MSRB NOTICE 2004-02 (JANUARY 23, 2004)

REVISED SPECIFICATIONS FOR THE REAL-TIME TRANSACTION REPORTING SYSTEM, VERSION 1.2

The MSRB has published Version 1.2 of the Specifications for Real-time Reporting of Municipal Securities Transactions.  It is a minor revision of Version 1.1, which appeared in September 2003. 

Click here to access Version 1.2.  This version has changes regarding:

  • New extended reporting deadlines for certain trades
  • A simplified method to direct reports of customer and IDRO trades to RTRS
  • Deletion of the requirement to identify alternative trading systems used in trades
  • Addition of a data element called “regulatory status” to the MT509 specification
  • Revision of RTRS error codes and messages
  • Corrections of typographic errors.

DESCRIPTION OF CHANGES

New extended reporting deadlines for certain trades

As described in the MSRB’s notice 2003-44 of December 11, 2003, extended reporting deadlines have been defined for a limited set of trades, as follows:

  • Syndicate managers and syndicate members that effect trades in new issues at the list offering price may report such trades by the end of the first day of trading in the issue.
  • On a temporary basis, a dealer may report trades within three hours of the time of trade if the CUSIP number and indicative data of the issue traded are not in the dealer’s securities master file, the dealer has not traded the issue in the previous year, and the dealer is not a syndicate manager or syndicate member for the issue.  This provision will sunset automatically one year after RTRS implementation.
  • Dealers may report trades in variable rate instruments (including auction rate products) and commercial paper by the end of the day in which the trades are effected.

Dealers will use the Special Price Reason Code to indicate that a trade is being submitted under an extended reporting deadline.

Simplified method to direct trade reports to RTRS

The previous version (1.1) described how to direct customer and IDRO trade reports.  The dealer had the option to store these on RTTM in addition to storing them on RTRS.  This option is removed in Version 1.2.  Customer and IDRO trade reports will be stored on RTRS only.  Therefore, the method of directing trade reports is simplified.  Customer and IDRO reports will be directed to RTRS (DEST02) only.

Deletion of requirement to identify alternative trading system

In the initial implementation of RTRS, dealers should omit the alternative trading system identifier (ATME).  This field is reserved for future use.

Addition of “regulatory status” to MT509 specification

A “regulatory status” field (RSTA) has been added to the MT509 specification.  This supplements the abbreviations in the error message, indicating the status of the trade based on all the errors it may have.  It is primarily used by RTRS Web software to determine whether to display a trade on the “satisfactory” or “unsatisfactory” area of its screen.

Revision of error codes and messages

Many RTRS error codes and messages have been revised to make them more self-explanatory and to cover situations not covered in Version 1.1.

REDLINE FILE

A Microsoft Word “redline” file that shows each change made to Version 1.1 is available on www.msrb.org.  Click here to access the redline file.

FURTHER INFORMATION

Questions about the Specifications may be addressed to Larry M. Lawrence, Policy and Technology Advisor, or to other MSRB staff listed on page v of the document, all at (703) 797-6600.