setr.002 — Subscription Order Cancellation Request

The cancellation request for an investment-fund subscription order, before NAV cut-off execution. Building block of the Vestima / Fundsettle post-trade flow for the lifecycle of subscription orders.

Purpose and place in the flow

setr.002 asks the transfer agent to cancel a subscription order previously sent via setr.001 (single) or setr.010 (bulk). Cancellation is possible as long as the order has not been executed at NAV cut-off (typical 12:00 or 13:00 local for European UCITS). After cut-off, cancellation becomes an amendment of the next order or requires an opposite redemption order.

Flow context: the investor sends setr.001 in the morning; for a business reason (strategy change, input error) it sends setr.002 before cut-off; the TA responds with setr.003 confirming the cancellation or rejecting it if the order has already been picked up for execution.

XML structure

setr.002 is wrapped in <Document> then the root <SbcptOrdrCxlReq>. Structure:

• MsgId — Unique cancellation message identifier + CreDtTm.
• PrvsRef (Previous Reference) — Original setr.001 reference.
• MltplOrdrDtls (Multiple Order Details) — Details of the order(s) to cancel.
• MstrRef (Master Reference) — Master order reference.
• CxlByOrdrDtls (Cancel by Order Details) — Precise identification and reason.

Key fields

• MsgId/Id — Unique cancellation identifier (max 35 chars).
• PrvsRef/Ref — Original setr.001 reference (= MsgId/Id of the message being cancelled).
• MltplOrdrDtls/MstrRef — Master order reference (= OrdrRef of the setr.001).
• MltplOrdrDtls/OrdrRef — Individual order reference being cancelled.
• CxlByOrdrDtls/FinInstrmDtls/Id/ISIN — Fund ISIN (12 chars ISO 6166).
• CxlByOrdrDtls/CxlRsn/Cd — Cancellation reason code. External codes: CUST (customer request), DUPL (duplicate), TECH (technical), BUSI (business reason).

XML example

ACME SARL cancels a setr.001 sent 90 minutes earlier: cancellation for customer reason (strategy change), before the 12:00 CET NAV cut-off:

<?xml version="1.0" encoding="UTF-8"?>
<Document xmlns="urn:iso:std:iso:20022:tech:xsd:setr.002.001.04">
  <SbcptOrdrCxlReq>
    <MsgId>
      <Id>ACME-SBCXL-20260516-001</Id>
      <CreDtTm>2026-05-16T11:00:00+02:00</CreDtTm>
    </MsgId>
    <PrvsRef>
      <Ref>ACME-SBSC-20260515-001</Ref>
    </PrvsRef>
    <MltplOrdrDtls>
      <MstrRef>ACME-SBSC-2026-187</MstrRef>
      <OrdrRef>ACME-SBSC-2026-187</OrdrRef>
      <CxlByOrdrDtls>
        <FinInstrmDtls>
          <Id>
            <ISIN>FR0010315770</ISIN>
          </Id>
        </FinInstrmDtls>
        <CxlRsn>
          <Cd>CUST</Cd>
        </CxlRsn>
      </CxlByOrdrDtls>
    </MltplOrdrDtls>
  </SbcptOrdrCxlReq>
</Document>

Versions

Common pitfalls

• Wrong PrvsRef — without the right reference, the TA cannot identify the order to cancel. The cancellation is rejected as order not found.
• Cancellation after cut-off — a setr.002 sent after NAV cut-off is rejected. Know the exact cut-off time per fund (varies by TA).
• Missing or non-standard reason code — CxlRsn/Cd must use the published ISO 20022 external codes. A proprietary code blocks STP processing.
• Missing ISIN — for bulk orders covering multiple funds, the ISIN in CxlByOrdrDtls is needed to cancel the right order item.
• Partial cancellation — setr.002 cancels the entirety of the order. To amend an existing order (qty, price), send a new setr.001 (previous one cancelled) rather than a direct amendment.

Related messages

• setr.001 — Subscription Order (original order being cancelled).
• setr.003 — Subscription Order Cancellation Status Report (reply to setr.002).
• setr.005 — Subscription Bulk Order (bulk variant).
• setr.012 — Subscription Bulk Order Confirmation.
• setr.013 — Switch Order (alternative after cut-off).