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Settlement status codes

CAIS: Awaiting Securities

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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.

Code
CAIS
Kind
Reason (24B)
Used with
PEND, PENF, PPRC

What CAIS means

CAIS covers the gap between an entitlement and a usable position. After a rights issue, a stock split, a conversion or an exchange offer, the new securities reach accounts only on the pay date. A delivery instructed before then, for example a sale of new shares on a when-issued basis, waits with CAIS.

It also covers procedures on the line itself: registration in the holder’s name, dematerialisation of certificates, or stamping in markets that require it.

Under PEND the securities may still arrive in time; under PENF the trade is failing. Under PPRC the custodian is holding the instruction until the securities are credited.

When you see it

  • Around corporate action pay dates (see the MT564 notification and MT566 confirmation for the event), and in markets with registration or physical procedures.

What to do next

  • Check the event and its pay date with your custodian, and tell the counterparty when the securities are expected.
  • If the trade was meant to deliver the new line, make sure the instruction carries the ISIN that will actually be credited.

Where it appears in MT and ISO 20022

MT (ISO 15022)

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

MX (ISO 20022)

  • sese.024 SttlmSts/Pdg/Rsn/Cd/Cd = CAIS or SttlmSts/Flng/Rsn/Cd/Cd = CAIS.
  • sese.024 PrcgSts/PdgPrcg/Rsn/Cd/Cd = CAIS for pending processing.

Questions

What is the difference between CAIS and SBLO?
CAIS: the securities are not on the account yet because a corporate action or procedure has not delivered them. SBLO: the securities are on the account but blocked.