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Settlement status codes

LINK: Pending Linked Instruction

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LINK tells you that your instruction is not settling because another instruction it is linked to is still pending or failing. Fix the linked instruction and both can settle.

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

What LINK means

Settlement instructions can be linked so that they settle together or in a set order: in MT54x through the linkage sequence A1 (:22F::LINK//WITH, BEFO or AFTE with the reference of the other instruction, or a :20C::POOL// reference for a pool), in sese.023 through Lnkgs/PrcgPos/Cd. Typical uses are pair-offs, back-to-back trades and collateral substitutions.

When one instruction of the set is held up, the others wait and report LINK. Under PEND the set can still settle on the intended date; under PENF it is failing.

When you see it

  • In an MT548 or sese.024 for linked or pooled instructions. In T2S, LINK can be reported with other reasons in the same status advice, for example LINK with LATE when the counterparty instruction arrived after the cut-off and is linked to another pending instruction (ECB T2S multiple-status reporting).

What to do next

  • Find the linked instruction (from the linkage reference) on your MT537 and solve its own reason first.
  • If the link is no longer needed, remove it through your custodian so that this instruction can settle on its own.

Where it appears in MT and ISO 20022

MT (ISO 15022)

  • MT548 sequence A2a (REAS), :24B::PEND//LINK or :24B::PENF//LINK.
  • MT537 sequence B1 or C3a, :24B::PEND//LINK or :24B::PENF//LINK.

MX (ISO 20022)

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

Questions

How do I find which instruction is blocking a LINK?
Look at the linkage references in your instruction (MT54x sequence A1 or sese.023 Lnkgs) and find that instruction’s status. Its own reason, for example LACK, is what you need to solve.