Settlement Status and Reason Codes (MT548, MT537, sese.024)

PACK means the account servicer has received your message, validated it and accepted it for further processing. It says nothing yet about matching or settlement.

REJT means the account servicer refused to process your message. A rejected instruction is not in the books, will not match and will not settle until you send a corrected one.

REPR means the account servicer accepted your instruction but cannot process it as sent and has put it in a repair queue. It will not go to the market until the problem is fixed.

PPRC means the account servicer has accepted the instruction but is not yet passing it on or processing it, usually because something is missing on your side.

CGEN tells you the transaction was created by the account servicer or a third party, not instructed by you. Typical sources are market claims, transformations and CCP settlement.

As a status value, CPRC means your counterparty has asked to cancel this transaction and the cancellation now waits for your own cancellation request.

MPRC means your counterparty has requested a change to this transaction, and the change waits for your matching modification request or your consent.

MACH means your settlement instruction has been matched with the counterparty’s instruction. The trade is agreed for settlement, but it has not settled yet.

NMAT means the market has not found a counterparty instruction that agrees with yours. Until it matches, the instruction cannot settle.

PEND means the instruction has not settled yet but settlement on the intended settlement date is still possible. The 24B reason tells you what it is waiting for.

PENF means the instruction is failing: it can no longer settle on its intended settlement date. It stays live and will settle when the cause is cleared, unless it is cancelled.

CAND confirms that a settlement instruction has been cancelled, or that your cancellation request has been completed. It is the status people look for when they search for "CANC".

CANP means a cancellation has been requested but has not happened yet. Until it turns into CAND, the instruction is still live and can settle.

DEND means the account servicer will not carry out what you asked: a cancellation, a change of processing indicators or a repo call. The original instruction stays as it was.

MODC confirms that a requested modification has been made, for example a hold put on or released, or a partial settlement indicator changed.

MOPN means a requested modification has not been done yet and it is not known whether it will be. The instruction keeps its old settings until it changes to MODC.

LACK tells the account owner that its own safekeeping account does not hold enough deliverable securities for a delivery to settle. The shortfall is on your side, not the counterparty’s.

CLAC tells you that your receipt is not settling because the delivering counterparty does not have enough deliverable securities. It is the mirror image of LACK: the problem sits on the other side.

MONY tells you that your receipt against payment cannot settle because there is not enough cash on your settlement account, or your credit line does not cover the amount. The cash shortfall is on your side.

CMON tells you that your delivery versus payment is not settling because the receiving counterparty does not have enough cash or credit. Your securities stay on your account until it pays.

AWMO tells you that the securities leg of your delivery has already moved but the payment from the counterparty is still outstanding. It appears where the securities and cash legs do not settle at the same moment.

AWSH tells you that the securities you are to receive have not arrived from the counterparty. Under PENF the standard adds that the money has already been paid, so you carry the exposure until the securities come in.

CAIS tells you that the securities needed for settlement are still being produced by a corporate action or another procedure, such as a conversion, exchange, dematerialisation, registration or split. They exist in principle but are not yet on the account.

LALO tells you that the securities needed for the delivery are out on loan, usually through a securities lending programme, and are not available until they are returned.

YCOL tells you that the instruction cannot settle because there is not enough collateral on your account to support it.

SBLO tells you that the securities needed for settlement are on the account but blocked, for example because of a corporate action event or a realignment.

BLOC tells you that the account used by your instruction is blocked, so nothing can settle over it until the block is lifted. It concerns the account, not the security.

FROZ tells you that the securities are frozen at the central securities depository following a corporate event, so they cannot move until the CSD lifts the freeze.

MINO tells you that the instructed quantity is smaller than the minimum quantity in which the security can settle, for example below the minimum denomination of a bond.

MUNO tells you that the instructed quantity is not a whole multiple of the lot or increment in which the security settles, for example a bond that trades in multiples of 1,000.

PART tells you that the trade is settling in parts: some of the quantity has settled or will settle, and the rest remains pending.

FUTU tells you that the instruction is waiting for its intended settlement date and no settlement problem has been found. It is the normal, healthy pending reason before settlement date.

CYCL tells you that the instruction is ready to settle and is simply waiting for the next settlement cycle or batch of the settlement system. No problem is reported on either side.

LAAW tells you that your delivery is short of securities and is waiting for another transaction, a purchase or receipt, to settle and cover the position. It is a more specific form of LACK.

LINK tells you that your instruction is not settling because another instruction it is linked to is still pending or failing. Fix the linked instruction and both can settle.

PREA tells you that your own instruction is on hold, frozen or in preadvice mode, so it will not settle until you or your custodian release it. The counterparty sees PRCY for the same trade.

PRCY tells you that the counterparty’s matching instruction is on hold, frozen or in preadvice mode. Your side is ready; settlement waits for the counterparty to release its instruction.

PRSY tells you that the settlement system itself has put the transaction on hold. Neither party asked for the hold; a rule in the system did.

BOTH tells you that your instruction and the counterparty’s matching instruction are both on hold, frozen or in preadvice mode. Settlement needs both releases.

CSDH tells you that the central securities depository has put the instruction on hold, frozen it or kept it in preadvice mode. Only the CSD, usually on request of its participant, can release it.

CVAL tells you that the instruction is on hold because it meets the conditions of a restriction rule that the CSD has configured in the settlement platform.

PHSE tells you that the trade settles by physical delivery of certificates and the certificates are on their way. Settlement completes only when they are received and accepted.

DOCY tells you that the trade is waiting for documents, a registration instruction or an endorsement that you must provide.

DOCC tells you that the trade is waiting for documents, a registration instruction or an endorsement that the counterparty must provide.

NOFX tells you that the custodian is waiting for a foreign exchange instruction from you before the cash leg can be funded in the settlement currency.

FLIM tells you that the securities cannot be delivered because the maximum foreign ownership limit for the security has been reached.

TAMM tells you that the trade is being amended in the market, for example at the exchange or CCP, and settlement waits for the amendment to be completed.

REFU tells you that the instruction was refused or not recognised and the market will present it again automatically. It is a pending reason, not a final rejection.

ADEA tells you that your instruction or request arrived after your account servicer’s own deadline. Depending on the status, the servicer is handling it on a best effort basis or has refused it.

LATE tells you that the instruction arrived after the market deadline, for example the CSD’s cut-off for settlement on that date.

NARR tells you that no standard code fits and the reason is written as free text in the narrative of the same reason block.

CMIS means your instruction is unmatched because the market has found no instruction from the counterparty that could match it.

DDAT points at the settlement date. Under NMAT the two sides disagree on it; under REJT or REPR the servicer cannot accept the date you gave.

DDEA points at the deal price in field 90a. Under NMAT the prices differ; under REJT or REPR the servicer cannot accept the price as sent.

DELN means the instructions disagree on direction: the counterparty expects to receive when you also receive, or to deliver when you also deliver.

DEPT points at the place of settlement, the CSD where the trade settles. Under NMAT the sides disagree on it; under REJT or REPR the servicer cannot use the one you gave.

DMON points at the settlement amount. Under NMAT the cash amounts differ by more than the market tolerance; under REJT or REPR the amount cannot be accepted.

DQUA points at the quantity of securities in field 36B. Under NMAT the quantities differ; under REJT or REPR the quantity is not acceptable.

DSEC points at the financial instrument in field 35B. Under NMAT the two sides name different securities; under REJT or REPR the servicer does not recognise or cannot settle the one you gave.

DTRD points at the trade date. Under NMAT the trade dates differ; under REJT or REPR the trade date is missing or invalid.

DTRA means the counterparty has been in contact about the unmatched instruction and says it does not know the trade.

ICAG points at the delivering or receiving agent, the counterparty’s participant at the CSD. Under NMAT it differs; under REJT or REPR it is unknown or invalid.

ICUS points at the custodian one level above the agent in the settlement chain. Under NMAT it differs; under REJT or REPR it is not recognised.

IEXE points at the buyer (receiver) or seller (deliverer) in the settlement chain. Under NMAT it differs; under REJT or REPR it is not valid.

IIND points at the common reference shared by both counterparties. Under NMAT the references differ; under REJT or REPR it is missing or invalid.

INPS points at the place of safekeeping, where the securities are held. Under NMAT it prevents matching; under REJT or REPR it is missing or invalid.

NCRR points at the currency of the settlement amount. Under NMAT the currencies differ; under REJT or REPR the currency is not acceptable.

NMAS is about matching not having happened. Under NMAT it means matching has not started yet; under PEND it means the instruction does not need matching at all.

PLCE points at the place of trade, the exchange or OTC market where the trade was done. Under NMAT it differs; under REJT or REPR it is not valid.

PODU means the instruction has not been matched and the servicer or CSD thinks it may be a duplicate of another instruction.

SAFE points at a safekeeping account. Under NMAT an account used for matching differs; under REJT or REPR your own safekeeping account is unknown or invalid.

SETR points at the type of settlement transaction in field 22F, such as a trade, repo or securities lending. Under NMAT the types differ; under REJT or REPR the type is not accepted.

CPCA means your instruction is unmatched because the counterparty has cancelled its own instruction.

CLAT means the counterparty was late. Under NMAT its instruction came too late for matching; under PENF it came too late for settlement on the intended date.

ACRU means the instruction is unmatched because the accrued interest amount differs from the counterparty’s.