CANP: Pending Cancellation

What CANP means

Under :25D::CPRC//CANP the account servicer tells you your cancellation request is pending and it does not yet know whether the cancellation will succeed. Under :25D::IPRC//CANP the instruction itself is reported as having a pending cancellation from you.

The usual reason is CONF under :24B::CANP//: the servicer is waiting for the counterparty to confirm the cancellation. Other reasons are ADEA (your request came after the servicer’s deadline), CDAC (a conditional delivery is waiting for another party’s cancellation), INBC (not all instructions of a pool have arrived) and NARR.

In markets with bilateral cancellation, such as T2S, a matched instruction can only be cancelled when both sides cancel. A one-sided request stays in CANP.

When you see it

• In an MT548 with function CAST after you cancel an instruction that is already matched (MACH).
• In the MT537 when cancellations are still open at statement time.

What to do next

• Contact the counterparty (or their custodian) and ask them to send their own cancellation. Quote the common reference or the trade details.
• Until you see CAND, keep the securities or cash available: the instruction can still settle.
• If the counterparty refuses, the trade must settle or be reversed by a new opposite trade. Agree which with the front office.

Where it appears in MT and ISO 20022

Related codes

• CANDCancelled
• DENDDenied
• CPRCCancellation Request
• MACHMatched
• ADEAAccount Servicer Deadline Missed