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Settlement status codes

LATE: Market Deadline Missed

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LATE tells you that the instruction arrived after the market deadline, for example the CSD’s cut-off for settlement on that date.

Code
LATE
Kind
Reason (24B)
Used with
PEND, PENF, NMAT, REJT, DEND

What LATE means

Under PEND or PENF the instruction is in the market but too late for the intended settlement cycle; it will settle in a later one if nothing else blocks it. Under NMAT it arrived too late for matching on time. Under REJT the market or servicer refused it because of the deadline (MT548 names it "Market or Processing Deadline Missed" there). Under DEND a cancellation or modification request was denied as too late.

Your custodian’s own, earlier deadline is ADEA.

When you see it

  • On instructions sent after the market cut-off. In T2S, LATE can be combined with other reasons, for example with LINK or PRCY when the counterparty instruction was sent after the cut-off (ECB T2S multiple-status reporting).

What to do next

  • Confirm the next possible settlement date with your custodian and tell the counterparty.
  • If you sent late, the resulting fail is yours; in the EU, CSDR cash penalties apply to the fail days. If the counterparty sent late, the fail is attributed to it.

Where it appears in MT and ISO 20022

MT (ISO 15022)

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

MX (ISO 20022)

  • sese.024 SttlmSts/Pdg/Rsn/Cd/Cd and SttlmSts/Flng/Rsn/Cd/Cd = LATE.
  • sese.024 MtchgSts/Umtchd/Rsn/Cd/Cd, PrcgSts/Rjctd/Rsn/Cd/Cd and PrcgSts/AckdAccptd/Rsn/Cd/Cd = LATE (the last has no MT548 PACK equivalent).