MSRB NOTICE 2003-05 (FEBRUARY 26, 2003)


The Municipal Securities Rulemaking Board (MSRB) has announced that, effective in mid-2004, it plans to require dealers to report all trades, both dealer and customer, in municipal securities within 15 minutes of the time of trade.[1]  Toward that end, the MSRB has begun development of the Real-time Transaction Reporting System or RTRS.  The MSRB plans to begin testing RTRS with dealers late in 2003. 

            Contemporaneously, the Fixed Income Clearing Corporation (FICC) [2] is developing the Real Time Trade Matching (RTTM) system.[3]  RTTM will provide the ability to compare trades in a real-time environment while also providing the link between the industry and the MSRB for submission of real-time dealer and customer trades to meet the fifteen-minute reporting requirement.  RTTM will replace the current NSCC Fixed Income Transaction System (FITS), which performs automated comparison of trades in batch mode.  RTTM will compare fixed income inter-dealer trades in real-time and will forward inter-dealer trade data to the MSRB for real-time transaction reporting.  FICC will make RTTM available for testing late in 2003. 

            The MSRB and the FICC are coordinating development of their real-time systems to minimize costs to the industry.  A joint systems solution will enable dealers to use a single message for two purposes to submit inter-dealer trade data to the real-time comparison system and to report inter-dealer trades for regulatory purposes.  The telecommunications link with NSCC will serve as a “single pipeline” for both inter-dealer and customer trade reports.


            The MSRB, as part of its outreach program to municipal securities dealers, will conduct awareness seminars with FICC to provide a broad overview of the upcoming changes including requirements, timelines, testing and implementation plans.  A schedule is below.

            A morning seminar, directed to NSCC participants and service bureaus, will cover both RTTM and RTRS.  An afternoon seminar, directed to non-NSCC brokers and dealers that effect trades in municipal securities, will focus primarily on reporting trades for regulatory purposes via RTRS






April 1

Dallas, TX

9am – 12 pm

1:30 pm – 3 pm

Hotel Adolphus
1321 Commerce Street

April 8

New York, NY

9am – 12 pm

1:30 pm – 3 pm

New York Marriott Financial Center
85 West Street

April 10

Chicago, IL

9am – 12 pm

1:30 pm – 3 pm

Griffin Kubik Stephens & Thompson
Sears Towers Auditorium, Suite 300,
233 S. Wacker Drive

April 15

San Francisco, CA

9am – 12 pm

1:30 pm – 3 pm

Charles Schwab & Company
101 Montgomery Street

April 24

St. Petersburg, FL

9am – 12 pm

1:30 pm – 3 pm

Raymond James & Associates
880 Carillon Parkway
Tower Two, Security Guard Desk

April 29

New York, NY

9am – 12 pm

1:30 pm – 3 pm

New York Marriott Marquis
1535 Broadway


            The MSRB presentation on regulatory aspects will cover business and technical requirements for real-time reporting, the test approach, and implementation plans.  The MSRB will also describe use of the Web interface for regulatory reporting.

            The FICC presentation will focus on RTTM testing, key implementation dates, benefits, requirements, and the transition from the current Fixed Income Transaction System (FITS) to RTTM.


            Firms interested in attending the afternoon seminar for non-NSCC participants, or both sessions, should contact the MSRB.  Individuals will register by name because of space and security limitations.  There is no fee for the seminar; however, preregistration is required.


To register, click here to view and print the registration form. Complete the form and fax to:

Justin Pica, Uniform Practice Specialist

Fax: (703) 797-6700 

If you have any questions, please call the MSRB at 703-797-6600.


February 26, 2003

[1]           MSRB Notice 2003-3, “Plans for MSRB’s Real-Time Transaction Reporting System,” February 3, 2003, on

[2]           FICC formerly was the Government Securities Clearing Corporation (GSCC), a subsidiary of Depository Trust Clearing Corporation (DTCC). 

[3]           See DTCC, “Real-time Trade Matching (RTTM) for NSCC-Eligible Fixed Income Securities: Business Requirements,” (July 2002), on