Why does my MT548 say CAND and not CANC?

CANC is the code you send in field 23G to request a cancellation. The status that confirms the cancellation is CAND (cancelled). While the cancellation waits you see CANP.

Can I cancel a matched instruction on my own?

In many markets, including T2S, a matched instruction is only cancelled when both counterparties send a cancellation. Until the counterparty does, your request shows as CANP and the instruction can still settle.

Settlement status codes

CAND: Cancelled

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

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".

Code: CAND
Kind: Status (25D)
Qualifiers: IPRC, CPRC

What CAND means

Under :25D::IPRC//CAND the instruction itself is reported as cancelled. Under :25D::CPRC//CAND, in an MT548 with :23G:CAST, the account servicer confirms that your cancellation request has been carried out.

CANC is not a status. It is the function code you put in field 23G of a settlement instruction (MT540 to MT543) to ask for a cancellation. The answer to that request comes back as CAND when it worked, CANP while it waits (for example for the counterparty), or DEND or REJT when it will not happen.

The reason in :24B::CAND// tells you who or what cancelled it: CANI (at your request), CANS (by the settlement system), CSUB (by the agent), CTHP (by a third party), CORP (because of a corporate action), CANT or CANZ (replaced after a transformation or to allow a partial or split settlement), EXPI (expired) or SCEX (security no longer eligible).

When you see it

After your own cancellation request, as CPRC//CAND in an MT548 with function CAST. Austraclear, for example, also sends IPRC//CAND when a transaction is cancelled.
Without any request from you, when the market cancels an instruction. In T2S markets an unmatched instruction is cancelled after 20 business days from its intended settlement date or last status change, and a matched instruction that has not settled after 60 business days (Clearstream T2S settlement process).
After a corporate action, when the CSD cancels and replaces pending instructions (transformation).

What to do next

Check the :24B::CAND// reason. If you did not ask for the cancellation (CANS, CTHP, EXPI, CORP), find out why before you re-instruct, and check whether a replacement instruction was generated for you (see CGEN).
Close the instruction in your system so it no longer shows as pending, and release any securities or cash reserved for it.
If the trade still has to settle, send a new instruction with a new reference and tell the counterparty, who may also need to re-instruct.

Where it appears in MT and ISO 20022

MT (ISO 15022)

MT548 sequence A2, :25D::IPRC//CAND (instruction cancelled)
MT548 sequence A2, :25D::CPRC//CAND in a message with :23G:CAST (cancellation request completed)
MT548 sequence A2a, :24B::CAND//<reason>, for example :24B::CAND//CANI
MT537 sequence B or C3, :25D::IPRC//CAND, with reasons in B1 or C3a
The request itself: field :23G:CANC in an MT540 to MT543

MX (ISO 20022)

sese.024 PrcgSts/Canc, with NoSpcfdRsn or Rsn/Cd/Cd = CANI, CANS, CSUB, CTHP, CORP, CANT, CANZ, SCEX and others (CancelledStatusReason16Code in sese.024.001.12; EXPI is not in that MX list)
Cancellation request completed: sese.027 PrcgSts/Canc. The MX cancellation request itself is sese.020 (Securities Transaction Cancellation Request).

Questions

Why does my MT548 say CAND and not CANC?: CANC is the code you send in field 23G to request a cancellation. The status that confirms the cancellation is CAND (cancelled). While the cancellation waits you see CANP.
Can I cancel a matched instruction on my own?: In many markets, including T2S, a matched instruction is only cancelled when both counterparties send a cancellation. Until the counterparty does, your request shows as CANP and the instruction can still settle.