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Settlement status codes

MINO: Minimum Settlement Quantity

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MINO tells you that the instructed quantity is smaller than the minimum quantity in which the security can settle, for example below the minimum denomination of a bond.

Code
MINO
Kind
Reason (24B)
Used with
PEND, PENF, PPRC, REJT, REPR

What MINO means

Many bonds have a minimum denomination and can only be held or transferred from that amount up. An instruction for less cannot settle.

The status in front of MINO says what happened. Under REJT the instruction was refused and must be sent again. Under REPR it is accepted but in repair at the custodian. Under PPRC processing is pending. Under PEND or PENF the instruction is in settlement but cannot settle as instructed, for example when the remaining quantity of a partially settled trade falls below the minimum.

When you see it

  • On bond instructions with a quantity below the minimum denomination, and on the remainder of a partially settled trade.

What to do next

  • Check the minimum denomination and increment of the security (see also MUNO) and correct the quantity with the counterparty.
  • If the instruction was rejected, send a corrected new instruction; if it is in repair, ask the custodian whether it can be amended.

Where it appears in MT and ISO 20022

MT (ISO 15022)

  • MT548 sequence A2a (REAS), :24B::REJT//MINO after :25D::IPRC//REJT, :24B::REPR//MINO after :25D::IPRC//REPR, or :24B::PPRC//MINO.
  • MT548 :24B::PEND//MINO or :24B::PENF//MINO after :25D::SETT//PEND or PENF.
  • MT537 sequence B1 or C3a with the PEND, PENF, PPRC or REPR qualifier.

MX (ISO 20022)

  • sese.024 SttlmSts/Pdg/Rsn/Cd/Cd or SttlmSts/Flng/Rsn/Cd/Cd = MINO.
  • sese.024 PrcgSts/Rjctd/Rsn/Cd/Cd, PrcgSts/Rpr/Rsn/Cd/Cd or PrcgSts/PdgPrcg/Rsn/Cd/Cd = MINO.