MT543 Deliver Against Payment

When MT543 is used

An MT543 settles the seller’s side of a trade. It tells the account servicer which securities to deliver from which account, to whom (the receiving agent at the place of settlement), on which date, and how much cash must come back in exchange. The CSD moves the securities and the cash together, so neither side is exposed to the other.

The four settlement instructions form a two-by-two grid. Direction: receive or deliver. Cash: free of payment (FOP) or against payment (DVP for a delivery, RVP for a receipt). MT540 is receive free, MT541 receive against payment, MT542 deliver free and MT543 deliver against payment. A trade settles with one instruction from each side: the seller’s custodian receives an MT543 and the buyer’s custodian an MT541, and the CSD matches the two settlement instructions they produce. A free transfer pairs an MT542 with an MT540 in the same way.

The sender is the account owner and the receiver its account servicer. The account owner can be a broker-dealer or an asset manager with an account at its custodian, or a global custodian instructing its local sub-custodian on behalf of a client. The account servicer checks the instruction, turns it into a settlement instruction in the local CSD (or the ICSD) and reports back with MT548 status messages and, once the securities move, the MT547 confirmation.

Send the instruction on trade date, as soon as the trade is confirmed or affirmed, and before the account servicer’s cut-off, which sits ahead of the CSD’s own matching and settlement deadlines. Early instructions give both sides time to fix a mismatch before the intended settlement date. In the US the standard cycle has been T+1 since May 2024, and in the EU late settlement costs cash penalties under the CSD Regulation, so an instruction sent on the evening before settlement date is often already too late. A status reason LATE (market deadline missed) or ADEA (servicer deadline missed) in the MT548 tells you the instruction arrived after a cut-off.

Field 23G says what the message does. NEWM is a new instruction. CANC cancels an instruction sent earlier: put the SEME of the original in 20C::PREV in sequence A1, and repeat the details of the original so the servicer can find it. There is no amendment function: to change a matching field, cancel and send a new instruction with a new reference. Attributes that are not matched, such as a hold or the partial settlement flag, can often be changed with an MT530 transaction processing command where the servicer supports it. PREA pre-advises an instruction that will follow; servicers that support hold and release keep it on hold until a NEWM arrives that quotes it in 20C::PREA (status reason PREA while it waits). Check your servicer’s guide, since support for PREA differs.

The settlement chain sits in sequence E1, one party per occurrence, and is the part most often wrong. PSET is the BIC of the CSD or ICSD where the securities move. REAG is the counterparty’s participant in that CSD; it is the one party (besides PSET) the network insists on. Further out come the counterparty’s intermediaries and custodian (REI1, REI2, RECU) and its client (BUYR). Your own side (DEAG and SELL) is optional: the servicer knows it from your safekeeping account. Take the counterparty’s chain from its standing settlement instructions, not from memory.

What the CSD compares. In T2S (the ECB’s matching guide) the mandatory matching fields are: payment type (free or against payment) and direction (receive or deliver), both given by the message type; the ISIN (35B); trade date (98a::TRAD); intended settlement date (98a::SETT); quantity (36B::SETT); the delivering and receiving parties (95a::DEAG and REAG); the CSD of each party (PSET or derived from the account); and, for against payment, the currency and settlement amount (19A::SETT), within a tolerance. Additional matching fields, which must match once either side fills them, are the opt-out indicator (22F::STCO//NOMC) and the cum or ex indicator (22F::TTCO with CCPN or XCPN). Optional matching fields, compared only when both sides send them, are the common reference (20C::COMM), the client of each participant and their securities accounts. Other CSDs use similar lists. When the two sides differ, the MT548 reports NMAT with a reason such as DDAT, DQUA, DSEC, DMON, DEPT or ICAG; see why an instruction is unmatched.

After sending, expect a chain of MT548 messages: accepted (PACK) or rejected (REJT), then matched (MACH) or unmatched (NMAT), then pending (PEND) or failing (PENF) with a reason such as LACK (not enough securities), and finally the MT547 confirmation on settlement. A cancellation request is answered with CAND (cancelled) or CANP (cancellation pending). The settlement lifecycle guide walks through the whole flow.

MT543 format: sequences and fields

Rules worth knowing

• Sequences A, B, C and E are mandatory, and E1 must occur at least once. A1, B1, C1, D, E2 and F are optional. E3 (amounts) is mandatory in an against payment instruction. There is no E1a: the party chain is built by repeating E1.
• Unless 22F::DBNM is present in sequence E, one E1 occurrence must contain 95a::REAG and another must contain 95a::PSET (network error E93).
• With 22F::DBNM present, an E1 occurrence must contain 95a::BUYR (E70); with 22F::DBNM//VEND, sequence F must contain 95a::VEND (D71).
• Each party qualifier (BUYR, SELL, DEAG, REAG, DECU, RECU, DEI1, DEI2, REI1, REI2, PSET in E1, the cash parties in E2, and the parties of sequence F except INVE) may appear only once in the message (E84).
• The chain must be complete going outwards: DEI2 needs DEI1, DEI1 needs DECU, DECU needs SELL; on the receiving side REI2 needs REI1, REI1 needs RECU, RECU needs BUYR (E86).
• The E1 occurrence that holds PSET cannot also hold 97a::SAFE (E52).
• When 23G is CANC, at least one A1 must be present and 20C::PREV must appear in exactly one of them (E08).
• One E3 occurrence must contain the settlement amount 19A::SETT (E92). No amount qualifier may appear in more than one E3 (E87).
• A value date (98a::VALU) is allowed only with 22F::STCO//SPST and with 19A::SETT in the same E3 (C28). An exchange rate (92B::EXCH) requires 19A::RESU in the same E3, and RESU is not allowed without a rate (E62).
• 36B::SETT may appear at most twice, and then once with FAMT and once with AMOR (C71). A quantity in sequence A1 (36B::PAIR or TURN) is allowed only with 22F::SETR//PAIR or TURN (C50). If 99B::TOSE is present, 99B::SETT must be present (E90).
• The rule numbers (C1, C2 and so on) differ between MT540, MT541, MT542 and MT543 and between standards releases, so search for the error code, not the rule number. Newer releases added further rules, for example on the LEI options of 94a and 95a.

MT543 example

A global custodian in London (CUSTGB2LXXX) instructs its sub-custodian in Dubai, ZagTrader Test Bank (ZAGTAEADXXX), to deliver 10,000 shares of AEZAGT000016 that a fund client (FUNDLULLXXX) sold at AED 12.50. The buyer is another fund (FUNDGB2LXXX) acting through a local broker (BRKRAEADXXX), which is the receiving participant at the CSD (CSDXAEADXXX). The seller receives AED 124,687.50: the deal amount of AED 125,000.00 less AED 312.50 commission.

{1:F01CUSTGB2LAXXX0000000000}{2:I543ZAGTAEADXXXXN}{4:
:16R:GENL
:20C::SEME//ZT543261020001
:23G:NEWM
:98C::PREP//20261020103000
:16S:GENL
:16R:TRADDET
:98A::TRAD//20261020
:98A::SETT//20261022
:90B::DEAL//ACTU/AED12,5
:35B:ISIN AEZAGT000016
ZAGTRADER DEMO HOLDINGS PJSC
:16S:TRADDET
:16R:FIAC
:36B::SETT//UNIT/10000,
:97A::SAFE//ZAG-SAFE-0001
:16S:FIAC
:16R:SETDET
:22F::SETR//TRAD
:22F::STCO//NPAR
:16R:SETPRTY
:95P::SELL//FUNDLULLXXX
:16S:SETPRTY
:16R:SETPRTY
:95P::DEAG//ZAGTAEADXXX
:16S:SETPRTY
:16R:SETPRTY
:95P::BUYR//FUNDGB2LXXX
:16S:SETPRTY
:16R:SETPRTY
:95P::REAG//BRKRAEADXXX
:97A::SAFE//BRKR-CLT-0042
:16S:SETPRTY
:16R:SETPRTY
:95P::PSET//CSDXAEADXXX
:16S:SETPRTY
:16R:AMT
:19A::SETT//AED124687,5
:16S:AMT
:16R:AMT
:19A::DEAL//AED125000,
:16S:AMT
:16R:AMT
:19A::EXEC//AED312,5
:16S:AMT
:16S:SETDET
-}

Line by line

The buyer’s side sends the mirror image: an MT541 with DEAG ZAGTAEADXXX, REAG BRKRAEADXXX, PSET CSDXAEADXXX, the same ISIN, dates and quantity, and a settlement amount within the CSD’s tolerance.

All BICs, accounts, the ISIN and the company name are made up. The ISIN carries a valid check digit.

Common errors and rejects

1. Network reject: no REAG or no PSET (E93)

   Without 22F::DBNM, one E1 must name the receiving agent and another the place of settlement. The message is rejected by the network before it reaches the custodian. Add both, each in its own E1, and do not put 97a::SAFE in the PSET occurrence (E52).

2. Unknown or closed safekeeping account (REJT, SAFE)

   The account in 97a::SAFE of sequence C is not one the custodian holds for you, or it is closed or blocked. The custodian rejects with REJT and reason SAFE. Use the exact account number from your account opening, including any branch prefix.

   How to fix it

3. Wrong place of settlement BIC (DEPT)

   PSET names the wrong CSD, for example the local CSD when the buyer settles at an ICSD, or an outdated BIC. Depending on the servicer, it is rejected or stays unmatched with reason DEPT. Take PSET from the buyer’s standing settlement instructions.

   How to fix it

4. Settlement amount outside the tolerance (NMAT, DMON)

   Your 19A::SETT differs from the buyer’s by more than the CSD allows, usually because one side included commission, fees or accrued interest and the other did not. The instruction stays NMAT with reason DMON. Agree the net amount from the trade confirmation and cancel and re-instruct the side that is wrong.

   How to fix it

5. Settlement transaction type not supported or not matching (SETR)

   A 22F::SETR code the custodian or market does not accept (for example a lending code on a plain sale), or one that differs from the counterparty’s in a market that compares it, gives reason SETR. Use TRAD for trades unless the market guide says otherwise.

   How to fix it

6. Instruction too late, or no shares on settlement date (LATE, LACK)

   An instruction that arrives after the market or custodian cut-off is reported with LATE or ADEA and may settle a day late. If it matched but the shares are not in the account on settlement date, it goes PENF with LACK, which in many markets means fail penalties or a buy-in.

   How to fix it

MT543 in ISO 20022

In ISO 20022 one message, sese.023 (Securities Settlement Transaction Instruction), replaces all four instructions. The direction and the payment type become data elements: an MT543 is a sese.023 with SttlmTpAndAddtlParams/SctiesMvmntTp = DELI and SttlmTpAndAddtlParams/Pmt = APMT. The status message MT548 becomes sese.024, the confirmation MT547 becomes sese.025, and a cancellation is a separate message, sese.020 (Securities Transaction Cancellation Request), instead of 23G CANC.

Securities messages (category 5) were not part of the November 2025 end of MT/MX coexistence for cross-border payments, and MT540 to MT543 remain in use on FIN alongside their ISO 20022 equivalents. T2S and the CSD participants connected directly to it work in ISO 20022 (sese and semt messages); many custodians and CSDs accept both formats and translate between them. See how the securities migration differs from payments.

Related messages

• MT541Receive Against Payment
• MT542Deliver Free
• MT540Receive Free
• MT547Deliver Against Payment Confirmation
• MT548Settlement Status and Processing Advice
• MT545Receive Against Payment Confirmation
• sese.023Securities Settlement Transaction Instruction
• sese.024Securities Settlement Transaction Status Advice
• sese.025Securities Settlement Transaction Confirmation

• From instruction to settled position: MT540-548, sese.023/024/025 and the statements that follow.
• Unmatched instruction (NMAT)

Codes used in MT543

• TRAD
• NMAT
• MACH
• LACK
• DMON
• DEPT
• SAFE
• LATE

MT543 questions

What is the difference between MT541 and MT543?

They are the two sides of the same trade. The seller’s side sends an MT543 (deliver securities, receive cash) and the buyer’s side sends an MT541 (receive securities, pay cash). The CSD matches the two settlement instructions they produce.

Who sends an MT543 and to whom?

The account owner (a broker-dealer, an asset manager or a global custodian) sends it to its account servicer (a custodian or local sub-custodian) that holds the securities account. The account servicer passes the instruction on to the CSD.

What do PSET, REAG and DEAG mean in an MT543?

PSET is the place of settlement: the BIC of the CSD or ICSD. REAG is the receiving agent, the buyer’s participant at that CSD. DEAG is the delivering agent, your own side’s participant. In an MT543, PSET and REAG are mandatory unless 22F::DBNM is used.

How do I cancel or change an MT543?

Send another MT543 with :23G:CANC and the SEME of the original in :20C::PREV// inside a LINK block, repeating the original details. There is no amend function for matching fields: after the cancellation is confirmed (CAND in the MT548), send a new instruction with a new reference.

What happens after I send an MT543?

The custodian sends MT548 status messages (accepted, matched or unmatched, pending with a reason) and, once the shares and cash have moved, an MT547 deliver against payment confirmation.

What is the ISO 20022 equivalent of MT543?

sese.023 with the securities movement type DELI and payment type APMT. Status messages are sese.024 and the confirmation is sese.025.