MSRB NOTICE 2003-13 (APRIL 7, 2003)


The Municipal Securities Rulemaking Board (the “MSRB”) is in the process of developing the Real-time Transaction Reporting System (“RTRS”).  On April 7, 2003, the MSRB published the Operational Overview of RTRS.  This provides guidance to dealers to assist in revising or developing their operational systems to accord with the 15-minute reporting requirement and specifies other business and technical rules for real-time reporting.[1]  RTRS is scheduled to become operational in mid-2004.

RTRS has been designed to dovetail with the requirements of the new comparison system for municipal and corporate securities being implemented by the Fixed Income Clearing Corporation (“FICC”).[2]  This should reduce the cost of dealer system planning and development as well as system operations.[3]  Concurrently with the publication of the Operational Overview, the MSRB, together with FICC, is presenting a series of awareness seminars to inform dealers of the features of the interrelated systems for real-time comparison and regulatory reporting of transactions.  Seminars are being presented in April in Dallas, New York, Chicago, San Francisco, and Tampa.[4] 

MSRB plans to publish Specifications for Real-time Reporting of Municipal Securities Transactions in April 2003 to provide detailed information on constructing input messages and on RTRS output messages to dealers.  In the summer of 2003 the MSRB will publish additional documentation describing its plans for dissemination of municipal securities price information in real-time and setting out proposed rules governing real-time trade comparison and reporting by dealers.  Comments will be requested at that time on both the dissemination approach and the proposed rules.

Additional Information about the Operational Overview

The Operational Overview is being published as a Microsoft PowerPoint electronic document. To view it, a reader’s computer must have PowerPoint for Windows or a later version.  Individuals who do not have PowerPoint may request a printed copy by calling Angela Shelton, Administrative Assistant, at (703) 797-6600.

Questions about the Operational Overview may be addressed to Larry M. Lawrence, Policy and Technology Advisor, at (703) 797-6600.

April 7, 2003

[1]           For a recent notice on key features of the operational plan, see “Plans for MSRB’s Real-time Transaction Reporting System,” MSRB Notice 2003-3 dated February 3, 2003, on   

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

[3]           For specifications of FICC’s new comparison system, see the real-time trade matching portion of (version 2.0 dated March 31, 2003).

[4]           See “Real-time Transaction Reporting: Joint Seminar Announcement,” MSRB Notice 2003-5 dated February 26, 2003, on