT MT equivalent.