sese.024 Securities Settlement Transaction Status Advice

When sese.024 is used

Once the account servicer receives a sese.023, every change in the life of that instruction can produce a sese.024: accepted or rejected after validation, matched or unmatched against the counterparty, pending or failing settlement, cancelled. Some account servicers also send one on request or on a schedule, for example every morning for each instruction still open.

One sese.024 can report three status dimensions side by side: the processing status (PrcgSts), the matching status (MtchgSts) and the settlement status (SttlmSts). In the MT548 each of these is a separate STAT block with its own :25D: qualifier (IPRC, MTCH, SETT).

Each status can carry one or more reasons. A reason is a code from the ISO list for that status (Rsn/Cd/Cd, for example LACK), a proprietary code with its issuer (Rsn/Cd/Prtry), or the explicit statement that no reason is given (NoSpcfdRsn = NORE). Free text goes in AddtlRsnInf. Reading the reason, not just the status, is what tells operations whether to act or wait.

In T2S, T2S sends sese.024 messages to CSDs and directly connected participants as validation, matching and settlement take place; holds and releases (party hold, CSD hold) are reported the same way. Indirectly connected clients usually receive the same information from their CSD or custodian, as a sese.024 or translated into an MT548.

A status advice about a cancellation request is a different message (sese.027, the MX form of an MT548 with :23G:CAST). Settled instructions are confirmed in sese.025; a list of everything still pending is a statement of pending transactions (MT537).

Versions in common use

sese.024 key elements

Paths are relative to Document/SctiesSttlmTxStsAdvc. Occurrence is from the base message (sese.024.001.12); market practice such as CBPR+ or a CSD’s rules can make an optional element mandatory or forbid it.

Rules worth knowing

• PrcgSts, MtchgSts and SttlmSts are each a choice: one status per dimension per message. To report two settlement reasons, repeat Rsn inside the one status, not the status itself.
• Reason code lists depend on the status. In sese.024.001.12, for example, CYCL is in the failing reason list but not in the pending one, and Mtchd has no ISO reason list at all. A code that is valid in an MT548 under one qualifier can be invalid in the MX under another status.
• The MT548 code NARR (see narrative) has no MX code: the text goes in AddtlRsnInf. Where the MT548 has no reason sequence, the MX uses NoSpcfdRsn with NORE.
• Partial release of an instruction on hold has its own pending and failing reason code, PREL, which T2S introduced through change request T2S-0823-SYS (part of release R2026.JUN). The quantity released can be shown in TxDtls/PrtlyRlsdQty.
• The Document carries no message reference of its own. The ID of the advice itself is in the business application header; the instruction is identified by TxId/AcctOwnrTxId.

sese.024 XML example

The custodian CUSTAEADXXX reports on the morning of 22 October 2026 on the delivery instructed in the sese.023 example: 10,000 shares of AEZAGT000016 to BANKAEADXXX at CSDXAEADXXX against AED 254,500.00. The instruction is accepted and matched, but pending because only 6,000 shares are in the account (lack of securities). In MT terms this is an MT548 with three STAT blocks: IPRC//PACK, MTCH//MACH and SETT//PEND with reason LACK.

<?xml version="1.0" encoding="UTF-8"?>
<Document xmlns="urn:iso:std:iso:20022:tech:xsd:sese.024.001.12">
  <SctiesSttlmTxStsAdvc>
    <TxId>
      <AcctOwnrTxId>ZTDEL2610200001</AcctOwnrTxId>
      <AcctSvcrTxId>CUST2610-778812</AcctSvcrTxId>
      <MktInfrstrctrTxId>CSDX261021004417</MktInfrstrctrTxId>
    </TxId>
    <PrcgSts>
      <AckdAccptd>
        <NoSpcfdRsn>NORE</NoSpcfdRsn>
      </AckdAccptd>
    </PrcgSts>
    <MtchgSts>
      <Mtchd/>
    </MtchgSts>
    <SttlmSts>
      <Pdg>
        <Rsn>
          <Cd>
            <Cd>LACK</Cd>
          </Cd>
          <AddtlRsnInf>6000 UNITS AVAILABLE, 10000 REQUIRED</AddtlRsnInf>
        </Rsn>
      </Pdg>
    </SttlmSts>
    <TxDtls>
      <SfkpgAcct>
        <Id>ZAG-SAFE-0001</Id>
      </SfkpgAcct>
      <FinInstrmId>
        <ISIN>AEZAGT000016</ISIN>
      </FinInstrmId>
      <SttlmQty>
        <Qty>
          <Unit>10000</Unit>
        </Qty>
      </SttlmQty>
      <SttlmAmt>
        <Amt Ccy="AED">254500.00</Amt>
        <CdtDbtInd>CRDT</CdtDbtInd>
      </SttlmAmt>
      <SttlmDt>
        <Dt>
          <Dt>2026-10-22</Dt>
        </Dt>
      </SttlmDt>
      <TradDt>
        <Dt>
          <Dt>2026-10-20</Dt>
        </Dt>
      </TradDt>
      <SctiesMvmntTp>DELI</SctiesMvmntTp>
      <Pmt>APMT</Pmt>
      <SttlmParams>
        <SctiesTxTp>
          <Cd>TRAD</Cd>
        </SctiesTxTp>
      </SttlmParams>
      <RcvgSttlmPties>
        <Dpstry>
          <Id>
            <AnyBIC>CSDXAEADXXX</AnyBIC>
          </Id>
        </Dpstry>
        <Pty1>
          <Id>
            <AnyBIC>BANKAEADXXX</AnyBIC>
          </Id>
        </Pty1>
      </RcvgSttlmPties>
    </TxDtls>
  </SctiesSttlmTxStsAdvc>
</Document>

AcctOwnrTxId is the TxId of the original sese.023, so the advice can be matched to the instruction automatically.

Three statuses in one message: accepted (AckdAccptd, no reason), matched (Mtchd), pending with LACK. The MT548 needs three :25D: lines in three STAT blocks to say the same.

Pending, not failing: settlement on 22 October is still possible if the shares arrive. If the date passes without settlement the next advice moves to Flng (PENF). Because the instruction allows partial settlement, the 6,000 shares available can settle first; see the sese.025 example.

The BICs, references, accounts and ISIN are made up.

sese.024 and its MT equivalent

The MT equivalent is the MT548 Settlement Status and Processing Advice with :23G:INST (status of an instruction). An MT548 with :23G:CAST (status of a cancellation request) corresponds to sese.027 instead. The MT548 puts each status in its own repeating STAT block (:25D: with a qualifier) and each reason in a REAS sub-block (:24B: with the same qualifier as the status, plus optional :70D::REAS narrative). The sese.024 groups them by dimension under PrcgSts, MtchgSts and SttlmSts.

Securities messages were not part of Swift’s November 2025 ISO 20022 deadline for payments; MT548 remains in use on FIN, while T2S and its directly connected participants receive sese.024. Many custodians therefore generate both from the same status events. See ISO 20022 migration: securities versus payments.

Common errors and rejects

1. Rejected (REJT): instruction never entered processing

   Read PrcgSts/Rjctd/Rsn. Common codes: SAFE (account unknown or not allowed), DSEC (ISIN), DDAT (date), DQUA (quantity), SETR (transaction type), LATE or ADEA (deadline). A rejected instruction is dead: correct it and send a new one with a new reference.

   How to fix it

2. Unmatched (NMAT) close to settlement date

   The reason code names the differing field. CMIS means the counterparty has not instructed: ask your broker or the counterparty to instruct. Field mismatches (DDAT, DQUA, DMON, ICAG) need one side to cancel and re-instruct.

   How to fix it

3. Pending with LACK on the delivery side

   Your account does not hold enough securities. Check incoming receipts that should settle first, recalls of lent securities and blocked positions (SBLO). If the instruction allows partial settlement, the available part may settle.

   How to fix it

4. Failing (PENF) after the settlement date

   The trade missed its intended date. Find the reason (for example LACK, CLAC, MONY), agree a fix with the counterparty and watch for buy-in rules and settlement fail penalties where your market applies them.

   How to fix it

5. Instruction on hold (PREA, PRCY, CSDH)

   Matched but not settling because an instruction is on hold: PREA yours, PRCY the counterparty’s, CSDH a hold set by the CSD. Release your own hold or ask the counterparty or CSD to release theirs before the cut-off.

   How to fix it

6. Reason code not accepted when translating from MT548

   A converter that copies every :24B: code into the MX can produce an invalid sese.024: reason lists are specific to each status in the MX, and NARR does not exist. Map narrative to AddtlRsnInf and check each code against the list for that status in the version you send.

Related messages

• sese.023Securities Settlement Transaction Instruction
• sese.025Securities Settlement Transaction Confirmation
• MT548Settlement Status and Processing Advice
• MT537Statement of Pending Transactions
• MT540Receive Free
• MT543Deliver Against Payment
• semt.017Securities Transaction Posting Report

• Unmatched instruction (NMAT)
• PEND LACK (lack of securities)
• Failing settlement (PENF)
• Rejected instruction (REJT)
• From instruction to settled position: MT540-548, sese.023/024/025 and the statements that follow.

Codes used in sese.024

• PACK
• REJT
• MACH
• NMAT
• PEND
• PENF
• LACK
• CMIS

sese.024 questions

What is the difference between sese.024 and MT548?

They report the same thing. The MT548 uses one STAT block per status (:25D::IPRC, MTCH, SETT) and :24B: for reasons. The sese.024 groups the statuses under PrcgSts, MtchgSts and SttlmSts, uses code lists specific to each status, and puts the instruction’s reference in TxId/AcctOwnrTxId.

What is the difference between pending and failing in sese.024?

SttlmSts/Pdg (PEND) means the instruction has not settled but can still settle on its intended date. SttlmSts/Flng (PENF) means settlement on that date is no longer possible. The reason codes in both say what is missing.

Where is the reason code in a sese.024?

Under the status it explains: for example SttlmSts/Pdg/Rsn/Cd/Cd for a pending reason, MtchgSts/Umtchd/Rsn/Cd/Cd for an unmatched reason, PrcgSts/Rjctd/Rsn/Cd/Cd for a rejection. A market-specific code sits in Rsn/Cd/Prtry with its issuer, and text in Rsn/AddtlRsnInf.

Which sese.024 version does T2S send?

sese.024.001.12 since release R2026.JUN (business day 15 June 2026), replacing sese.024.001.10. Release R2026.NOV moves T2S to sese.024.001.14; Clearstream reports that deployment for business day 30 November 2026.

Does a sese.024 report a cancellation request?

It reports the effect on the instruction, for example cancelled (PrcgSts/Canc) or cancellation pending (PrcgSts/PdgCxl). The status of the cancellation request message itself is a sese.027, the MX form of an MT548 with :23G:CAST.