What is the difference between AWSH and CLAC?

Both mean the counterparty has not delivered. CLAC says its account is short in a system that settles both legs together. AWSH is used where the legs settle separately and, under PENF, your money may already have been paid.

Settlement status codes

AWSH: Awaiting Securities from Counterparty

Written and maintained by ZagTrader. Last reviewed 21 October 2026. How this page is sourced and checked

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.

Code: AWSH
Kind: Reason (24B)
Used with: PEND, PENF

What AWSH means

AWSH is reported on a receipt, typically a receive against payment (MT541), in markets where the cash and securities legs do not settle at the same moment. It is the receiving side’s view of a delivery that has not yet been made.

Under PEND delivery on the intended settlement date is still possible. Under PENF the receipt is failing; in this context the code says the payment has been made and only the securities are outstanding.

Where the counterparty’s securities are simply missing in a delivery versus payment system, you usually see CLAC instead.

When you see it

In an MT548 or sese.024 on a receipt in physical or non-simultaneous settlement, or when the counterparty is still collecting the securities from its own custodian.

What to do next

Ask the counterparty or broker for the expected delivery date and check with your custodian whether cash has already been paid out.
If the receipt covers an onward delivery, warn that counterparty: your delivery will show LACK or LAAW.

Where it appears in MT and ISO 20022

MT (ISO 15022)

MT548 sequence A2a (REAS), :24B::PEND//AWSH or :24B::PENF//AWSH.
MT537 sequence B1 or C3a, :24B::PEND//AWSH or :24B::PENF//AWSH.

MX (ISO 20022)

sese.024 SttlmSts/Pdg/Rsn/Cd/Cd = AWSH or SttlmSts/Flng/Rsn/Cd/Cd = AWSH.

Questions

What is the difference between AWSH and CLAC?: Both mean the counterparty has not delivered. CLAC says its account is short in a system that settles both legs together. AWSH is used where the legs settle separately and, under PENF, your money may already have been paid.