Corporate action events
ODLT: Odd Lot Sale/Purchase
Written and maintained by ZagTrader. Last reviewed . How this page is sourced and checked
ODLT is an offer, usually from the issuer, to buy holdings smaller than a trading lot (odd lots) or to let holders buy up to a full lot. It is voluntary: holders choose to sell, to buy or to do nothing.
- Code
- ODLT
- Usually announced as
- VOLU
What ODLT means
An odd lot is a holding smaller than the market’s trading unit. Odd lots are hard to sell on the exchange and costly for the issuer to keep on the register. With ODLT the issuer, or a holder’s request, lets small holders sell the odd lot or buy enough extra shares to make a round lot.
The ECB SCoRE rulebook and Clearstream’s event list give ODLT as VOLU with three options: CASH (sell the odd lot), SECU (buy up, paying a price per share) and NOAC (no action). The offer runs for a period of action (:69a::PWAL).
When you see it
What to do next
- Identify the accounts holding odd lots and ask the beneficial owners whether they want to sell, buy up or do nothing.
- Instruct per account with an MT565 before the response deadline, respecting any minimum quantity (
:36a::MIEX) or multiple (:36a::MILT). For the buy-up option, make sure cash is available. - Reconcile the MT566: securities debited and cash credited for sales, cash debited and securities credited for purchases.
Where it appears in MT and ISO 20022
MT (ISO 15022)
- MT564 sequence A (GENL),
:22F::CAEV//ODLTwith:22F::CAMV//VOLU; options:22F::CAOP//CASH,//SECU,//NOAC - MT565 and MT566 sequence A,
:22F::CAEV//ODLT