What is an MT535 used for?

It tells an account owner what securities its custodian or CSD holds for it on one account at a given time, so the owner can reconcile positions, see what is free to deliver and, in an accounting statement, see valuations.

What is the difference between MT535, MT536 and MT537?

The MT535 is a snapshot of holdings at one moment. The MT536 lists the movements that settled during a period, so it explains how one MT535 turned into the next. The MT537 lists instructions that have not settled yet, with their status and reason.

What do AGGR, AVAI and NAVL mean in field 93B?

AGGR is the total position. AVAI is the part free to deliver or trade. NAVL is the part that is not free, for example blocked, pledged or earmarked for a pending delivery. The B1b sub-balances say why.

What is the difference between a complete and a delta MT535?

A complete statement (:22F::CODE//COMP) lists every position, including unchanged ones. A delta statement (DELT) lists only what changed since the last statement, so you must apply it to the previous statement before reconciling.

Should I reconcile against a settled or traded MT535?

Against the one that matches your books. STBA//SETT reports settled positions; TRAD includes trades not yet settled. Comparing a settled statement with trade-date books shows every open trade as a break.

What is the ISO 20022 equivalent of MT535?

semt.002 for custody statements and semt.003 for accounting statements.

Category 5: Securities markets

MT535 Statement of Holdings

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

The MT535 is the Swift statement in which a custodian or CSD reports the securities it holds for a client on one safekeeping account at a given moment: instrument by instrument, with the aggregate balance and, if wanted, available and blocked quantities, prices and values. It goes from the account servicer to the account owner, usually every business day at end of day, and is the base document for position reconciliation. Its ISO 20022 counterpart is semt.002.

Message type: MT535
Category: 5
Structure: 9 sequences, 67 fields listed
ISO 20022: semt.002

When MT535 is used

The sender is always the account servicer: a CSD reporting to its participant, a local sub-custodian reporting to a global custodian, or a custodian reporting to an asset manager, broker or bank. The receiver is the account owner or a party the owner has named, such as its fund administrator. One MT535 covers one safekeeping account (field 97a in sequence A); a client with ten accounts receives ten statements.

There are two kinds of statement, chosen in :22F::STTY. A custody statement (CUST) lists positions so the owner can reconcile quantities and see what is free to trade or deliver; prices and values are optional. An accounting statement (ACCT) values the portfolio instrument by instrument, so price and holding value become mandatory, and it may be flagged as audited in :17B::AUDT. Most daily statements between custodians and their clients are custody statements.

Three more indicators describe what the numbers mean. :22F::SFRE gives the frequency agreed with the client (DAIL, INDA for intraday, WEEK, MNTH, YEAR or ADHO for a statement sent on request). :22F::CODE says whether the statement is complete (COMP: every position, changed or not) or a delta (DELT: only what changed since the last statement). :22F::STBA is the basis: SETT reports settled positions, TRAD trade-date positions (pending purchases and sales already included) and CONT contractual positions (as if every instruction had settled on its contractual date, whether it failed or not). Reconciling a settled-basis statement against trade-date books is the most common source of false breaks.

Sequence B, Sub-safekeeping Account, holds the positions. When the statement covers a single account, sequence B appears once without its own account field. When :17B::CONS//Y is set, the statement is consolidated: each occurrence of sequence B reports one sub-account with its own 97a and activity flag. Inside B, each instrument is one occurrence of B1 with the ISIN in 35B and the aggregate balance in :93B::AGGR. The optional AVAI and NAVL balances split the aggregate into what is free and what is not, and sequence B1b breaks the position into sub-balances such as pending delivery (PEND), pending receipt (PENR), blocked (BLOK), pledged (PLED), on loan (LOAN) or blocked for a corporate action (BLCA).

An MT535 is also the answer to an MT549 request for a statement, and it can report that an account holds nothing: then :17B::ACTI//N is sent and sequence B is left out. Large accounts run over several messages; field 28E numbers the pages (MORE on each page, LAST on the final one, ONLY for a single-page statement) and the statement number in 13a stays the same on every page.

To explain the change between two statements, read the MT536 statement of transactions for the same period. To see what is still waiting to settle, read the MT537 statement of pending transactions. Together the three messages let an account owner rebuild the custodian’s view of its account. See the guide to reading a custody statement.

MT535 format: sequences and fields

Sequence AGeneral InformationMandatory

Identifies the statement, the account and how the figures were built.

Tag	Qualifier	Name	Status	Format	Meaning
16R		Start of block	M	GENL	Opens the General Information block.
28E		Page Number/Continuation Indicator	M	5n/4!c	Page number and whether more pages follow: `ONLY` for a one-page statement, `MORE` on intermediate pages, `LAST` on the last page. Do not reconcile until you have every page up to `LAST`.
13a	STAT	Statement NumberOptions A or J	O	A: :4!c//3!c J: :4!c//5!c	The number of the statement, the same on all its pages and different for each new statement of the same type on the same account. Option J is reserved for delta statements.
20C	SEME	Sender's Message Reference	M	:4!c//16x	The sender’s unique reference for this message (each page has its own). A later cancellation quotes it in `:20C::PREV`.
23G		Function of the Message	M	4!c[/4!c]	`NEWM` for a new statement, `CANC` to cancel one sent earlier. A subfunction such as `DUPL` (duplicate), `COPY` or `CODU` (copy duplicate) marks a resend.
98a	STAT	Statement Date/TimeOptions A or C	M	A: :4!c//8!n C: :4!c//8!n6!n	The date (and time) at which the positions are stated. Compare your books as at this moment, not at the time you received the message.
98a	PREP	Preparation Date/TimeOptions A, C or E	O	A: :4!c//8!n C: :4!c//8!n6!n E: :4!c//8!n6!n[,3n][/[N]2!n[2!n]]	When the statement was produced. Useful to spot statements built before the last settlement batch of the day.
22F	SFRE	Statement Frequency Indicator	M	:4!c/[8c]/4!c	How often the statement is sent: `ADHO`, `DAIL`, `INDA`, `WEEK`, `MNTH` or `YEAR`.
22F	CODE	Complete/Updates Indicator	M	:4!c/[8c]/4!c	`COMP` lists every position; `DELT` lists only positions that changed since the previous statement. A delta statement cannot be reconciled on its own.
22F	STTY	Statement Type	M	:4!c/[8c]/4!c	`CUST` for a custody statement, `ACCT` for an accounting (valuation) statement. With `ACCT`, at least one instrument must be reported and each needs a price and a holding value.
22F	STBA	Statement Basis	M	:4!c/[8c]/4!c	`SETT` settled positions, `TRAD` trade-date positions, `CONT` contractual settlement date positions regardless of fails. Match this to the basis of the books you reconcile against.
95a	ACOW	Account OwnerOptions P or R	O	P: :4!c//4!a2!a2!c[3!c] R: :4!c/8c/34x	The owner of the account when it is not the receiver of the message, for example when a statement goes to a fund administrator.
95a	ALTE	Alternate ID	O	L: :4!c//18!c2!n	A legal entity identifier (LEI) for the account owner. If it is present, 95a::ACOW must be present too.
97a	SAFE	Safekeeping AccountOptions A or B	M	A: :4!c//35x B: :4!c/[8c]/4!c/35x	The securities account the statement covers. Option B adds an account type code such as `ABRD`, `CEND`, `DVPA`, `MARG`, `PHYS` or `SHOR`.
17B	ACTI	Activity Flag	M	:4!c//1!a	`Y` when holdings are reported, `N` when there is nothing to report. With `N`, sequence B must be absent; with `Y`, it must be present.
17B	AUDT	Audited Statement	O	:4!c//1!a	For accounting statements: `Y` if the valuation is audited.
17B	CONS	Sub-safekeeping Statement	M	:4!c//1!a	`Y` when the statement is consolidated over sub-accounts, each reported in its own sequence B with a mandatory 97a and 17B::ACTI. `N` for a single account.
17B	LOTS	Tax Lots	O	:4!c//1!a	`Y` when the statement breaks holdings down into lots (sequences B1b1 and B1c), for example for cost-basis reporting.
16S		End of block	M	GENL	Closes the General Information block.

Sequence A1LinkagesOptional, repeatable

Links the statement to an earlier message: mandatory when 23G is CANC.

Tag	Qualifier	Name	Status	Format	Meaning
16R		Start of block	M	LINK	Opens the Linkages block.
13a	LINK	Linked MessageOptions A or B	O	A: :4!c//3!c B: :4!c/[8c]/30x	The type of the linked message, for example `549` when the statement answers an MT549 request.
20C	PREV	Previous Message Reference	M	:4!c//16x	The 20C::SEME of the statement being cancelled. Exactly one A1 must carry PREV when the function is CANC. Either PREV or RELA is given in each A1.
20C	RELA	Related Message Reference	M	:4!c//16x	The reference of a related message, typically the MT549 request this statement answers. Either PREV or RELA is given in each A1.
16S		End of block	M	LINK	Closes the Linkages block.

Sequence BSub-safekeeping AccountOptional, repeatable

Optional in the standard, but network rules make it mandatory when 17B::ACTI in sequence A is Y and forbid it when it is N. Repeats once per sub-account in a consolidated statement.

Tag	Qualifier	Name	Status	Format	Meaning
16R		Start of block	M	SUBSAFE	Opens the Sub-safekeeping Account block.
95a	ACOW	Account OwnerOptions P or R	O	P: :4!c//4!a2!a2!c[3!c] R: :4!c/8c/34x	The owner of this sub-account, when it differs from the one in sequence A.
97a	SAFE	Safekeeping AccountOptions A or B	C	A: :4!c//35x B: :4!c/[8c]/4!c/35x	The sub-safekeeping account. Mandatory in every sequence B when 17B::CONS is Y.
94a	SAFE	Place of SafekeepingOptions B, C, F or LRepeatable	O	B: :4!c/[8c]/4!c[/30x] C: :4!c//2!a F: :4!c//4!c/4!a2!a2!c[3!c] L: :4!c//18!c2!n	Where all securities of this sub-account are held: a country (C), or a place type and BIC (F) such as `NCSD`, `ICSD`, `CUST` or `SHHE` (shares held elsewhere). At most twice, and then one occurrence must be option L.
17B	ACTI	Activity Flag	C	:4!c//1!a	`Y` if holdings are reported for this sub-account, `N` if not. With `N`, no B1 may follow; with `Y`, at least one B1 is required. Mandatory when 17B::CONS is Y.
16S		End of block	M	SUBSAFE	Closes the Sub-safekeeping Account block.

Sequence B1Financial InstrumentOptional, repeatable

One occurrence per instrument held. Optional in the standard, but required in every sequence B whose 17B::ACTI is not N.

Tag	Qualifier	Name	Status	Format	Meaning
16R		Start of block	M	FIN	Opens the Financial Instrument block.
35B		Identification of the Financial Instrument	M	[ISIN1!e12!c] [4*35x]	The ISIN (written `ISIN`, a space and the code), a description on up to four lines, or both. Reconcile on the ISIN, not the description.
22H	CAOP	Corporate Action Option Code Indicator	O	:4!c//4!c	For fund holdings: whether distributions are paid in cash (`CASH`) or reinvested (`DRIP`).
90a	MRKT	Market PriceOptions A, B or E	C	A: :4!c//4!c/[N]15d B: :4!c//4!c/3!a15d E: :4!c//4!c	The price used to value the position. Option A gives a percentage (`PRCT`, usual for bonds) or yield; option B an amount per unit (`ACTU`) with currency; option E `UKWN` when no price is known. `INDC` (indicative price) is used instead of `MRKT` when the price is not a market price. Mandatory in an accounting statement when no B1b is reported.
94B	PRIC	Source of Price	O	:4!c/[8c]/4!c[/30x]	Where the price comes from: `LMAR` local market, `FUND` fund manager, `THEO` theoretical, `VEND` data vendor.
98a	PRIC	Price Quotation Date/TimeOptions A or C	O	A: :4!c//8!n C: :4!c//8!n6!n	The date of the price. A stale price explains many valuation differences.
93B	AGGR	Aggregate BalanceRepeatable	M	:4!c/[8c]/4!c/[N]15d	The total position held: quantity type `UNIT` (shares, units), `FAMT` (face amount of a debt instrument) or `AMOR` (amortised value), then the quantity with a comma as decimal mark; `N` before the number means a short position. It may appear twice only for pool-factor bonds: once in `FAMT` and once in `AMOR`.
93B	AVAI	Available Balance	O	:4!c/[8c]/4!c/[N]15d	The part of the aggregate that is free to be delivered or traded.
93B	NAVL	Not Available Balance	O	:4!c/[8c]/4!c/[N]15d	The part that is not free, for example earmarked for a pending delivery, blocked or pledged. AVAI plus NAVL normally equals AGGR; the B1b sub-balances explain why.
99A	DAAC	Number of Days Accrued	O	:4!c//[N]3!n	Days of interest accrued on a debt instrument at the statement date.
19A	HOLD	Holding Value	C	:4!c//[N]3!a15d	The value of the position: quantity times price, in the currency given. Mandatory in an accounting statement when no B1b is reported.
19A	ACRU	Accrued Interest Amount	O	:4!c//[N]3!a15d	Interest accrued on the position, reported apart from the holding value.
19A	BOOK	Book Value/Cost Basis	O	:4!c//[N]3!a15d	The cost of the position, mostly in accounting statements.
19A	COVA	Eligible Collateral Value	O	:4!c//[N]3!a15d	The value the position counts for as collateral after haircut.
92B	EXCH	Exchange Rate	O	:4!c//3!a/3!a/15d	The rate used when the holding value is given in a currency other than the price currency.
70E	HOLD	Holdings Narrative	O	:4!c//10*35x	Free text about the holding. Not machine readable; avoid relying on it.
16S		End of block	M	FIN	Closes the Financial Instrument block.

Sequence B1aFinancial Instrument AttributesOptional

Static data about the instrument. Only the most used fields are listed; all are optional.

Tag	Qualifier	Name	Status	Format	Meaning
16R		Start of block	M	FIA	Opens the Financial Instrument Attributes block.
94B	PLIS	Place of Listing	O	:4!c/[8c]/4!c[/30x]	The exchange (`EXCH` with a MIC) or `OTCO` for over the counter.
22F	FORM	Form of Securities	O	:4!c/[8c]/4!c	`BEAR` bearer or `REGD` registered.
12a	CLAS	Classification TypeOptions A or C	O	A: :4!c/[8c]/30x C: :4!c//6!c	The instrument type, for example a six-character CFI code in option C.
11A	DENO	Currency of Denomination	O	:4!c//3!a	The currency the instrument is denominated in.
98A	MATU	Maturity Date	O	:4!c//8!n	Maturity date of a debt instrument. Other qualifiers give the issue (`ISSU`), next coupon (`COUP`), call (`CALD`) and put (`PUTT`) dates.
92A	INTR	Interest Rate	O	:4!c//[N]15d	Current coupon rate. `CUFC` and `PRFC` give the current and previous pool factor for amortising bonds.
36B	MINO	Minimum Nominal Quantity	O	:4!c//4!c/15d	The smallest quantity that can be traded or delivered.
16S		End of block	M	FIA	Closes the Financial Instrument Attributes block.

Sequence B1bSub-balanceOptional, repeatable

Breaks the aggregate balance into sub-balances, one per occurrence. Only the common qualifiers are listed.

Tag	Qualifier	Name	Status	Format	Meaning
16R		Start of block	M	SUBBAL	Opens the Sub-balance block.
93a		Sub-balance (balance type as qualifier)Options B or C	M	B: :4!c/[8c]/4!c/[N]15d C: :4!c//4!c/4!c/[N]15d	The qualifier names the sub-balance: for example `AWAS` available with no other status, `PEND` pending delivery, `PENR` pending receipt, `BLOK` blocked, `BLCA` blocked for a corporate action, `PLED` pledged, `LOAN` on loan, `BORR` borrowed, `COLO` collateral out, `COLI` collateral in, `RSTR` restricted, `REGO` out for registration, `PECA`/`PEDA` pending corporate action receipt/delivery. `AGGR` here means the balance held at one place of safekeeping, which then must be named in 94a::SAFE. Option C adds whether the quantity is available (`AVAI`) or not (`NAVL`).
93B	AVAI	Available Balance	O	:4!c/[8c]/4!c/[N]15d	The available part of a per-place aggregate. Allowed only together with `AGGR` in the same B1b.
93B	NAVL	Not Available Balance	O	:4!c/[8c]/4!c/[N]15d	The unavailable part of a per-place aggregate. Allowed only together with `AGGR` in the same B1b.
22a	COLA	Exposure Type IndicatorOptions F or H	O	F: :4!c/[8c]/4!c H: :4!c//4!c	For collateral sub-balances: the exposure the securities cover, for example `REPO` or `SLEB` (securities lending).
94a	SAFE	Place of SafekeepingOptions B, C, F or LRepeatable	O	B: :4!c/[8c]/4!c[/30x] C: :4!c//2!a F: :4!c//4!c/4!a2!a2!c[3!c] L: :4!c//18!c2!n	Where this part of the position is held. Not allowed in B1b when sequence B already gives a place of safekeeping.
94a	PLED	PledgeeOptions B, F or LRepeatable	O	B: :4!c/[8c]/4!c[/30x] F: :4!c//4!c/4!a2!a2!c[3!c] L: :4!c//18!c2!n	The party in whose favour a pledged sub-balance is pledged.
90a	MRKT	Market PriceOptions A, B or E	C	A: :4!c//4!c/[N]15d B: :4!c//4!c/3!a15d E: :4!c//4!c	Price of the sub-balance. In an accounting statement that reports B1b, price and holding value move down here and are mandatory in each B1b.
19A	HOLD	Holding Value	C	:4!c//[N]3!a15d	Value of the sub-balance. Mandatory in each B1b of an accounting statement.
70C	SUBB	Sub-balance Details Narrative	O	:4!c//4*35x	Free text about the sub-balance, for example why securities are blocked.
16S		End of block	M	SUBBAL	Closes the Sub-balance block.

Sequence B1b1Quantity BreakdownOptional, repeatable

Lot-level detail of a sub-balance.

Tag	Qualifier	Name	Status	Format	Meaning
16R		Start of block	M	BREAK	Opens the Quantity Breakdown block.
13B	LOTS	Lot Number	O	:4!c/[8c]/30x	Identifier of the lot.
93B	LOTS	Lot Balance	O	:4!c/[8c]/4!c/[N]15d	Quantity in the lot.
98a	LOTS	Lot Date/TimeOptions A, C or E	O	A: :4!c//8!n C: :4!c//8!n6!n E: :4!c//8!n6!n[,3n][/[N]2!n[2!n]]	When the lot was acquired.
90a	LOTS	Book/Lot PriceOptions A or B	O	A: :4!c//4!c/[N]15d B: :4!c//4!c/3!a15d	Acquisition price of the lot.
19A	BOOK	Book Value/Cost Basis	O	:4!c//[N]3!a15d	Cost of the lot. `HOLD` gives its current value.
16S		End of block	M	BREAK	Closes the Quantity Breakdown block.

Sequence B1cQuantity BreakdownOptional, repeatable

Same fields as B1b1 (13B, 93B, 98a, 90a, 22F::PRIC and 19A, all with qualifier LOTS, PRIC, HOLD or BOOK), but breaking down the whole instrument position rather than one sub-balance.

Tag	Qualifier	Name	Status	Format	Meaning
16R		Start of block	M	BREAK	Opens the Quantity Breakdown block.
13B	LOTS	Lot Number	O	:4!c/[8c]/30x	Identifier of the lot within the total position.
93B	LOTS	Lot Balance	O	:4!c/[8c]/4!c/[N]15d	Quantity in the lot.
22F	PRIC	Type of Price Indicator	O	:4!c/[8c]/4!c	`AVER` when the lot price is an average price.
16S		End of block	M	BREAK	Closes the Quantity Breakdown block.

Sequence CAdditional InformationOptional, repeatable

Totals and the originator or recipient of the statement.

Tag	Qualifier	Name	Status	Format	Meaning
16R		Start of block	M	ADDINFO	Opens the Additional Information block.
95a	MEOR	Originator of MessageOptions P, Q or R	O	P: :4!c//4!a2!a2!c[3!c] Q: :4!c//4*35x R: :4!c/8c/34x	The party that originally produced the statement, when it is relayed by another institution. `MERE` names the final recipient.
19A	HOLP	Total Holdings Value of Page	O	:4!c//[N]3!a15d	Sum of the holding values on this page.
19A	HOLS	Total Holdings Value of Statement	O	:4!c//[N]3!a15d	Sum of the holding values over all pages: a quick check that you received and valued every page.
19A	TOVA	Total Eligible Collateral Value	O	:4!c//[N]3!a15d	Sum of the eligible collateral values.
16S		End of block	M	ADDINFO	Closes the Additional Information block.

Format notation: n digits, a upper-case letters, c upper-case letters and digits, x any character of the Swift character set, d a decimal number with a comma, ! fixed length, [ ] optional, 4*35x up to 4 lines of 35 characters. M mandatory, O optional, C conditional (a rule decides).

Rules worth knowing

If 17B::ACTI in sequence A is N, sequence B must not be present; if it is Y, sequence B is mandatory (error E66).
An accounting statement (:22F::STTY//ACCT) must report at least one B1 (E67). In it, each B1 needs a price (90a) and a holding value (19A::HOLD); when B1b sub-balances are reported, the price and value go into every B1b instead (E82).
A cancellation (23G CANC) needs at least one A1, and exactly one A1 must carry 20C::PREV (E08).
With 17B::CONS//Y, every sequence B must have 97a::SAFE and 17B::ACTI (E56). If 17B::ACTI in a sequence B is N, no B1 may follow it; otherwise B1 is mandatory (E69).
If sequence B gives a place of safekeeping in 94a, no B1b may carry 93B::AGGR or 94a::SAFE (D03). A 93B::AGGR in B1b requires 94a::SAFE in the same B1b (D04), and AVAI or NAVL in B1b requires AGGR there (D05).
93B::AGGR may appear at most twice in a B1, and then once with FAMT and once with AMOR (C71). If 95L::ALTE is present, 95a::ACOW must be present in the same sequence (E98). 94a::SAFE and 94a::PLED may appear at most twice, one of them in option L (E99).
Statement numbering: the statement number in 13a stays the same on all pages; two consecutive statements of the same type on the same account must have different numbers. Option J of 13a is only for delta statements.

MT535 example

ZagTrader Test Bank in Dubai (ZAGTAEADXXX), acting as custodian, sends the daily custody statement for account ZAG-SAFE-0001 to its client, an asset manager in London (FUNDGB2LXXX). The statement is complete, on a settled basis, as at 22 October 2026 18:00, and covers three instruments. The same account appears in the MT536 and MT537 examples, so you can follow the positions across the three messages.

{1:F01ZAGTAEADAXXX0000000000}{2:I535FUNDGB2LXXXXN}{4:
:16R:GENL
:28E:1/ONLY
:13A::STAT//112
:20C::SEME//ZT535S2610220001
:23G:NEWM
:98C::PREP//20261022183000
:98C::STAT//20261022180000
:22F::SFRE//DAIL
:22F::CODE//COMP
:22F::STTY//CUST
:22F::STBA//SETT
:97A::SAFE//ZAG-SAFE-0001
:17B::ACTI//Y
:17B::CONS//N
:16S:GENL
:16R:SUBSAFE
:16R:FIN
:35B:ISIN AEZAGT000016
ZAG TEST HOLDINGS PJSC ORD
:90B::MRKT//ACTU/AED12,5
:98A::PRIC//20261022
:93B::AGGR//UNIT/150000,
:93B::AVAI//UNIT/140000,
:93B::NAVL//UNIT/10000,
:16R:SUBBAL
:93B::AWAS//UNIT/140000,
:16S:SUBBAL
:16R:SUBBAL
:93B::PEND//UNIT/10000,
:16S:SUBBAL
:19A::HOLD//AED1875000,
:16S:FIN
:16R:FIN
:35B:ISIN AEZAGT000024
ZAG TEST CEMENT PJSC ORD
:90B::MRKT//ACTU/AED8,4
:98A::PRIC//20261022
:93B::AGGR//UNIT/50000,
:93B::AVAI//UNIT/50000,
:19A::HOLD//AED420000,
:16S:FIN
:16R:FIN
:35B:ISIN AEZAGT000032
ZAG TEST SUKUK 5.25 2031
:16R:FIA
:11A::DENO//AED
:98A::MATU//20310415
:92A::INTR//5,25
:16S:FIA
:90A::MRKT//PRCT/99,5
:98A::PRIC//20261022
:93B::AGGR//FAMT/1000000,
:19A::HOLD//AED995000,
:16S:FIN
:16S:SUBSAFE
:16R:ADDINFO
:19A::HOLS//AED3290000,
:16S:ADDINFO
-}

Decode this example in the parser

Line by line

Line	What it says
{1:F01ZAGTAEADAXXX0000000000}{2:I535FUNDGB2LXXXXN}{4:	Sender ZAGTAEADXXX (the account servicer), input MT535 to FUNDGB2LXXX (the account owner), normal priority.
:16R:GENL
:28E:1/ONLY	Page 1, the only page.
:13A::STAT//112	Statement number 112.
:20C::SEME//ZT535S2610220001	Sender’s reference for this message.
:23G:NEWM	A new statement.
:98C::PREP//20261022183000	Prepared at 18:30.
:98C::STAT//20261022180000	Positions as at 22 October 2026, 18:00.
:22F::SFRE//DAIL	Daily statement.
:22F::CODE//COMP	Complete: every position is listed, changed or not.
:22F::STTY//CUST	Custody statement, so prices and values are optional.
:22F::STBA//SETT	Settled positions only: the pending delivery of 23 October is still inside the aggregate.
:97A::SAFE//ZAG-SAFE-0001	The account reported.
:17B::ACTI//Y	There are holdings to report, so sequence B follows.
:17B::CONS//N	Not consolidated: one sequence B without its own account.
:16S:GENL
:16R:SUBSAFE	Sequence B, once, for the account in sequence A.
:16R:FIN	First instrument.
:35B:ISIN AEZAGT000016
ZAG TEST HOLDINGS PJSC ORD
:90B::MRKT//ACTU/AED12,5	Market price AED 12.50 per share.
:98A::PRIC//20261022
:93B::AGGR//UNIT/150000,	Aggregate 150,000 shares. 100,000 opening plus 50,000 received today (see the MT536 example).
:93B::AVAI//UNIT/140000,	Free to deliver.
:93B::NAVL//UNIT/10000,	Not available. 140,000 + 10,000 = 150,000.
:16R:SUBBAL
:93B::AWAS//UNIT/140000,	Sub-balance: available with no other status.
:16S:SUBBAL
:16R:SUBBAL
:93B::PEND//UNIT/10000,	Sub-balance: earmarked for a pending delivery that settles on 23 October (it appears in the MT537 example).
:16S:SUBBAL
:19A::HOLD//AED1875000,	150,000 × 12.50 = AED 1,875,000.
:16S:FIN
:16R:FIN	Second instrument.
:35B:ISIN AEZAGT000024
ZAG TEST CEMENT PJSC ORD
:90B::MRKT//ACTU/AED8,4
:98A::PRIC//20261022
:93B::AGGR//UNIT/50000,	45,000 opening plus 5,000 bonus shares credited today.
:93B::AVAI//UNIT/50000,
:19A::HOLD//AED420000,	50,000 × 8.40 = AED 420,000.
:16S:FIN
:16R:FIN	Third instrument: a debt security held in face amount.
:35B:ISIN AEZAGT000032
ZAG TEST SUKUK 5.25 2031
:16R:FIA	Instrument attributes.
:11A::DENO//AED
:98A::MATU//20310415	Matures 15 April 2031.
:92A::INTR//5,25	Profit rate 5.25 per cent.
:16S:FIA
:90A::MRKT//PRCT/99,5	Price as a percentage of face value.
:98A::PRIC//20261022
:93B::AGGR//FAMT/1000000,	Face amount 1,000,000.
:19A::HOLD//AED995000,	1,000,000 × 99.5% = AED 995,000.
:16S:FIN
:16S:SUBSAFE
:16R:ADDINFO
:19A::HOLS//AED3290000,	Total of the statement: 1,875,000 + 420,000 + 995,000 = AED 3,290,000.
:16S:ADDINFO
-}	End of block 4.

All BICs, ISINs, names and references are made up. The ISINs carry valid check digits.

Amounts and quantities use a comma as the decimal mark; 150000, is a valid quantity with no decimals.

Common errors and rejects

Positions do not match your books (reconciliation break)
Before raising a break, check the basis (STBA SETT against trade-date books), the statement time in :98C::STAT against your cut-off, whether you received every page (28E up to LAST) and whether the statement is a delta (CODE//DELT). Then explain the difference with the MT536 movements and MT537 pending items.
How to fix it
Sequence B present with ACTI N, or missing with ACTI Y (E66)
An empty account must be reported with :17B::ACTI//N and no SUBSAFE block. A statement generator that writes an empty SUBSAFE block for a zero-balance account is rejected.
Accounting statement without price or holding value (E67, E82)
With STTY//ACCT, every instrument needs 90a and 19A::HOLD (or every sub-balance does, when B1b is used). Send a custody statement (CUST) if you cannot value every line.
Consolidated statement without sub-account details (E56)
With :17B::CONS//Y, each SUBSAFE block must carry its own 97a::SAFE and 17B::ACTI. Either add them or send one statement per account with CONS N.
AGGR repeated with the same quantity type (C71)
93B::AGGR may repeat only for amortising instruments, once as FAMT and once as AMOR. Two UNIT balances for the same ISIN usually mean the generator split one position by place of safekeeping: use B1b with AGGR and 94a::SAFE instead.
Pool factor bonds look wrong by a factor
For amortising bonds the face amount (FAMT) and current amortised value (AMOR) differ by the pool factor (92A::CUFC). Reconcile the same quantity type on both sides.
How to fix it

MT535 in ISO 20022

The ISO 20022 equivalent of the custody statement is semt.002 (Securities Balance Custody Report). The accounting statement (STTY//ACCT) has its own ISO 20022 message, semt.003 (Securities Balance Accounting Report). The MX splits what the MT signals with an indicator into two message types.

Securities messages were not part of the November 2025 payments deadline. The MT535 remains in use on FIN alongside semt.002, and T2S and the CSDs connected to it use semt.002. If your custodian offers both, the content is close: the main gain is structured party data and explicit long/short indicators. See ISO 20022 migration in securities versus payments.

MT535 questions

What is an MT535 used for?: It tells an account owner what securities its custodian or CSD holds for it on one account at a given time, so the owner can reconcile positions, see what is free to deliver and, in an accounting statement, see valuations.
What is the difference between MT535, MT536 and MT537?: The MT535 is a snapshot of holdings at one moment. The MT536 lists the movements that settled during a period, so it explains how one MT535 turned into the next. The MT537 lists instructions that have not settled yet, with their status and reason.
What do AGGR, AVAI and NAVL mean in field 93B?: AGGR is the total position. AVAI is the part free to deliver or trade. NAVL is the part that is not free, for example blocked, pledged or earmarked for a pending delivery. The B1b sub-balances say why.
What is the difference between a complete and a delta MT535?: A complete statement (:22F::CODE//COMP) lists every position, including unchanged ones. A delta statement (DELT) lists only what changed since the last statement, so you must apply it to the previous statement before reconciling.
Should I reconcile against a settled or traded MT535?: Against the one that matches your books. STBA//SETT reports settled positions; TRAD includes trades not yet settled. Comparing a settled statement with trade-date books shows every open trade as a break.
What is the ISO 20022 equivalent of MT535?: semt.002 for custody statements and semt.003 for accounting statements.

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