Mexico: MT54X Settlement instruction format requirements
Clearstream Banking1 informs customers that it is important to follow the relevant formatting guidelines and considerations related to MT54X messages. This is critical to enable a straight through processing environment and to avoid any repair fees or delays in customer’s transactions in the market. Effective
1 November 2021
customers are requested to follow the market standards for settlement of transactions to eliminate the risk of rejection of messages.
Impact on customers
Customers should be aware that incorrectly formatted instructions will be considered as repairs, entailing a risk of delays to settlement. Customers will need to cancel the settlement instruction and reinstruct correctly, after receiving an MT548 with the pertinent fail code.
Instruction format required
Following local market SWIFT standards, the counterparty’s safekeeping account should not be included under the REAG or DEAG fields of an MT54X message. The use of a safekeeping account number, an Indeval account number or local broker code under the REAG or DEAG settlement party will cause the instruction to stop for repair and it will affect the STP rate and processing timelines at Citibanamex.
When identifying the Delivering/Receiving Agent in settlement instructions customers must consider the importance of correctly using the BIC or the broker code.
Furthermore, customers are strongly advised not to use the option 95Q for the DEAG/REAG field as a counterparty's name to avoid rejection and delays.
REAG/DEAG can be mixed with any of the SWIFT options 95P and 95R below:
Note: if the BIC is used to identify the Seller/Buyer, the safekeeping account of the respective ordering party/beneficiary must be provided.
SWIFT MT54X (DEAG or REAG)
:95R::REAG or DEAG /INDE/Broker Code
:95P::REAG or DEAG//BIC
The revised instruction specifications for Xact via SWIFT and Xact File Transfer and Xact Web Portal Instruction specifications are published in the Market Link Guide – Mexico on the Clearstream website. For further information, customers may contact Clearstream Banking Client Services or their Relationship Officer.
1. Clearstream Banking refers collectively to Clearstream Banking S.A., registered office at 42, avenue John F. Kennedy, L-1855 Luxembourg, and registered with the Luxembourg Trade and Companies Register under number B-9248, and Clearstream Banking AG (for Clearstream Banking AG customers using Creation Accounts), registered office at 61, Mergenthalerallee, 65760 Eschborn, Germany and registered in Register B of the Amtsgericht Frankfurt am Main, Germany under number HRB 7500.