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Settlement status codes

CLAT: Counterparty too Late for Matching

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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.

Code
CLAT
Kind
Reason (24B)
Used with
NMAT, PENF

What CLAT means

Under :24B::NMAT//CLAT (official name Counterparty too Late for Matching) the counterparty’s instruction arrived after the matching deadline that would have allowed settlement on the intended date.

Under :24B::PENF//CLAT (official name Counterparty too Late for Settlement) your instruction is failing because the counterparty instructed, or fixed its problem, too late.

The code is useful evidence that the fail is not on your side, for example when allocating CSDR cash penalties internally.

When you see it

  • On trades instructed on or after the intended settlement date by the counterparty, typically late allocations.

What to do next

  • Record the fail as counterparty-caused and keep the message as evidence.
  • Check that the instruction now matches and settles in the next cycle; chase the counterparty if it does not.

Where it appears in MT and ISO 20022

MT (ISO 15022)

  • MT548 sequence A2a, :24B::NMAT//CLAT with :25D::MTCH//NMAT, or :24B::PENF//CLAT with :25D::SETT//PENF

MX (ISO 20022)

  • sese.024 MtchgSts/Umtchd/Rsn/Cd/Cd = CLAT, or SttlmSts/Flng/Rsn/Cd/Cd = CLAT (sese.024.001.12)