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MSRB Glossary of Terms
Transaction Reporting
MSRB Transaction Reporting Instructions Prior to
Real-Time Reporting
During the period between now and when the MSRB’s real-time transaction reporting system (RTRS) goes live next year, street and customer trades will be reported using both the batch method and interactive messaging. Because the current transaction reporting system (TRS) database is still the database of record and there are differences between TRS and RTRS, some interim provisions will be used to allow processing of input from both formats.
The information in the matrix below is intended to show two things: 1) What can and cannot be done using the available batch and real-time trade reporting methods available during this interim period, and 2) What information is needed to identify trades for the purposes of modifying and canceling the trades. This is particularly important when dealing with customer trades for those dealers making the change from batch reporting to real-time.
Note: The instructions for submitting multiple modifies to trades that were originally submitted using the batch process apply to each dealer only during the 90 day period following that dealer’s conversion to messaging for trade reporting. After that 90-day period, these instructions do not apply.
If there are questions concerning these instructions, contact one of the MSRB’s Transaction Reporting Assistants at 703-797-6600.
Actions During Interim Period (Present date to RTRS production date) |
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Street Trades |
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Instruct |
Modify |
Cancel |
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Format |
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Batch |
No changes |
Not allowed |
No changes |
IM |
Follow FICC spec |
Follow FICC spec |
Follow FICC spec |
Dealers are encouraged to make regulatory modifies but should be aware that these are not being applied to the TRS database of record. |
Currently cannot use Match_Tid to identify trades to be canceled |
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Currently cannot use Match_Tid to identify trades to be modified |
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RTTM Web |
Follow RTTM Web users guide |
Follow RTTM Web users guide |
Follow RTTM Web users guide |
Dealers are encouraged to make regulatory modifies but should be aware that these are not being applied to the TRS database of record. |
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RTRS Web |
Not available |
Not available |
Not available |
Customer Trades |
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Instruct |
Modify |
Cancel |
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Format |
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Batch (includes PC TRS software |
Follow MSRB spec |
Follow MSRB spec |
Follow MSRB spec |
Strongly recommend that dealer control number not exceed 16 characters. Note: Control numbers are not allowed to exceed 16 characters in the real time system. |
Modifies of customer trades that contain a dealer control number greater than 16 characters must be submitted using batch format |
Cancels of customer trades that contain a dealer control number greater than 16 characters must be submitted using batch format |
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IM |
Follow MSRB spec |
First time modifies of trades where the original instruct was submitted using the batch method as an F record must be identified using the dealer control number from the F record in the XREF (MAST) or PREV fields |
Cancels of trades originally submitted through batch as an F record must identify the trade to be cancelled using the dealer control number from the F record in the XREF (MAST) field |
When a trade where the original instruct was submitted using the batch method as an F record is modified more than one time, the modify message must include the dealer control number from the original instruct in either the XREF (MAST) or PREV fields (See note below!) |
Cancels of trades originally submitted using IM should follow the MSRB spec |
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Modifies of trades originally submitted using IM should follow the MSRB spec |
Cannot use IM to cancel a trade with a control number greater than 16 characters |
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Cannot use IM to modify a trade with a control number greater than 16 characters |
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RTTM Web |
Cannot use RTTM Web to input customer trade instructs |
Cannot use RTTM Web to input customer trade modifies |
Cannot use RTTM Web to input customer trade cancels |
RTRS Web |
Not available |
Not available |
Not available |
Note: The instructions for submitting multiple modifies to trades that were originally submitted using the batch process apply to each dealer only during the 90 day period following that dealers conversion to using messaging to report trades. After that 90 day period, these instructions do not apply. |
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