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Revisions to TRACE BTDS Specification

Following is a list of revisions to the TRACE BTDS Specification.

Revised Version 1.4 (published 01/12/04)

  • Sections 2.0 & 3.0: Changed WorldCom to MCI throughout document to reflect the firm's new corporate entity.
  • Section 5.0: Minor modification to the numbering of section 5.
  • Section 7.0: Modified the following definitions:
    • Function - added the value of Error (E) to represent when a cancel or correction message is a result of an erroneous entry. Additionally, removed the value of (space) since this value is not supported.
    • Quantity - modified to reflect that the quantity will be stated as the actual par value of bonds traded.
  • Section 8.4: Trade Cancel and Correction Processing: Modified the following note to provide clarity:
  • (Note: If a NASD member firm cancels a transaction reported on a prior business day, it must be entered into TRACE as an As/Of Trade Reversal. Please see section 8.3.6 for As/Of processing guidelines.)
  • Appendix C: Modified the start time for the Start of Test Cycle messages from 07:00 to 03:30. Test Cycle Messages will begin shortly after the BTDS system is started for the day. Currently this is at approximately 03:30.
  • Appendix H: Added a new appendix to define the test cycle messages. These messages will begin dissemination at approximately 03:30. The cycle of messages will repeat themselves until approximately 07:29.

Revised Version 1.3 (published 06/20/02)

  • Section 3.2: Updated IP multicast addressing section of the document to give more details on the transmission protocol used for BTDS.
  • Section 7.0: Changed Seller Sales Day description to reflect the way that the field will be populated in the Trade Cancel message in the initial release.
  • Section 8.2: Modified section to clarify NASD display requirements. Real-time vendors must provide their customers at least one screen that displays the required fields. Provided that they do, firms may show a data sub-set on any additional screens.

Revised Version 1.2 (published 04/18/02)

  • Section 2.2 & 3.2: Changed name of new WorldCom IP multicast network to Market Data Network (MDN). Also updated IP address range to reflect new addressing for MDN.
  • Section 7.0: Changed Execution Date description. Added the sentence - “If the transaction is reported on the day of execution, the field will be blank.”

Revised Version 1.1 (published 11/15/01)

  • Section 1: In Section 1.1, changed opening sentence to read "In 2002" rather than "In the first quarter of 2002". In Section 1.2, added date of last revision to first sentence.
  • Section 1.1: Removed the word "Service" after Trade Reporting and Compliance Engine in the first paragraph.
  • Sections 1 - 4: Removed specific reference to the WorldCom Intelligent Shared Network II (ISNII). Replaced with generic reference to the "Nasdaq/NASD private data network managed by WorldCom Inc."
  • Sections 5.5 & 7.0: Added Bond Description to Trade Halt message format in Section 5.5. Added description to section 7.
  • Sections 5.5 & 7.0: Changed Bond Description to Company Name.
  • Section 7.0: For the "Quantity" definition, added the words "and Unrated" to the High Yield section.
  • Sections 7.0 & 8.3.4: Changed Yield descriptions to state that the field will be left blank if there is no yield available. Previously was going to be a populated with 999999.999999.
  • Section 8.1: Added the words "executed on and" to the last bullet in the section.
  • Section 8.3.1: Change first sentence after the bulleted list to read "executed over the counter" (removed word market).
  • Section 8.3.5: Added term "Unrated" several places in this Quantity processing section.
  • Appendix B: Updated definition for term Commission to replace "shares" with "bonds" and for term High Yield Bond to reflecting actual ratings (Ba1 and BB+).
  • Appendix G: Added list of revisions to date as document appendix.