What does PEND FUTU mean in MT548?

The instruction is waiting for its intended settlement date and no problem has been found. If the matching status is matched, there is nothing to do until settlement date.

Does FUTU mean my instruction is matched?

Not by itself. Check the :25D::MTCH// status in the same message or in an earlier one. Market practice reads a pending status without a matching status as matched, but an unmatched instruction can also be pending with FUTU.

Why is there no PENF FUTU?

FUTU means the settlement date is still in the future. A failing instruction has passed that date, so when nothing specific blocks it the failing reason is CYCL instead.

Settlement status codes

FUTU: Awaiting Settlement Date

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

FUTU tells you that the instruction is waiting for its intended settlement date and no settlement problem has been found. It is the normal, healthy pending reason before settlement date.

Code: FUTU
Kind: Reason (24B)
Used with: PEND

What FUTU means

An instruction sent ahead of its settlement date is accepted, matched and then simply waits. FUTU says exactly that: no shortage of securities or cash, no hold, just a date in the future.

FUTU exists only under PEND. Once an instruction is failing (PENF), a reason saying "awaiting settlement date" would make no sense; T2S reports CYCL instead when a failing instruction has no specific problem (ECB T2S CR-658 presentation).

FUTU does not prove the trade is matched. Market practice reads a pending status without any matching status as matched, so T2S was changed to report "unmatched" together with any pending reason on an unmatched instruction (T2S change request 0614). Always read the matching status (MACH or NMAT) next to FUTU.

When you see it

In the first MT548 or sese.024 after acceptance and matching of an instruction sent before settlement date.
After a hold is released: in T2S, when a party releases its own hold, both parties receive a pending status with FUTU, even if the intended settlement date has already been reached (ECB T2S multiple-status reporting).

What to do next

Nothing, as long as the matching status is matched. Check again on settlement date morning, when FUTU should change to settled or to a real reason such as LACK or MONY.
If FUTU comes with NMAT, the counterparty’s instruction is still missing or different: see unmatched instruction (NMAT).

Where it appears in MT and ISO 20022

MT (ISO 15022)

MT548 sequence A2a (REAS), :24B::PEND//FUTU after :25D::SETT//PEND in sequence A2.
MT537 sequence B1 or C3a, :24B::PEND//FUTU. Not allowed under PENF in either message.

MX (ISO 20022)

sese.024 SttlmSts/Pdg/Rsn/Cd/Cd = FUTU. FUTU is not in the failing reason list (SttlmSts/Flng) in any version.

Questions

What does PEND FUTU mean in MT548?: The instruction is waiting for its intended settlement date and no problem has been found. If the matching status is matched, there is nothing to do until settlement date.
Does FUTU mean my instruction is matched?: Not by itself. Check the :25D::MTCH// status in the same message or in an earlier one. Market practice reads a pending status without a matching status as matched, but an unmatched instruction can also be pending with FUTU.
Why is there no PENF FUTU?: FUTU means the settlement date is still in the future. A failing instruction has passed that date, so when nothing specific blocks it the failing reason is CYCL instead.