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Settlement status codes

REJT: Rejected

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REJT means the account servicer refused to process your message. A rejected instruction is not in the books, will not match and will not settle until you send a corrected one.

Code
REJT
Kind
Status (25D)
Qualifiers
IPRC, CPRC, SPRC, TPRC

What REJT means

Under :25D::IPRC//REJT the account servicer reports that your settlement instruction failed its validation. The reason in :24B::REJT// names the field it could not accept, for example SAFE (safekeeping account), DSEC (security), DDAT (settlement date) or ICAG (counterparty agent).

The code also appears under CPRC, where your cancellation request was rejected (often because the servicer could not find the instruction or found more than one), under TPRC, where your request to change processing indicators was rejected, and under SPRC, where an MT549 request for a statement or status advice was refused.

REJT is different from REPR. In repair the servicer keeps the instruction and may still process it; after a rejection nothing will happen unless you instruct again.

When you see it

  • In an MT548 within minutes of sending an MT540 to MT543, typically after a static data change (new account, new counterparty), a new security that is not yet set up at the servicer, or a settlement date on a market holiday.
  • In an MT548 with :23G:CAST after a cancellation request whose reference does not point to a live instruction.
  • Some market infrastructures also reject at a later stage. Austraclear, for example, documents that it sends IPRC//REJT both when an instruction cannot be paired at entry and when it fails to settle at end of day.

What to do next

  • Read every :24B::REJT// reason and any :70D::REAS// narrative. Several reasons can be present in one message.
  • Compare the rejected field with the account servicer’s standing settlement instructions and market data: account numbers, BICs of the agents, ISIN, place of settlement and settlement date.
  • Fix the data at source (static data or booking system), not only in the outgoing message, so the next trade does not fail the same way.
  • Send a new instruction with a new :20C::SEME// reference. There is nothing to cancel: the rejected instruction never became live. Some servicers also reject a reused reference (reason REFE).
  • If the reason is unclear or the data looks right, contact the servicer with the rejected message reference. See why an MT548 rejects an instruction.

Where it appears in MT and ISO 20022

MT (ISO 15022)

  • MT548 sequence A2, :25D::IPRC//REJT (instruction rejected)
  • MT548 sequence A2, :25D::CPRC//REJT with :23G:CAST (cancellation request rejected)
  • MT548 sequence A2, :25D::TPRC//REJT (processing change request rejected) or :25D::SPRC//REJT (MT549 request rejected)
  • MT548 sequence A2a, :24B::REJT//<reason>, for example :24B::REJT//SAFE, plus optional :70D::REAS//
  • Not used in the MT537: rejected instructions never become pending transactions.

MX (ISO 20022)

  • sese.024 PrcgSts/Rjctd, with NoSpcfdRsn = NORE or Rsn/Cd/Cd = the rejection reason (code list RejectionReason75Code in sese.024.001.12)
  • Cancellation request rejected: sese.027 PrcgSts/Rjctd
  • Processing change rejected: sese.031 PrcgSts/Rjctd

Questions

Do I need to cancel an instruction that was rejected (REJT)?
No. A rejected instruction was never accepted into the servicer’s books, so there is nothing to cancel. Correct the data and send a new instruction with a new sender’s reference.
What is the difference between REJT and REPR?
REJT means the instruction was refused and will not be processed. REPR means it was accepted but is held in repair: the servicer may fix it, or ask you to, and it can still settle.
Why was my cancellation request rejected?
Usually because the servicer could not find the instruction you referred to, found more than one, or the instruction had already settled or been cancelled. Check the related reference in your cancellation and the :24B::REJT// reason.