What does NMAT CMIS mean?

Your instruction is unmatched because no counterparty instruction was found. The counterparty has probably not instructed yet, or instructed somewhere else.

How is CMIS different from a disagreement code such as DDAT?

With CMIS there is no candidate instruction at all. With a disagreement code the CSD found a candidate that differs in a named field, for example the settlement date for DDAT.

Settlement status codes

CMIS: Matching Instruction Not Found

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

CMIS means your instruction is unmatched because the market has found no instruction from the counterparty that could match it.

Code: CMIS
Kind: Reason (24B)
Used with: NMAT

What CMIS means

With :24B::NMAT//CMIS the CSD is not saying a field differs. It is saying it has nothing to compare against: either the counterparty has not instructed, or it instructed so differently (another CSD, another ISIN, another direction) that the two are not seen as candidates.

CMIS is normal for a short while after a new instruction. It becomes a problem when it is still there close to the settlement date.

When you see it

Shortly after you instruct, while the counterparty’s instruction is not yet at the CSD.
When the counterparty is late, has booked the trade on another settlement location, or has not received the trade from its client.

What to do next

Check whether the counterparty has been sent the trade confirmation and has the same settlement location.
Ask your account servicer whether there is an allegement against your account that looks similar. A near match points to a data error on one side.
Chase the counterparty, quoting trade date, ISIN, quantity and your place of settlement.
See unmatched instruction troubleshooting.

Where it appears in MT and ISO 20022

MT (ISO 15022)

MT548 sequence A2a, :24B::NMAT//CMIS with :25D::MTCH//NMAT in sequence A2
MT537 sequence B1 or C3a, :24B::NMAT//CMIS

MX (ISO 20022)

sese.024 MtchgSts/Umtchd/Rsn/Cd/Cd = CMIS (sese.024.001.12)

Questions

What does NMAT CMIS mean?: Your instruction is unmatched because no counterparty instruction was found. The counterparty has probably not instructed yet, or instructed somewhere else.
How is CMIS different from a disagreement code such as DDAT?: With CMIS there is no candidate instruction at all. With a disagreement code the CSD found a candidate that differs in a named field, for example the settlement date for DDAT.