MT543 — Deliver Against Payment
The seller-side mirror of MT541. The asset manager (or its broker) instructs the custodian to deliver securities against a simultaneous cash credit — the indivisible other half of a DvP trade.
Purpose
MT543 asks the custodian to deliver securities against payment. The source securities account is debited at the exact moment the beneficiary cash account is credited for the corresponding amount. The settlement engine treats the operation atomically: both legs settle together or none do.
Typically issued by the executing broker (or by the asset manager in a direct workflow) after MT515 matching. Must match an MT541 on the buyer side, with strictly identical quantity, settlement date, cash amount and ISIN.
Sequence structure
Identical to MT541:
GENL / TRADDET / FIAC / SETDET / SETPRTY / AMT. Difference: the securities account is
debited, the cash account is credited, and the chain of agents uses
:95P::REAG// for the buyer-side custodian.
Key tags
| Tag | Name | Usage |
|---|---|---|
:22F::SETR//TRAD | Settlement Transaction Type | TRAD = trade (with cash leg). |
:22H::PAYM//APMT | Payment Indicator | APMT (Against Payment) — defines the MT543. |
:19A::SETT// | Settlement Amount | Cash amount to receive. |
:36B::SETT// | Settlement Quantity | Quantity to deliver. |
:97A::SAFE// | Safekeeping Account | Securities account to debit. |
:95P::REAG// | Receiving Agent | BIC of the buyer-side custodian. |
Real-world example
Northern Trust (executing broker) instructs Clearstream Luxembourg to deliver 200
Apple Inc. shares from account 77,777,777, against USD 37,950 payment, to BNP Paribas
(BNPAFRPP) account 12,345,678, T+1 settlement on 16 May 2026:
{1:F01NTRSUS33XXXX0000000000}{2:I543CEDELULLAXXXN}{3:{108:DELP20260515001}}{4:
:16R:GENL
:20C::SEME//DELP20260515001
:20C::RELA//CONF20260515001
:23G:NEWM
:98A::PREP//20260515
:16S:GENL
:16R:TRADDET
:94B::TRAD//EXCH/XNAS
:98A::SETT//20260516
:98A::TRAD//20260515
:90B::DEAL//ACTU/USD/189,75
:35B:ISIN US0378331005
APPLE INC
:16S:TRADDET
:16R:FIAC
:36B::SETT//UNIT/200,
:97A::SAFE//77777777
:16S:FIAC
:16R:SETDET
:22F::SETR//TRAD
:22H::PAYM//APMT
:16R:SETPRTY
:95P::REAG//BNPAFRPPXXX
:97A::SAFE//12345678
:16S:SETPRTY
:16R:AMT
:19A::SETT//USD37950,00
:16S:AMT
:16S:SETDET}:22H::PAYM//APMT— delivery against payment.:19A::SETT//USD37950,00— cash amount to receive (200 × 189.75).:97A::SAFE//77777777— Northern Trust securities account to debit.:95P::REAG//BNPAFRPPXXX— BNP Paribas as receiving agent.:97A::SAFE//12345678— BNP Paribas securities account to credit (REAG side).
Common pitfalls
- Cash amount mismatch — the
:19A::SETT//amount must be strictly identical to the buyer's MT541. A commission included on one side but not the other breaks matching. - FREE instead of TRAD — a
:22F::SETR//FREEin an MT543 erases the cash leg: delivery happens with no payment received. Risk management loophole. - Cash account currency — the custodian must be able to credit the
:19A::SETT//currency. If only EUR is available for a European seller but the sale is in USD, pre-FX or open a USD account. - DvP cut-off — on major settlement engines (T2S, DTCC, Euroclear Bank), DvP cut-off is earlier than FoP (typically 14:00 vs 16:00). A late instruction rolls to T+1.
- SELR omitted — the ultimate investor (real seller) must be identified via SELR for MiFID II / SFTR reporting. The asset manager is only an agent.
ISO 20022 equivalent
- sese.023 — Securities Settlement Transaction Instruction (DELI + APMT).
- sese.022 — Status Advice.
- sese.011 — Allegement Notification.