Corporate action events
SMAL: Smallest Negotiable Unit
Written and maintained by ZagTrader. Last reviewed . How this page is sourced and checked
SMAL announces that the smallest unit in which a security can be traded or transferred changes, so that a new negotiable unit applies. Holdings are not paid or converted, but positions that are not a multiple of the new unit may become odd lots.
- Code
- SMAL
- Usually announced as
- MAND
What SMAL means
Each security has a minimum quantity in which it can be traded or settled, such as a board lot for shares or a minimum denomination for bonds. SMAL is the event that changes this unit.
Nothing is credited or debited by the change itself. The effect is on what you can trade and settle: after the effective date, settlement instructions for quantities that are not a multiple of the new unit can be rejected, and holders left with odd lots may later be offered an ODLT to sell or round them up.
The flag shown here (MAND) reflects that holders have no choice in the change; the SMPG grid entry for SMAL could not be checked for this page. If the notification lists options in sequence E, they tell you what is offered.
When you see it
What to do next
- Update the minimum and multiple trading quantities in static data on the effective date so that order and settlement checks use the new unit.
- Identify positions that are no longer a multiple of the new unit and tell the holders; watch for an odd-lot offer.
Where it appears in MT and ISO 20022
MT (ISO 15022)
- MT564 sequence A (GENL),
:22F::CAEV//SMAL - MT566 sequence A,
:22F::CAEV//SMALif any booking is confirmed