ZagTrader

Corporate action events

DLST: Trading Status: Delisted

Written and maintained by ZagTrader. Last reviewed . How this page is sourced and checked

DLST announces that a security is delisted: it is removed from the official list of a stock exchange, typically because it no longer meets the listing rules or because the issuer asked to leave. The securities still exist, but there is no longer an exchange price.

Code
DLST
Usually announced as
MAND

What DLST means

A security can be delisted because it fails to meet listing requirements (for example after a long suspension, a failure to publish accounts or a very low free float), because the issuer is taken over or goes private, or at the issuer’s own request. Delisting removes the exchange as a trading venue and price source.

Holders keep their securities and their rights against the issuer. What changes is liquidity and valuation: selling may only be possible off-exchange, and the position may have to be priced by another method. Some investment mandates and collateral schedules exclude unlisted securities.

When you see it

  • An MT564 with :22F::CAEV//DLST and :22F::CAMV//MAND, with the effective date and often a last trading date. Euronext lists it among the trading status events next to SUSP and ACTV.
  • A delisting often closes a takeover (TEND, MRGR), a squeeze-out or an insolvency (BRUP, LIQU). When the securities are cancelled for no value, the booking-out event is WRTH.

What to do next

  • No instruction. Update the listing status and price source from the effective date, and tell portfolio managers so they can check mandate restrictions and decide whether to sell before the last trading date.
  • Review collateral eligibility and any automatic pricing rules that assume an exchange price.

Where it appears in MT and ISO 20022

MT (ISO 15022)

  • MT564 sequence A (GENL): :22F::CAEV//DLST, with :22F::CAMV//MAND; effective date :98a::EFFD in sequence D.
  • MT568 sequence A: :22F::CAEV//DLST.

MX (ISO 20022)

  • seev.031 CorpActnGnlInf/EvtTp/Cd = DLST, with CorpActnGnlInf/MndtryVlntryEvtTp/Cd = MAND; effective date in CorpActnDtls/DtDtls/FctvDt.