Does MACH mean the trade has settled?

No. MACH only means both instructions agree. Settlement happens on or after the intended settlement date and is confirmed by an MT544 to MT547 (sese.025 in MX).

Can I still cancel after the instruction is matched?

Usually only with the counterparty. In T2S and many other markets a matched instruction is cancelled only when both sides send a cancellation.

What is the difference between MTCH//MACH and INMH//MACH?

MTCH reports the matching result from the market. INMH is the account servicer’s inference based on an allegement, before the market has matched anything.

Settlement status codes

MACH: Matched

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

MACH means your settlement instruction has been matched with the counterparty’s instruction. The trade is agreed for settlement, but it has not settled yet.

Code: MACH
Kind: Status (25D)
Qualifiers: MTCH, INMH

What MACH means

Under :25D::MTCH//MACH the CSD or the account servicer reports that it found the counterparty’s instruction and that all matching fields agree (within any amount tolerance the market allows).

Under :25D::INMH//MACH (inferred matching) the servicer infers the match from the counterparty’s allegement before any matching took place at the CSD. Treat it as an early indication, not final.

After MACH the next statuses are about settlement: PEND while it waits, PENF if it fails on the intended date, and finally a settlement confirmation (MT544 to MT547).

When you see it

In an MT548 as soon as both instructions are at the CSD and agree. T2S matches in real time through the operating day.
In the MT537 as part of the status of pending transactions.

What to do next

No action on the match itself. Make sure securities or cash will be on the account by the settlement date.
If you need to cancel after MACH, expect bilateral cancellation: the counterparty must also cancel (you will see CANP until they do).
If the trade details turn out to be wrong after matching, agree with the counterparty to cancel both sides and re-instruct.

Where it appears in MT and ISO 20022

MT (ISO 15022)

MT548 sequence A2, :25D::MTCH//MACH or :25D::INMH//MACH
MT537 sequence B or C3, :25D::MTCH//MACH
No :24B::MACH// reason qualifier exists.

MX (ISO 20022)

sese.024 MtchgSts/Mtchd (with optional proprietary Rsn and AddtlRsnInf), or IfrrdMtchgSts/Mtchd for inferred matching (sese.024.001.12)
Time of matching: sese.024 TxDtls/MtchdStsTmStmp

Questions

Does MACH mean the trade has settled?: No. MACH only means both instructions agree. Settlement happens on or after the intended settlement date and is confirmed by an MT544 to MT547 (sese.025 in MX).
Can I still cancel after the instruction is matched?: Usually only with the counterparty. In T2S and many other markets a matched instruction is cancelled only when both sides send a cancellation.
What is the difference between MTCH//MACH and INMH//MACH?: MTCH reports the matching result from the market. INMH is the account servicer’s inference based on an allegement, before the market has matched anything.