Flexible premium arrangement (FPR): orders (messages 5 and 6)
The switch convention: switchfrom, switchto, financialInformationRef and switchType
Since Release 2027 a switch between funds is no longer a separate order type but a pair of two orders: a sale (switchfrom) and a purchase (switchto), coupled via financialInformationRef. switchType says whether both are executed on one day (code 2) or one after the other (code 1, sequential).
Steps
- Order 1PUOfinancialTransaction.trade with buySellId = switchfrom and financialInformationRef = the refKey of the switchto order. If this order steers the switch, it fills exactly one of tradeAmount and tradeQuantity, positive. 00541
- Order 2PUOSecond trade with buySellId = switchto and financialInformationRef = the refKey of the switchfrom order. The order that does not steer leaves tradeAmount and tradeQuantity both empty; if the switchfrom order steers, as in SIVI's sample, what is bought follows from the proceeds of the sale. switchType (code list AFDSWI, in the code-list file SIVI ships next to the schema) says whether the switch is executed on one day (2) or sequentially (1). 00541
- ConfirmationBA → PUOMessage 6 confirms both orders in the same structure, with switchType and financialInformationRef. With a sequential switch the two orders can be confirmed on different days. 00542
Rules and consistency checks
- Amounts and quantities are always positive; the direction is in buySellId (manual section 4.3.5).
- The two orders refer to each other via financialInformationRef, which holds the refKey of the other order. The validator reports a switchfrom without a matching switchto, or without a reference, as a warning: the field is optional in the schema and the two orders of a sequential switch can be confirmed on different days, and therefore in different messages.
- In the trade instruction (message 5), per switch pair exactly one order fills exactly one of tradeAmount and tradeQuantity; the other order leaves both empty. Either order may steer. Every order outside a switch fills exactly one of the two, never both (manual section 6.3.2).
- In the order confirmation (message 6) the amount leaving the switchfrom order goes into the switchto order, except for a switch between products in different currencies: the message has no exchange rate (manual section 6.3.2).
Source: Handleiding paragraaf 4.3.5 en 6.3.2; release notes v1.4.0