When do I use OWNE instead of OWNI?

Use OWNE when the transfer involves more than one instructing party or more than one account servicer, for example moving securities from one custodian to another. OWNI is for one instructing party at one account servicer.

Should a change of custodian be sent as OWNE or PORT?

Both can fit. PORT is meant for a portfolio move between investment managers or account servicers and is often charged differently; OWNE covers external account transfers in general. Ask your custodian which it expects.

Settlement transaction types

OWNE: External Account Transfer

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

OWNE marks an external account transfer: a free movement of securities that involves more than one instructing party, more than one account servicer, or both, with no trade behind it.

Code: OWNE

What OWNE means

The typical OWNE case is a client moving holdings from one custodian to another: the old custodian’s client sends a free delivery (MT542) and the new custodian’s client sends a free receipt (MT540), both with OWNE, and the two instructions match at the CSD like any other free of payment settlement.

When only one party instructs at one account servicer, the code is OWNI. When the move is a whole portfolio passing from one investment manager or account servicer to another, PORT is the more specific code; the official definition of PORT notes that portfolio moves are usually charged differently from other account transfers. Moves into or out of a pooled account are INSP.

When you see it

On matched free of payment MT542 and MT540 pairs when a holding moves between custodians.
In transfer projects where many lines move on the same day; the confirmations (MT544, MT546) repeat OWNE.

What to do next

Use OWNE for one-off external transfers; use PORT for a full portfolio move if your custodian distinguishes them for charges. Give the beneficial ownership indicator (:22F::BENE//NBEN or YBEN) where the market requires it.
In T2S markets the transaction type is not one of the matching fields, so the code on your instruction does not stop it matching. Some markets do match on it: Clearstream states that for KDPW (Poland) the SETR indicator is a mandatory matching criterion. There, agree the code with your counterparty, or both instructions stay unmatched with reason SETR (see unmatched settlement instructions).
Free transfers fail quietly when one side never instructs. If your delivery stays unmatched, check that the receiving custodian has an instruction with the same quantity, date and settlement parties.

Where it appears in MT and ISO 20022

MT (ISO 15022)

MT540, MT541, MT542 and MT543: sequence E (SETDET), field 22F, :22F::SETR//OWNE. 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//OWNE) 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.

MX (ISO 20022)

sese.023: SttlmParams/SctiesTxTp/Cd = OWNE (code list SecuritiesTransactionType23Code, unchanged in sese.023.001.09 to .013). SttlmParams/SctiesTxTp/Prtry carries a proprietary code instead.
Echoed in sese.024 at TxDtls/SttlmParams/SctiesTxTp/Cd and in sese.025 at SttlmParams/SctiesTxTp/Cd.

Questions

When do I use OWNE instead of OWNI?: Use OWNE when the transfer involves more than one instructing party or more than one account servicer, for example moving securities from one custodian to another. OWNI is for one instructing party at one account servicer.
Should a change of custodian be sent as OWNE or PORT?: Both can fit. PORT is meant for a portfolio move between investment managers or account servicers and is often charged differently; OWNE covers external account transfers in general. Ask your custodian which it expects.