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Settlement status codes

ICAG: Incorrect Agent

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ICAG points at the delivering or receiving agent, the counterparty’s participant at the CSD. Under NMAT it differs; under REJT or REPR it is unknown or invalid.

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

What ICAG means

Under :24B::NMAT//ICAG the agent you named for the counterparty is not the one that instructed the other side. Delivering and receiving party BICs are mandatory matching fields in T2S.

Under :24B::REJT//ICAG or :24B::REPR//ICAG the agent is not recognised. Austraclear, for example, rejects with ICAG only when the counterparty is not known to it.

When you see it

  • After a counterparty changes custodian or sub-custodian, or when standing settlement instructions are out of date.

What to do next

  • Compare :95a::DEAG// or :95a::REAG// in sequence E1 with the counterparty’s current standing settlement instructions.
  • Ask the counterparty to confirm its agent and its CSD participant code. Re-instruct with the right one.

Where it appears in MT and ISO 20022

MT (ISO 15022)

  • MT548 sequence A2a, :24B::NMAT//ICAG, :24B::REJT//ICAG or :24B::REPR//ICAG
  • The fields it refers to: :95a::DEAG// and :95a::REAG// 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 = ICAG (sese.024.001.12)