What happens to fractions in a reverse split?

The notification says, with :22F::DISF, whether fractions are rounded, paid in cash or handled another way. Cash in lieu uses the price in :90a::CINL and appears on the MT566.

What is the difference between SPLR and DECR?

In SPLR the number of shares falls and the nominal per share rises. In DECR the nominal value falls and the number of shares stays the same, sometimes with a cash payout.

Corporate action events

SPLR: Reverse Stock Split/Change in Nominal Value

Written and maintained by ZagTrader. Last reviewed 21 October 2026. How this page is sourced and checked

SPLR announces a reverse stock split, or consolidation: the number of shares falls and the nominal value and price per share rise in proportion, with no change in total value. It is mandatory; fractions are usually paid in cash.

Code: SPLR
Usually announced as: MAND

What SPLR means

In a reverse split, for example 1 for 10, every ten shares become one. Companies do this to raise a low share price or reduce the number of shares in issue. The ratio is given as new for old (:92a::NEWO), and holdings that do not divide evenly create fractions.

The ECB SCoRE rulebook and the SGX guide give SPLR as MAND with SECU. Fractions are handled as the notification states (:22F::DISF), often by cash in lieu at a stated price (:90a::CINL). Clearstream also states that it uses SPLR when a DECR event reduces the number of securities.

When you see it

In an MT564 with the effective date, record date and payment date, often followed by an ODLT offer for holders left with odd lots.
SPLR vs SPLF: the opposite direction. SPLR vs DECR: DECR reduces the nominal without changing the number of shares. SPLR vs SMAL: SMAL changes only the trading unit.

What to do next

No instruction. Adjust quantities, prices, open orders and pending settlements on the effective date.
On the MT566, reconcile the debit of the old quantity, the credit of the new quantity and the cash in lieu of fractions, then check that the residual holding is consistent with the ratio.
Book cash in lieu as a sale of the fractional part where the holder’s tax rules require it.

Where it appears in MT and ISO 20022

MT (ISO 15022)

MT564 sequence A (GENL), :22F::CAEV//SPLR with :22F::CAMV//MAND; sequence E1, :92a::NEWO; fractions in :22F::DISF and :90a::CINL
MT566 sequence A, :22F::CAEV//SPLR

MX (ISO 20022)

seev.031 CorpActnGnlInf/EvtTp/Cd = SPLR (checked in seev.031.001.15), with the flag in CorpActnGnlInf/MndtryVlntryEvtTp/Cd
The same CorpActnGnlInf/EvtTp/Cd = SPLR appears in seev.033 (instruction) and seev.036 (movement confirmation)

Questions

What happens to fractions in a reverse split?: The notification says, with :22F::DISF, whether fractions are rounded, paid in cash or handled another way. Cash in lieu uses the price in :90a::CINL and appears on the MT566.
What is the difference between SPLR and DECR?: In SPLR the number of shares falls and the nominal per share rises. In DECR the nominal value falls and the number of shares stays the same, sometimes with a cash payout.