Glossary

Minimum denomination

(Minimum settlement amount) - applies to securities issued in bearer form. The issuer determines the total nominal amount and defines a minimum denomination with higher integral multiples in a lesser amount thereafter.
For example, an issuer determines a total nominal amount of USD 100,000,000 and defines a minimum denomination of USD 100,000 and integral multiples of 1,000 thereafter. In this example, a depository will only settle instructions that are greater than 100,000 and that are divisible by multiples of 1,000 thereafter. Minimum denomination may not be defined in the prospectus.
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