setr.010 — Redemption Order

The unit redemption order. Symmetrical to setr.001 (subscription): the investor exits the fund by selling units back to the transfer agent for a cash redemption at the day's NAV.

Purpose and place in the flow

setr.010 instructs the transfer agent to redeem units of a fund on the investor's behalf. As with setr.001, redemption can be expressed in units (sell 50 units at NAV) or in cash (cash out EUR 5,000, the unit count being computed by the TA).

The TA executes the redemption at the cut-off NAV, confirms via setr.014, and organises the cash payment to the investor's account at T+2 (T+1 for US funds). For some illiquid funds (real estate, hedge funds), redemption is subject to a longer notice period or a gating period.

XML structure

Structure nearly identical to setr.001, with root <RedOrdr> (Redemption Order) instead of <SbcptOrdr>. Agent roles in CshSttlm/CdtTrf are flipped:

• DbtrAgt — Fund's bank (paying the redemption).
• CdtrAgt — Investor's bank (receiving the cash).
• CdtrAcct — Investor's IBAN (credited account).

Key fields

• MsgId/Id — Sender's message identifier.
• MltplOrdrDtls/OrdrRef — Business order reference.
• IndvOrdrDtls/FinInstrmDtls/Id/ISIN — Fund ISIN.
• IndvOrdrDtls/UnitsNb/Unit — Units to redeem (choice with NetAmt).
• IndvOrdrDtls/NetAmt — Net cash amount to receive (alternative to UnitsNb).
• IndvOrdrDtls/CshSttlmDt — Cash settlement date.
• IndvOrdrDtls/CshSttlm/PmtInstrm/CdtTrf/CdtrAcct/Id/IBAN — Investor's IBAN to credit.

XML example

Redemption of 50 Amundi Funds Global Equity units (ISIN FR0010315770) for ACME SARL, to execute at the NAV of 20 May 2026, cash settlement T+2 (22 May) on the BNP Paribas account:

<?xml version="1.0" encoding="UTF-8"?>
<Document xmlns="urn:iso:std:iso:20022:tech:xsd:setr.010.001.04">
  <RedOrdr>
    <MsgId>
      <Id>ACME-RED-20260520-001</Id>
      <CreDtTm>2026-05-20T09:30:00+02:00</CreDtTm>
    </MsgId>
    <MltplOrdrDtls>
      <OrdrRef>ACME-RED-2026-188</OrdrRef>
      <Invstr>
        <Pty>
          <Pty>
            <PrsnNm>ACME SARL</PrsnNm>
          </Pty>
        </Pty>
      </Invstr>
      <IndvOrdrDtls>
        <OrdrRef>ACME-RED-2026-188</OrdrRef>
        <FinInstrmDtls>
          <Id>
            <ISIN>FR0010315770</ISIN>
          </Id>
          <Nm>Amundi Funds Global Equity</Nm>
        </FinInstrmDtls>
        <UnitsNb>
          <Unit>50.0000</Unit>
        </UnitsNb>
        <CshSttlmDt>2026-05-22</CshSttlmDt>
        <FctvOrdrDtTm>
          <DtTm>2026-05-20T09:30:00+02:00</DtTm>
        </FctvOrdrDtTm>
        <CshSttlm>
          <PmtInstrm>
            <CdtTrf>
              <DbtrAgt>
                <FinInstnId><BICFI>AMUNFRPP</BICFI></FinInstnId>
              </DbtrAgt>
              <CdtrAgt>
                <FinInstnId><BICFI>BNPAFRPP</BICFI></FinInstnId>
              </CdtrAgt>
              <CdtrAcct>
                <Id><IBAN>FR7630006000011234567890189</IBAN></Id>
              </CdtrAcct>
            </CdtTrf>
          </PmtInstrm>
        </CshSttlm>
      </IndvOrdrDtls>
    </MltplOrdrDtls>
  </RedOrdr>
</Document>

Common pitfalls

• UnitsNb > available position — a redemption above the held position is rejected. Verify the balance via semt.018 or MT535 before sending.
• Wrong creditor IBAN — funds are paid to this account. An error delays settlement and may require a camt.056 recall.
• Notice period not respected — for illiquid funds, submit the order before the notice expires. Otherwise redemption rolls to the next cycle.
• Cash settlement currency mismatch — the NetAmt currency must match the fund currency. The TA applies its FX rate for conversions.
• UnitsNb / NetAmt confusion — only one of the two should be set. Specifying both is ambiguous and rejected.

Related messages

• setr.001 — Subscription Order (inverse).
• setr.014 — Redemption Bulk Order Confirmation (the response).
• setr.013 — Redemption Bulk Order Cancellation Request.
• semt.018 — Statement of Investment Fund (verify positions before redemption).
• reda.001 — Price Report (published NAV).