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ISO 15022
Data Field Dictionary

MT558: (15) Field 24B: Reason Code

FORMAT

Option B :4!c/[8c]/4!c (Qualifier)(Data Source Scheme)(Reason Code)

PRESENCE

Mandatory in optional subsequence A2a

QUALIFIER

(Error code(s): T89)

Order

M/O

Qualifier

R/N

CR

Options

Qualifier Description

1

M

CAND

N

 

B

Cancellation Reason

 

or

DEND

N

 

B

Denied Reason

 

or

NMAT

N

 

B

Unmatched Reason

 

or

PEND

N

 

B

Pending Reason

 

or

REJT

N

 

B

Rejection Reason

 

or

CANP

N

 

B

Pending Cancellation Reason

DEFINITION

This qualified generic field specifies:

CAND

Cancellation Reason

Specifies the reason why the instruction is cancelled.

CANP

Pending Cancellation Reason

Specifies the reason why a cancellation request sent for the related instruction is pending.

DEND

Denied Reason

Specifies the reason why the request was denied.

NMAT

Unmatched Reason

Specifies the reason why the instruction has an unmatched status.

PEND

Pending Reason

Specifies the reason why the cancellation or replacement has a pending status.

REJT

Rejection Reason

Specifies the reason why the instruction/request has a rejected status.

CODES

If Qualifier is CAND and Data Source Scheme is not present, Reason Code must contain one of the following codes:

CANI

Cancelled By Yourselves

Instruction has been cancelled as per your request.

CANS

Cancelled By System

Instruction has been cancelled by the settlement system.

CSUB

Cancelled By Agent

Instruction has been cancelled by the agent.

EXPI

Expired

Instruction has expired.

NARR

Narrative Reason

See narrative field for reason.

CODES

If Qualifier is DEND and Data Source Scheme is not present, Reason Code must contain one of the following codes:

DCAL

Call Denied Since Applied

Request was denied since another request applies.

DCAN

Denied Since Cancelled

Request was denied since the instruction has been cancelled.

DFOR

Denied Since not Allowed Request was denied

Call not allowed on the concerned repo, for example, out of delay.

DPRG

Denied Since in Progress

Request was denied because the process of settlement or processing is already in progress.

DREP

Denied Since Repo Ended

Request was denied because the transaction has already reached the end of its lifecycle.

DSET

Denied Since Settled

Request was denied because the instruction was settled or executed.

LATE

Market Deadline Missed

Received after market deadline.

NARR

Narrative Reason

See narrative field for reason.

CODES

If Qualifier is NMAT and Data Source Scheme is not present, Reason Code must contain the following code:

CPCA

Cancelled by Counterparty

Counterparty cancelled their instruction.

CODES

If Qualifier is PEND and Data Source Scheme is not present, Reason Code must contain one of the following codes:

FUTU

Future

All checks relative to the instruction are successful.

PRCY

Counterparty Instruction on Hold

Counterparty's instruction is on hold/frozen/in a preadvice mode.

PREA

Your Instruction on Hold

Your instruction is on hold/frozen/in a preadvice mode.

PRSY

On Hold by System

The transaction was put on hold by the system.

CODES

If Qualifier is REJT and Data Source Scheme is not present, Reason Code must contain one of the following codes:

CURR

Currency Code Invalid

The Currency code is invalid or is not acceptable to the service provider.

DDAT

Settlement or Execution Requested Date Rejection

Invalid settlement or execution requested date.

DTRD

Trade Date Rejection

Trade Date is missing or invalid for the instruction.

NARR

Narrative Reason

See narrative field for reason.

PTYR

Party Rejection

One or more party is not valid, unknown or not authorized to instruct.

REFE

Reference Rejection

One or more references are missing, invalid or unknown in the system for the instruction.

RERT

Rate Rejection

Rate is missing or invalid for the instruction.

TERM

Closing Date Rejection

Invalid closing date.

TRXR

Transaction Rejection

The transaction could not be found or could not be uniquely defined.

TRXT

Transaction Type Invalid

The type of transaction is not valid or authorized.

CODES

If Qualifier is CANP and Data Source Scheme is not present, Reason Code must contain the following code:

CONF

Awaiting Confirmation

Awaiting confirmation of cancellation from the counterparty.

USAGE RULES

For qualifiers REJT and DEND:

If code NARR is used, fields 70D in Seq A2a must be filled in.