sese.025 — Securities Settlement Transaction Confirmation

The final settlement confirmation of a securities transaction. Sent by the CSD to the participant after a successful settlement: datetime, settled quantity, counterparty. The terminal message of the T2S cycle and equivalents — the legal proof of ownership transfer.

Purpose and place in the flow

sese.025 definitively confirms that a securities settlement transaction has been successfully executed at the CSD. It carries the exact settlement datetime (typically the T2S RTGS window time), the effectively settled quantity (may differ from the original sese.023 in partial settlement), and the counterparty identifier.

T2S flow context: after sese.023 (instruction) and several sese.024 (status changes), if all goes well the last step is sese.025 (confirmation). The participant uses sese.025 to: (1) update its securities inventory, (2) trigger the ownership-transfer bookkeeping entries, (3) close the suspense if the counterparty also sends its own mirror sese.025.

XML structure

sese.025 is wrapped in <Document> then the root <SctiesSttlmTxConf>. Structure:

• TxId — CSD transaction identifier.
• Lnkgs — Reference to the original instruction (sese.023).
• TradDtls — Trade details (dates, instructed quantity).
• FinInstrmId — Security ISIN.
• SttlmParams — Settlement type (TRAD = trade, REPO = repo, etc.).
• SttldQty — Effectively settled quantity (may differ in partial settlement).
• SttldDtTm — Exact settlement datetime (ISO 8601 with timezone).

Key fields

• TxId — CSD identifier (max 35 chars).
• Lnkgs/Ref/AcctOwnrTxId — Participant reference.
• TradDtls/SttlmDt/Dt — Initially expected settlement date.
• TradDtls/SttlmQty/Qty/Unit — Instructed quantity.
• FinInstrmId/ISIN — Security ISIN.
• SttlmParams/SctiesTxTp/Cd — Transaction type: TRAD (trade), REPO (repo), NETT (netting), COLL (collateral).
• SttldQty/Qty/Unit — Effectively settled quantity (≤ TradDtls/SttlmQty in partial settlement).
• SttldDtTm — Exact datetime (ISO 8601 with UTC offset).

XML example

Confirmation sent by Euroclear T2S to the custodian on 16 May 2026 at 14:32 CET: transaction ACME-DVP-2026-187 (10,000 ACME shares) has been fully settled:

<?xml version="1.0" encoding="UTF-8"?>
<Document xmlns="urn:iso:std:iso:20022:tech:xsd:sese.025.001.11">
  <SctiesSttlmTxConf>
    <TxId>EOC-SETT-20260516-001</TxId>
    <Lnkgs>
      <Ref>
        <AcctOwnrTxId>ACME-DVP-2026-187</AcctOwnrTxId>
      </Ref>
    </Lnkgs>
    <TradDtls>
      <TradDt>
        <Dt>
          <Dt>2026-05-14</Dt>
        </Dt>
      </TradDt>
      <SttlmDt>
        <Dt>
          <Dt>2026-05-16</Dt>
        </Dt>
      </SttlmDt>
      <SttlmQty>
        <Qty>
          <Unit>10000.0000</Unit>
        </Qty>
      </SttlmQty>
    </TradDtls>
    <FinInstrmId>
      <ISIN>FR0010315770</ISIN>
    </FinInstrmId>
    <SttlmParams>
      <SctiesTxTp>
        <Cd>TRAD</Cd>
      </SctiesTxTp>
    </SttlmParams>
    <SttldQty>
      <Qty>
        <Unit>10000.0000</Unit>
      </Qty>
    </SttldQty>
    <SttldDtTm>2026-05-16T14:32:00+02:00</SttldDtTm>
  </SctiesSttlmTxConf>
</Document>

Versions

Common pitfalls

• sese.024 vs sese.025 confusion — sese.024 = status (intermediate), sese.025 = confirmation (terminal). Do not treat a sese.024 «settled» as a final confirmation: wait for sese.025.
• Untreated partial settlement — SttldQty may be < instructed quantity. The participant must account for it and wait for successive sese.025 for residuals.
• Datetime without timezone — SttldDtTm must include the UTC offset. Crucial for T2S which operates in CET/CEST.
• Missing allocation — for an omnibus trade then client allocation, sese.025 confirms at omnibus level; allocation to final client accounts requires extra messages (sese.030 / sese.031).
• Late receive on T2S incident — on a CSD technical incident, sese.025 may be issued with delay (up to several hours). The legal settlement happened at the window; the message merely announces.
• Missing FinInstrmId/ISIN — for unlisted securities (private placements), FinInstrmId may use OthrId with proprietary scheme instead of ISIN. Adapt the parser participant-side.

Related messages

• sese.023 — Securities Settlement Transaction Instruction (original instruction).
• sese.024 — Status Advice (intermediate statuses).
• sese.031 — Modification Request (modify a non-settled instruction).
• sese.026 — Securities Settlement Allegement Notification.
• sese.022 — Legacy Status Advice.