Enhanced Real Time Trade Matching (RTTM)/TRACE Interface For Firms Reporting via NSCC

Currently, FINRA’s TRACE system accepts trade reports of over the counter corporate bonds via an interface with the National Securities Clearing Corporation (NSCC).  RTTM TRACE designated SWIFT 515 real time messages submitted into the RTTM Corporate, Municipal, UIT (CMU) matching application are converted by NSCC into the TRACE proprietary format and sent near-real time to TRACE.  NSCC firms possessing user entitlements to the FINRA TRACE Web site may search for and view their trade reports to see if the report passed or failed TRACE validations. Confirmation is also available on an end of day basis via NSCC Fixed Income Transaction System (FITS) MRO and Print Image batch output.

 

FINRA is enhancing TRACE to accept and convert RTTM CMU SWIFT 515 messages from NSCC into trade reports recognized by TRACE.  NSCC will no longer convert the messages into TRACE proprietary formats. 

 

Real time SWIFT 509 message output will be available for NSCC participants for the first time under this new process. Entitled firms will also be able to continue searching and viewing their reports on the FINRA TRACE Web site as well.  NSCC end of day TRACE batch Print Image output and end of day batch MRO will be eliminated.

 

FINRA has issued its RTTM messaging specifications for NSCC participants to continue submitting trade reports to FINRA/TRACE to satisfy regulatory requirements. All participants that use the NSCC for Corporate Bond TRACE Reporting are advised to refer to this document. Please note that only the existing functionality of trade reporting available in the current RTTM interface (initial instructs only) will be implemented in the initial phase of RTTM for Corporate Bond Reporting. Functionality currently not available in the RTTM interface, e.g., trade cancels and corrections, will not be available for the initial implementation but may be developed for a later phase.

 

The TRACE/RTTM specifications can be found under TRACE Technical Documentation. For more information concerning the NSCC’s RTTM system and procedures, please refer to documentation and notices published on  the FICC (Fixed Income Clearing Corporation) Web site: www.ficc.com, under Corporate, Municipal & UIT Services.

 

 

RTTM Specifications - version 2.2 (published 12/1/08)

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RTTM Specifications - version 2.1 (published 7/1/08)

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