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Settlement status codes

FROZ: Securities Frozen At CSD

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FROZ tells you that the securities are frozen at the central securities depository following a corporate event, so they cannot move until the CSD lifts the freeze.

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

What FROZ means

Some corporate events, such as a conversion, a redemption, a name or ISIN change or a reorganisation, require the CSD to stop movements in the security for a period. Every instruction in that security waits.

The difference from SBLO is who blocks: FROZ points at the CSD freezing the whole security, SBLO at securities blocked on your account, for example after you instructed on an election. Under PEND settlement on the date is still possible if the freeze ends in time; under PENF the trade is failing.

When you see it

  • Around corporate action key dates. The event details are in the MT564 notification; the freeze period is often in the CSD’s own announcement.

What to do next

  • Check the event and the date the freeze ends, tell the counterparty, and make sure the instruction still refers to the right ISIN after the event.

Where it appears in MT and ISO 20022

MT (ISO 15022)

  • MT548 sequence A2a (REAS), :24B::PEND//FROZ or :24B::PENF//FROZ.
  • MT537 sequence B1 or C3a with the PEND or PENF qualifier.

MX (ISO 20022)

  • sese.024 SttlmSts/Pdg/Rsn/Cd/Cd = FROZ or SttlmSts/Flng/Rsn/Cd/Cd = FROZ.