Corporate action events
OTHR: Other Event
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OTHR is the catch-all event code, for a corporate action that no other code describes, such as a new type of event. It can be mandatory, mandatory with choice or voluntary, and the details are always in the narrative.
- Code
- OTHR
- Usually announced as
- MAND, CHOS or VOLU
What OTHR means
The CAEV code list covers most events, but not every situation a market or issuer can invent. OTHR is reserved for events that fit no other code. Because the code itself says nothing about the event, the notification depends on its narrative fields and on the options it lists.
OTHR can carry any of the three flags. Clearstream’s SCoRE event list includes OTHR with MAND, CHOS and VOLU, and with a wide range of options. ASX, for example, uses OTHR with VOLU for events that use its takeover and buy-back facility but are not takeovers or buy-backs, such as reinvestment offers.
When you see it
- In an MT564 with a long
:70E::ADTXnarrative, or with an MT568 carrying the full text. - Some infrastructures use OTHR for events that do have a code. The SGX ISO 20022 guide, for example, lists general meetings as OTHR with
VOLU. Expect a replacement with the specific code when an account servicer reclassifies the event. - OTHR vs INFO: INFO is information with no financial effect; OTHR is an event that may move cash or securities.
What to do next
- Treat every OTHR event as manual. Read the narrative and options, decide whether an instruction is needed, and record the deadline.
- If you think a specific code fits, ask the account servicer; automatic processing rules (default options, tax, booking) only work on specific codes.
- Reconcile any MT566 by hand against the announced terms.
Where it appears in MT and ISO 20022
MT (ISO 15022)
- MT564 sequence A (GENL),
:22F::CAEV//OTHRwith:22F::CAMV//MAND,//CHOSor//VOLU - MT565, MT566, MT567 and MT568 sequence A,
:22F::CAEV//OTHR