What does PENF CMON mean?

Your delivery against payment is failing because the buyer does not have the cash. Your securities have not moved. Chase the counterparty; under CSDR in the EU the fail is attributed to the buyer.

What is the difference between CMON and AWMO?

With CMON nothing has settled: both legs wait for the counterparty’s cash. With AWMO your securities have already been delivered and only the payment is outstanding.

Settlement status codes

CMON: Counterparty Insufficient Money

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

CMON tells you that your delivery versus payment is not settling because the receiving counterparty does not have enough cash or credit. Your securities stay on your account until it pays.

Code: CMON
Kind: Reason (24B)
Used with: PEND, PENF

What CMON means

CMON is reported on a delivery against payment (MT543 or a delivering sese.023 with a settlement amount). Your side is ready, but the counterparty’s cash account or credit line does not cover the amount it owes. The counterparty sees MONY for the same trade.

In delivery versus payment both legs move together, so nothing leaves your account while CMON is reported. Under PEND settlement on the intended date is still possible; under PENF the trade is failing.

Do not confuse CMON with AWMO: with AWMO the securities have already gone and you are still waiting for the cash, which happens in markets where the two legs do not settle together.

When you see it

In an MT548 or sese.024 on the intended settlement date after a failed settlement attempt, often in the morning cycles before the counterparty is funded.
In T2S, CMON can come with LACK in one status advice when you also lack securities on the delivery (ECB T2S multiple-status reporting).

What to do next

Contact the counterparty or the broker that sold to it and ask when it will be funded. There is nothing to change in your instruction.
Keep the securities available: if you use them for another delivery in the meantime, the trade will move to LACK when the cash arrives.
In the EU, a fail caused by the receiving party’s lack of cash is attributed to the receiving party under CSDR cash penalties, and the penalty is credited to you through the CSD.

Where it appears in MT and ISO 20022

MT (ISO 15022)

MT548 sequence A2a (REAS), :24B::PEND//CMON after :25D::SETT//PEND, or :24B::PENF//CMON after :25D::SETT//PENF.
MT537 sequence B1 or C3a, :24B::PEND//CMON or :24B::PENF//CMON.

MX (ISO 20022)

sese.024 SttlmSts/Pdg/Rsn/Cd/Cd = CMON or SttlmSts/Flng/Rsn/Cd/Cd = CMON.

Questions

What does PENF CMON mean?: Your delivery against payment is failing because the buyer does not have the cash. Your securities have not moved. Chase the counterparty; under CSDR in the EU the fail is attributed to the buyer.
What is the difference between CMON and AWMO?: With CMON nothing has settled: both legs wait for the counterparty’s cash. With AWMO your securities have already been delivered and only the payment is outstanding.