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Settlement status codes

NCRR: Disagreement Currency Settlement Amount

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NCRR points at the currency of the settlement amount. Under NMAT the currencies differ; under REJT or REPR the currency is not acceptable.

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

What NCRR means

Under :24B::NMAT//NCRR the two against-payment instructions name different settlement currencies. Currency is a mandatory matching field for against-payment instructions in T2S.

Under :24B::REJT//NCRR or :24B::REPR//NCRR the currency is invalid or not settled by that CSD. Austraclear, for example, uses REJT//NCRR for an invalid currency.

When you see it

  • For securities traded in a currency other than their settlement currency, or when one side converts before instructing.

What to do next

  • Compare the currency in :19A::SETT// (sequence E3) with the trade confirmation and with what the CSD settles. Re-instruct the wrong side, or arrange FX and settle free of payment if the market requires it.

Where it appears in MT and ISO 20022

MT (ISO 15022)

  • MT548 sequence A2a, :24B::NMAT//NCRR, :24B::REJT//NCRR or :24B::REPR//NCRR
  • The field it refers to: currency in :19A::SETT// in sequence E3 of the MT541 or MT543

MX (ISO 20022)

  • sese.024 MtchgSts/Umtchd/Rsn/Cd/Cd, PrcgSts/Rjctd/Rsn/Cd/Cd or PrcgSts/Rpr/Rsn/Cd/Cd = NCRR (sese.024.001.12)