sese.025 Securities Settlement Transaction Confirmation

When sese.025 is used

The sese.025 closes the loop opened by a sese.023. After the instruction has been accepted and matched (reported in sese.024), the account servicer sends a sese.025 as soon as the securities and, for an against-payment trade, the cash have moved. Back offices use it to book the settled position and cash, release the trade from their fails list and update the client.

As with the instruction, two elements say what kind of settlement it is: TxIdDtls/SctiesMvmntTp (RECE or DELI) and TxIdDtls/Pmt (FREE or APMT). RECE + FREE corresponds to MT544, RECE + APMT to MT545, DELI + FREE to MT546 and DELI + APMT to MT547.

When an instruction settles in parts, each part gets its own sese.025. AddtlParams/PrtlSttlm marks the confirmation as partial: PAIN when part of the instruction is still open, PARC when it is a partial settlement and no further settlement will follow. The settled quantity of this confirmation is in QtyAndAcctDtls/SttldQty; the quantities already settled and still to settle are in PrevslySttldQty and RmngToBeSttldQty.

In T2S, T2S sends the sese.025 once a settlement instruction has settled (as described in the T2S UDFS text quoted in change request T2S-0859-SYS). A settlement that is later undone is not shown by a new sese.025 but by a reversal advice (sese.026, the MX form of MT544 to MT547 with :23G:RVSL). Positions and postings over a period are reported in statements such as semt.017.

Versions in common use

sese.025 key elements

Paths are relative to Document/SctiesSttlmTxConf. Occurrence is from the base message (sese.025.001.11); market practice such as CBPR+ or a CSD’s rules can make an optional element mandatory or forbid it.

Rules worth knowing

• One confirmation per settlement event. A full settlement gives one sese.025 without AddtlParams/PrtlSttlm; partial settlements give one sese.025 per part, all carrying the same AcctOwnrTxId. Book each part as it arrives and close the instruction only when nothing remains.
• PARC means two different things in this message. In SttlmParams/PrtlSttlmInd it is the instruction’s allowance (partial settlement only above a minimum cash value). In AddtlParams/PrtlSttlm it says this confirmation is partial and no further settlement will take place. Read the element, not just the code.
• Quantities and amounts in a partial confirmation should add up: settled now plus previously settled plus remaining equals the instructed quantity, and the same for the cash.
• The effective settlement date is the date to use for positions, cash and any late settlement checks. The intended date in TradDtls/SttlmDt is only repeated for reference.
• A sese.025 is final for that settlement. If the account servicer has to undo it, it sends a reversal advice (sese.026), not a corrected sese.025.

sese.025 XML example

Continuing the trade from the sese.023 and sese.024 pages: ZAGTAEADXXX instructed delivery of 10,000 shares of AEZAGT000016 against AED 254,500.00, with partial settlement allowed, and only 6,000 shares were available. At 11:42 Dubai time on 22 October 2026 the 6,000 shares settle against AED 152,700.00 (6,000 at AED 25.45). The custodian confirms the partial settlement; 4,000 shares and AED 101,800.00 remain open. In MT terms this is an MT547 with :22F::PARS//PAIN.

<?xml version="1.0" encoding="UTF-8"?>
<Document xmlns="urn:iso:std:iso:20022:tech:xsd:sese.025.001.11">
  <SctiesSttlmTxConf>
    <TxIdDtls>
      <AcctOwnrTxId>ZTDEL2610200001</AcctOwnrTxId>
      <AcctSvcrTxId>CUST2610-778812</AcctSvcrTxId>
      <MktInfrstrctrTxId>CSDX261021004417</MktInfrstrctrTxId>
      <SctiesMvmntTp>DELI</SctiesMvmntTp>
      <Pmt>APMT</Pmt>
    </TxIdDtls>
    <AddtlParams>
      <PrtlSttlm>PAIN</PrtlSttlm>
    </AddtlParams>
    <TradDtls>
      <TradDt>
        <Dt>
          <Dt>2026-10-20</Dt>
        </Dt>
      </TradDt>
      <SttlmDt>
        <Dt>
          <Dt>2026-10-22</Dt>
        </Dt>
      </SttlmDt>
      <FctvSttlmDt>
        <Dt>
          <DtTm>2026-10-22T11:42:05+04:00</DtTm>
        </Dt>
      </FctvSttlmDt>
    </TradDtls>
    <FinInstrmId>
      <ISIN>AEZAGT000016</ISIN>
    </FinInstrmId>
    <QtyAndAcctDtls>
      <SttldQty>
        <Qty>
          <Unit>6000</Unit>
        </Qty>
      </SttldQty>
      <RmngToBeSttldQty>
        <Unit>4000</Unit>
      </RmngToBeSttldQty>
      <RmngToBeSttldAmt>
        <Amt Ccy="AED">101800.00</Amt>
        <CdtDbtInd>CRDT</CdtDbtInd>
      </RmngToBeSttldAmt>
      <SfkpgAcct>
        <Id>ZAG-SAFE-0001</Id>
      </SfkpgAcct>
    </QtyAndAcctDtls>
    <SttlmParams>
      <SctiesTxTp>
        <Cd>TRAD</Cd>
      </SctiesTxTp>
      <PrtlSttlmInd>PART</PrtlSttlmInd>
    </SttlmParams>
    <RcvgSttlmPties>
      <Dpstry>
        <Id>
          <AnyBIC>CSDXAEADXXX</AnyBIC>
        </Id>
      </Dpstry>
      <Pty1>
        <Id>
          <AnyBIC>BANKAEADXXX</AnyBIC>
        </Id>
      </Pty1>
      <Pty2>
        <Id>
          <AnyBIC>BRKRAEADXXX</AnyBIC>
        </Id>
      </Pty2>
    </RcvgSttlmPties>
    <SttldAmt>
      <Amt Ccy="AED">152700.00</Amt>
      <CdtDbtInd>CRDT</CdtDbtInd>
    </SttldAmt>
  </SctiesSttlmTxConf>
</Document>

DELI + APMT: a delivery against payment, the MX form of an MT547.

PrtlSttlm PAIN: partial, more to come. When the remaining 4,000 shares settle, a second sese.025 confirms them with SttldQty 4,000 and PrevslySttldQty 6,000.

FctvSttlmDt uses a date and time with the UTC offset (+04:00 for Dubai). TradDtls/SttlmDt repeats the intended date.

SttldAmt is CRDT: the seller was credited AED 152,700.00 for the shares delivered.

All BICs, references, accounts and the ISIN are made up.

sese.025 and its MT equivalent

sese.025 replaces four ISO 15022 confirmations: MT544 (receive free), MT545 (receive against payment), MT546 (deliver free) and MT547 (deliver against payment). The MT type becomes SctiesMvmntTp plus Pmt. The matching instruction pages are MT540 to MT543 and sese.023.

Securities messages were not part of Swift’s November 2025 ISO 20022 deadline for cross-border payments, and MT544 to MT547 remain in use on FIN. T2S and its directly connected participants receive sese.025; other participants typically get an MT54x from their CSD or custodian. See ISO 20022 migration: securities versus payments.

Common errors and rejects

1. Confirmation does not match any open instruction

   The AcctOwnrTxId is not one of yours, or your system stored a different reference. Check whether the instruction was sent under another reference or entered by the account servicer on your behalf, and reconcile against the custody statement (MT536 or semt.017).

2. Partial confirmation booked as full

   Ignoring AddtlParams/PrtlSttlm and RmngToBeSttldQty closes the trade too early. The remaining part then shows up as an unexplained pending item or a break. Close the instruction only when no quantity remains or a PARC confirmation says no more will settle.

   How to fix it

3. Settled amount differs from the instructed amount

   For a partial, the settled amount covers only the part settled. For a full settlement a difference usually comes from the matching tolerance or from charges; compare SttldAmt with OthrAmts and the trade confirmation before raising a claim.

4. Effective date later than intended settlement date

   The trade settled late. Check the earlier sese.024 advices for the failing reason (LACK, CLAC, MONY and so on) and whether late settlement penalties or claims apply in your market.

   How to fix it

5. Settlement reversed after confirmation

   A settled transaction can be reversed by the account servicer, for example after an error. That arrives as a reversal advice (sese.026), not as a new sese.025; reverse the booking and re-open the instruction if it must settle again.

Related messages

• sese.023Securities Settlement Transaction Instruction
• sese.024Securities Settlement Transaction Status Advice
• MT544Receive Free Confirmation
• MT545Receive Against Payment Confirmation
• MT546Deliver Free Confirmation
• MT547Deliver Against Payment Confirmation
• MT548Settlement Status and Processing Advice
• semt.017Securities Transaction Posting Report
• MT536Statement of Transactions

• From instruction to settled position: MT540-548, sese.023/024/025 and the statements that follow.
• Securities messages stay on ISO 15022 alongside ISO 20022 after the November 2025 payments switch; the MT to MX map.

Codes used in sese.025

• TRAD
• PART
• LACK

sese.025 questions

What is the difference between sese.025 and MT545 or MT547?

The content is the same. The four MT confirmations differ only in direction and payment; sese.025 states both in SctiesMvmntTp and Pmt. An MT545 is a sese.025 with RECE and APMT; an MT547 is one with DELI and APMT.

Where is the effective settlement date in sese.025?

In TradDtls/FctvSttlmDt, as a date (Dt/Dt) or a date and time (Dt/DtTm). It is mandatory. In the MT it is :98a::ESET.

How does sese.025 show a partial settlement?

AddtlParams/PrtlSttlm is PAIN (part settled, rest still open) or PARC (part settled, nothing more will settle). SttldQty is the part settled now; PrevslySttldQty and RmngToBeSttldQty show the earlier and remaining parts.

Which sese.025 version does T2S use?

sese.025.001.11 since release R2026.JUN (business day 15 June 2026), replacing sese.025.001.09. Release R2026.NOV moves T2S to sese.025.001.13; Clearstream reports that deployment for business day 30 November 2026.

Is a sese.025 sent for a failed or cancelled instruction?

No. A sese.025 confirms settlement only. Failing, pending and cancelled states are reported in sese.024 (MT548), and a reversal of a settled transaction in sese.026.