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Settlement status codes

NOFX: No Foreign Exchange Instruction

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NOFX tells you that the custodian is waiting for a foreign exchange instruction from you before the cash leg can be funded in the settlement currency.

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

What NOFX means

When you buy securities in a currency you do not hold, someone must buy that currency. If your custodian expects you to instruct the FX deal, or to confirm a standing FX arrangement, it reports NOFX until it has the instruction.

Under PPRC the instruction is not processed yet; under PEND or PENF it is in settlement and lacks funding, which would otherwise show as MONY.

When you see it

  • On purchases in markets where the custodian does not convert currency automatically, often in restricted-currency markets where FX must be done locally.

What to do next

  • Send the FX instruction or confirm the conversion to your custodian, and make sure the FX deal value date is not later than the settlement date.

Where it appears in MT and ISO 20022

MT (ISO 15022)

  • MT548 sequence A2a (REAS), :24B::PEND//NOFX, :24B::PENF//NOFX or :24B::PPRC//NOFX.
  • MT537 sequence B1 or C3a with the PEND or PENF qualifier.

MX (ISO 20022)

  • sese.024 SttlmSts/Pdg/Rsn/Cd/Cd or SttlmSts/Flng/Rsn/Cd/Cd = NOFX.
  • sese.024 PrcgSts/PdgPrcg/Rsn/Cd/Cd = NOFX for pending processing.