MT537 Statement of Pending Transactions - Introduction of additional query types - Update


Note: This announcement, originally published on 2 February 2022, has been updated following Announcement D22011, where CBF informed that the deployment date for T2S Release 6.0 is postponed. Changes have been highlighted.

Clearstream Banking AG, Frankfurt1 informs customers about the future choice of pending instructions to be reported in the message type “MT537 Statement of Pending Transactions” in the SWIFT standard ISO 15022. As of now, the new selection options can be defined in the message configuration.


With the implementation of phase two of the Stock Exchange Transactions Go OTC (SET-GO) project, which harmonises the settlement of non-cleared stock exchange transactions on TARGET2-Securities (T2S) with the processing of OTC transactions ("OTC-like mode"), CBF will provide changes in settlement reporting. The change affects securities held in collective safe custody (CSC) and securities held in non-collective safe custody via T2S (NCSC-T).

In November 2021, CBF prepared the CASCADE Online functionality for the migration in July 2022. At the same time, configuration details related to the settlement reporting for the automated connectivity channels SWIFT, MQ and File Transfer (FT) were adapted.

In particular, new query types were introduced for the reporting of pending instructions (MT537 Statement of Pending Transactions) in order to continue to allow the existing differentiation between instructions for stock exchange trades and for OTC transactions. Customers using straight-through processing (STP) will be able to choose whether they want to receive the reporting for pending instructions separately according to the business processes for stock exchange and OTC transactions as before or if they prefer to receive a joint reporting.

Implementation approach

The previous message configuration for OTC instructions remains unaffected by the new features. Non-cleared exchange trades ("non-CCP SE") will become an integral part of CASCADE reporting. The existing message configurations for Business Validation Feedback and other status messages (MT548) as well as Settlement Confirmations (MT54x) will provide information on non-CCP SE.

In addition to the existing query types established for obtaining the MT537 Statement of Pending Transactions for CASCADE instructions, customers will in future be able to make a distinction in CASCADE reporting for instructions from stock exchange trades and OTC transactions.

As of now, the following query types are available for configuration:


Related instructions

1S and 2S

Delivery and Receipt Instructions for non-CCP SE trades

1A and 2A

Delivery and Receipt Instructions:

  • for OTC-Transactions and
  • non-CCP SE trades

Table 1 – New query types for MT537

The following overview shows the previous compared to the future MT537 reporting for non-CCP SE trades:

Existing LION Service
today’s definition

New selection options in CASCADE product set up:

Query type / Query instruction type / Query selection

Reporting of new non-CCP SE trades (Tagesgeschäfte)

All new SE:

02 / 1S, 2S / 002

Reporting of changes in SE

All changed SE:

02 / 1S, 2S / 010

Table 2 – New selection options in the CASCADE reporting

The options for delta and complete reporting will continue to exist. The customer can also continue to define at which times the report is to be provided and whether all instructions, exclusively newly entered instructions (for instance daily transactions from exchange settlement) or exclusively instructions whose settlement status has changed are to be reported. It is important that an identical technical receiver is stored for one CBF account throughout the whole configuration.

To keep the existing reporting scope, the field "Complete/Updates Indicator” (:22F::CODE) will be added to the CASCADE MT537 OTC Reporting with the known values "DELT" (delta) and "COMP" (complete).

At present, the CASCADE MT537 OTC reporting shows the field "Transaction Details Narrative" (:70E::TRDE). The previous value "QRYR" (Query Request Type) will also be used for non-CCP SE in the future. Customers will receive the information on the basis of which configuration the message was generated. The query and reporting type are provided, that is, for example :70E::TRDE//QRYR//Q02-1A.

In the future, the field "Statement Frequency Indicator" (:22F::SFRE) will no longer be supported, as it was previously used exclusively in LION MT537 reporting.

The future reporting of cancellations differs from the information previously provided by LION with an MT537. From July 2022, cancellations will be displayed by CASCADE with the message type MT548 Settlement Status and Processing Advice.

Transmission times

With the deployment of SET-GO CSD Migration (Phase 2) on 4 July 2022, the transmission times of MT537 messages of LION and of CASCADE applications will be harmonised. This will result in the following changes. The present transmission time:

  • At 19:20 will shift to 21:30;
  • At 21:00 will in future take place at 02:00.

Customer impact

Customers who receive OTC reporting at present will continue to receive the defined services for CASCADE after the implementation of SET-GO. Customers who wish to receive messages for non-CCP SE via the existing CASCADE reporting in the future are requested to order the message configuration via the updated form "52 CBF Statement of Pending Transactions MT537" attached below and on the Settlement Reports page. As of now, the form can be submitted with two legally binding signatures. For a transmission starting on 1 July 2022, the latest submission date is 24 June 2022.

The existing message configuration for LION remains productive during an interim period after migration. This ensures that the LION cancellation reporting can be transmitted in the days following the migration. Further information on LION cancellation reporting will be provided in the Customer Migration Guide for SET-GO Phase 2. If customers wish to cancel LION cancellation reporting during the interim period that ends on the next release date, the request should not be made before 6 July 2022.

After the successful completion of SET-GO CSD Migration and once the last LION reporting has been generated, the previously separate MT537 reporting to Branches (“Reg-Über Filialen”) will no longer exist.

In addition to the guidance on the configuration of the MT537, CBF would like to remind customers that modification request for pending non-CCP SEs (for example release or hold, partial release request) needs to be provided from 4 July 2021 onwards using an MT530 Processing Command. Details can be found in Announcement D21021 ("MT530 Transaction Processing Command - Service Upgrade").

Customers acting in DCP mode are not impacted by these changes. The message configuration established on T2S remains unaffected. 

Customer simulation

During the SET-GO Customer Simulation, customers have the opportunity to set up test cases in the CBF customer simulation environment (IMS23) with regard to the new options for the reporting of pending transactions. More details on the test planning are available in the “CBF July Release 2022 Customer Simulation Guideline”.

In IMS23, changes to the subscription of MT537 messages required for this purpose can be ordered via the updated form "52 CBF Statement of Pending Transactions MT537". When filling out the form, customers must select the option "Simulation" on the first page and consider the suggested definitions ("Recommended Setups") when making the selection. Customers were requested to submit the form by 18 March 2022. In contrast to production, the order given by the customer is implemented as soon as possible in the message configuration, so that the indication of a date (Validity) is not necessary.

Next steps

Settlement reporting differentiated by business type (Stock Exchange instructions only, OTC instructions only, and all instructions) for non-cleared stock exchange trades in custody type CSC and NCSC-T will be offered via the CBF message configuration. It is planned that these reporting options will also be made available via ClearstreamXact. A separate customer announcement will inform about the related implementation approach.


If there are questions, please contact your Relationship Officer. Particular questions related to the additional MT537 query types will be routed to the experts of the CBF Settlement Functionality team.


1. This Announcement is published by Clearstream Banking AG (CBF), registered office at Mergenthalerallee 61, 65760 Eschborn, Germany, registered with the Commercial Register of the District Court in Frankfurt am Main, Germany, under number HRB 7500.