Abstract We prove that the cubic nonlinear Schrödinger equation (both focusing and defocusing) is globally well-posed in $H^s({{\mathbb {R}}})$ for any regularity $s>-\frac 12$ . Well-posedness has long been known for $s\geq 0$ , see [55], but not previously for any $s<0$ . The scaling-critical value $s=-\frac 12$ is necessarily excluded here, since instantaneous norm inflation is known to occur [11, 40, 48]. We also prove (in a parallel fashion) well-posedness of the real- and complex-valued modified Korteweg–de Vries equations in $H^s({{\mathbb {R}}})$ for any $s>-\frac 12$ . The best regularity achieved previously was $s\geq \tfrac 14$ (see [15, 24, 33, 39]). To overcome the failure of uniform continuity of the data-to-solution map, we employ the method of commuting flows introduced in [37]. In stark contrast with our arguments in [37], an essential ingredient in this paper is the demonstration of a local smoothing effect for both equations. Despite the nonperturbative nature of the well-posedness, the gain of derivatives matches that of the underlying linear equation. To compensate for the local nature of the smoothing estimates, we also demonstrate tightness of orbits. The proofs of both local smoothing and tightness rely on our discovery of a new one-parameter family of coercive microscopic conservation laws that remain meaningful at this low regularity.