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Settlement status codes

DEPT: Disagreement Place of Settlement

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DEPT points at the place of settlement, the CSD where the trade settles. Under NMAT the sides disagree on it; under REJT or REPR the servicer cannot use the one you gave.

Code
DEPT
Kind
Reason (24B)
Used with
NMAT, REJT, REPR

What DEPT means

Under :24B::NMAT//DEPT your place of settlement differs from the counterparty’s, for example one side names the local CSD and the other an ICSD.

Under :24B::REJT//DEPT or :24B::REPR//DEPT the place of settlement is unknown, invalid or not one the servicer supports for this security. Austraclear, for example, uses REJT//DEPT for an incorrect place of settlement.

When you see it

  • For securities that can settle in more than one place (local CSD or ICSD), and after a counterparty changes its settlement chain.

What to do next

  • Compare :95P::PSET// (or :95C::PSET// country code) in sequence E1 with the counterparty’s standing settlement instructions.
  • Agree where the trade settles; if it is a cross-CSD trade, check that both sides know it is.

Where it appears in MT and ISO 20022

MT (ISO 15022)

  • MT548 sequence A2a, :24B::NMAT//DEPT, :24B::REJT//DEPT or :24B::REPR//DEPT
  • The field it refers to: :95a::PSET// in sequence E1 (SETPRTY) of the MT540 to MT543

MX (ISO 20022)

  • sese.024 MtchgSts/Umtchd/Rsn/Cd/Cd, PrcgSts/Rjctd/Rsn/Cd/Cd or PrcgSts/Rpr/Rsn/Cd/Cd = DEPT (sese.024.001.12)