Settlement transaction types
CLAI: Market Claim
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CLAI marks a settlement transaction created by a market claim: the movement of cash or securities that passes a corporate action entitlement from the party that received it to the party that was entitled to it.
- Code
- CLAI
What CLAI means
When a trade is still pending over the record date of a corporate action, the income or new securities go to the seller, who no longer owns the shares economically. A market claim moves the entitlement to the buyer. In T2S markets the CSD detects claims and generates the claim instructions; the CSD rules that Clearstream summarises for NBB-SSS (Belgium) and Nasdaq CSD (Baltics) describe market claims as carrying transaction code CLAI, settling on the payment date of the underlying event, with a detection period of 20 T2S opening days after record date.
Participants rarely type CLAI themselves; they see it on confirmations, statements and status reports. The underlying trade stays TRAD. The corporate action behind the claim is described by its event code, for example DVCA for a cash dividend.
When you see it
What to do next
- Reconcile CLAI movements against the underlying trade and the corporate action event, not against your trading activity. Where the CSD generates claims, do not instruct a manual claim for the same entitlement as well.
- If a claim is missing, check whether the underlying trade settled within the detection period and whether either party opted out of claims on the trade.
Where it appears in MT and ISO 20022
MT (ISO 15022)
- MT540, MT541, MT542 and MT543: sequence E (SETDET), field 22F,
:22F::SETR//CLAI. The SETR qualifier is mandatory, so every instruction carries one code (format:4!c/[8c]/4!c; with a data source scheme a proprietary code may be sent instead). - Repeated in the confirmations MT544, MT545, MT546 and MT547 (sequence E,
:22F::SETR//CLAI) and in the MT548 status advice (sequence B, where SETR is mandatory when the sequence is present). - Optional in the statements: MT536 subsequence B1a2 and MT537 subsequences B2b and C2.