What does PHSE stand for in MT548?

PHSE is "Physical Delivery Delay": the trade settles by physical certificates and they are still being delivered.

Can PHSE happen in a fully dematerialised market?

Rarely. It only applies when the security is held or delivered in certificate form. In a market where everything settles by book entry at the CSD, you should not see it.

Settlement status codes

PHSE: Physical Delivery Delay

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

PHSE tells you that the trade settles by physical delivery of certificates and the certificates are on their way. Settlement completes only when they are received and accepted.

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

What PHSE means

Most securities settle by book entry at a CSD, but some still exist as physical certificates: older registered shares, bearer instruments, or securities in markets where a line has not been dematerialised. Settlement then means moving paper between vaults, agents or registrars, which takes time.

Under PEND the certificates may still arrive on the intended settlement date. Under PENF the physical delivery is late and the trade is failing.

Once the certificates arrive, they may be checked for authenticity or good order before settlement; problems there are reported with other codes, for example narrative under NARR.

When you see it

On instructions flagged for physical settlement (in MT54x :22F::STCO//PHYS) and in markets or securities that still require certificates.

What to do next

Ask the delivering agent or custodian for the courier details and expected arrival, and tell the counterparty.
If you deliver physically, check that certificate numbers, denominations and transfer forms match what the receiving agent expects; mismatches delay settlement further.

Where it appears in MT and ISO 20022

MT (ISO 15022)

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

MX (ISO 20022)

sese.024 SttlmSts/Pdg/Rsn/Cd/Cd = PHSE or SttlmSts/Flng/Rsn/Cd/Cd = PHSE.

Questions

What does PHSE stand for in MT548?: PHSE is "Physical Delivery Delay": the trade settles by physical certificates and they are still being delivered.
Can PHSE happen in a fully dematerialised market?: Rarely. It only applies when the security is held or delivered in certificate form. In a market where everything settles by book entry at the CSD, you should not see it.