sese.011 — Securities Settlement Transaction Allegement Notification
The "your mirror is missing" alert. A CSD or custodian tells its client that a counterparty has already submitted a settlement instruction and that the client's mirror is awaited — this is the allegation that drives matching.
Purpose and place in the flow
sese.011 is issued by a CSD (Central Securities Depository) or custodian when a counterparty in a transaction has already submitted its settlement instruction (sese.023) but the client has not yet submitted its own. Matching fails, and the CSD alleges that the client's instruction is awaited.
The client must then: verify the allegation against its internal book, and either submit a mirror sese.023 instruction (to match and settle), or ignore the allegation if it matches no known transaction (alert the counterparty to identify the error).
XML structure
sese.011 is wrapped in <Document> then
<SctiesSttlmTxAllgmtNtfctn>. Main blocks:
- Id — Triple identifier: AcctOwnrTxId (client side), AcctSvcrTxId (CSD side), CmonId (common matching ID).
- SttlmTpAndAddtlParams — Movement type (RECE/DELI), payment indicator (APMT/FREE).
- TradDtls — Trade and settlement dates.
- FinInstrmId — ISIN.
- QtyAndAcctDtls — Quantity and securities account.
- DlvrgSttlmPties / RcvgSttlmPties — Delivery / receive chain of agents.
- SttlmAmt — Cash amount + debit/credit indicator.
Key fields
| Element | Name | Usage |
|---|---|---|
AcctOwnrTxId | Account Owner Tx ID | Expected reference on the account-owner side (to be used in the mirror instruction). |
AcctSvcrTxId | Account Servicer Tx ID | Internal CSD reference. |
CmonId | Common Identification | Unique pair-matching identifier on the CSD side. |
SctiesMvmntTp | Securities Movement Type | RECE (receive) or DELI (deliver). |
Pmt | Payment | APMT (against payment) or FREE. |
FinInstrmId/ISIN | ISIN | Security identifier. |
SttlmQty | Settlement Quantity | Quantity to settle. |
SttlmAmt | Settlement Amount | Cash amount if APMT. |
XML example
T2S notifies BNP Paribas that a transaction is awaited: receipt (RECE) of 200 Apple
Inc. against USD 37,950 payment, delivery from Northern Trust
(NTRSUS33), settlement 16 May 2026. BNP must submit the mirror
sese.023 to match:
<?xml version="1.0" encoding="UTF-8"?>
<Document xmlns="urn:iso:std:iso:20022:tech:xsd:sese.011.001.09">
<SctiesSttlmTxAllgmtNtfctn>
<Id>
<AcctOwnrTxId>BNP-ALG-20260516-001</AcctOwnrTxId>
<AcctSvcrTxId>T2S-ALG-20260516-987654</AcctSvcrTxId>
<CmonId>T2S-CMN-20260516-555</CmonId>
</Id>
<SttlmTpAndAddtlParams>
<SctiesMvmntTp>RECE</SctiesMvmntTp>
<Pmt>APMT</Pmt>
</SttlmTpAndAddtlParams>
<TradDtls>
<TradDt><Dt><Dt>2026-05-15</Dt></Dt></TradDt>
<SttlmDt><Dt><Dt>2026-05-16</Dt></Dt></SttlmDt>
</TradDtls>
<FinInstrmId>
<ISIN>US0378331005</ISIN>
</FinInstrmId>
<QtyAndAcctDtls>
<SttlmQty>
<Qty>
<Unit>200.0000</Unit>
</Qty>
</SttlmQty>
<SfkpgAcct>
<Id>12345678</Id>
</SfkpgAcct>
</QtyAndAcctDtls>
<SttlmParams>
<SctiesTxTp><Cd>TRAD</Cd></SctiesTxTp>
</SttlmParams>
<DlvrgSttlmPties>
<Dpstry>
<Id><AnyBIC>NTRSUS33</AnyBIC></Id>
</Dpstry>
</DlvrgSttlmPties>
<SttlmAmt>
<Amt Ccy="USD">37950.00</Amt>
<CdtDbtInd>DBIT</CdtDbtInd>
</SttlmAmt>
</SctiesSttlmTxAllgmtNtfctn>
</Document>Common pitfalls
- Allegation on unknown transaction — alert the counterparty immediately: input error, or worse, fraud attempt.
- Blind copy of the allegation — never regenerate a sese.023 from a sese.011 without checking parameters against the internal book. Risk of overpayment, unauthorised delivery.
- Allegation after cut-off — if sese.011 arrives after settlement cut-off, the mirror instruction is rejected. Push to next day.
- Multiple allegations — several sese.011 can be issued for the same transaction if parameters differ. Identify the exact triple ID to match.
- CmonId not preserved — the
CmonIdmust be copied into the mirror instruction to ensure mutual identification.