*instruct the delivery of financial instruments free of payment, physically or by book-entry, to a specified party (the function of the message is NEWM)
*request the cancellation of a deliver free of payment instruction previously sent by the account owner (the function of the message is CANC)
*pre-advise the account servicer of a forthcoming deliver free of payment instruction (function of the message is PREA).
The instruction may be linked to other settlement instructions, eg, for a turnaround or back-to-back, or other transactions, eg, foreign exchange deal, using the linkages sequence.
An MT-542 is sent by an account owner to an account servicer (account servicing institution). The account owner may be a global custodian which has an account with its local agent (sub custodian) or an investment management institution or a broker/dealer which has an account with their custodian.