|
A 4571 April 2, 1997
P&S 4155
To : ALL PARTICIPANTS
Attention : MANAGING
PARTNER/OFFICER; OPERATIONS PARTNER/OFFICER; MANAGER P & S DEPARTMENT;
MANAGER DATA PROCESSING
Subject : THE MSRB'S
CUSTOMER TRANSACTION REPORTING PROGRAM FOR MUNICIPAL BOND SECURITIES
NSCC INTERFACE REQUIREMENTS
The Municipal Securities Rulemaking Board's (MSRB)
Transaction Reporting Program is now in the stage of reporting institutional
and customer trades. As noted in a recent information package (dated
March 27, 1997) sent by the MSRB to all municipal bond dealers,
National Securities Clearing Corporation (NSCC) will be supporting
the industry in complying with this requirement by providing the
capability of accepting customer municipal bond transactions from
participants and forwarding them to the MSRB. This effort is in
response to a recent MSRB amendment to their rule G-14 mandating
that dealers report customer transactions to the MSRB. The details
regarding this rule change and the specifications for reporting
customer transactions can be found in the MSRB Reports, Vol. 17,
No. 1 (January 1997), "Reporting Customer Transactions to the Board:
Rule G-14," and in Vol. 16, No.3 (September 1996), "Board to Proceed
with Transaction Reporting Program."
This notice details NSCC's interface requirements
for accepting customer transactions and transferring the data to
the MSRB. According to the MSRB, participants can begin testing
in July 1997 and implementation is scheduled for January of 1998.
The following describes the input and output requirements
for those participants who will be utilizing a CPU-to-CPU transmission
in sending customer transactions to NSCC.
INPUT REQUIREMENTS
These customer transactions will necessitate new
Datatrak Input SysID's for the appropriate submissions. These new
Datatrak inputs will utilize multi-batch processing, enabling a
single submitter to send multiple files throughout the processing
day. NSCC will be establishing two new input Datatrak SysID's: One
for RJE communication protocol and one for Non-RJE.
RJE communication protocol has a maximum record
size limitation of 80 bytes. As the MSRB requires more than 80 bytes
of data per transaction, a multiple-record-per- transaction format
is required. This format will include a record identifier noting
the first and second records. Participants who utilize communication
protocols other than RJE (NDM, BDT . . . etc.) will be able to use
a different record layout consisting of a single record of 160 bytes.
The two new Datatrak input SysID=s are as follows.
|
SYSID
|
DATATRAK DESCRIPTION
|
RJE / NON-RJE
|
RECORD SIZE
|
|
17334
|
MSRB Transaction Detail (RJE)
|
RJE
|
80 bytes
|
|
17336
|
MSRB Transaction Detail
|
NON-RJE
|
160 bytes
|
< SysIDs.>
RECORD FORMATTING
The record layouts for the above Datatrak SysID's
will consist of the following. Excluding the standard Datatrak Header
and End Record, all formats have been defined by the MSRB.
- Datatrak Header record - This is a standard
Datatrak header record used for multi-batch processing. NSCC will
not be requiring notification of the 'last' file for the processing
day. Therefore, the Multi-batch indicator (position 60) will always
be set to 'N.' The sequence number (position 61) is used in multi-batch
processing to indicate which file (1st, 2nd, 3rd . . . etc.) it
is for that processing day.
- MSRB Application Header record - Along
with other information, it must contain a unique identifier for
each SysID defined below for purposes of Datatrak validation.
RJE Format (SysID 17334):
| Field Name |
Start / End Position |
Identifier Value |
| Header ID |
68 /80
|
"MSRBRJEHEADER" |
Non-RJE Format (SysID 17336):
| Field Name |
Start / End Position |
Identifier Value |
| Header ID |
71 /80
|
"MSRBHEADER" |
- MSRB Transaction Detail record - Consists
of the appropriate customer transaction information for submission
to the MSRB. The RJE format will contain Record One and Record
Two layouts.
- Datatrak End record - This is a standard
Datatrak record required for multi-batch processing.
Each file submitted for these new Datatrak inputs
should contain all of the above records in the appropriate sequence
as described below.
SysID 17334
Record #1: ......... Datatrak Header
Record #2: ......... MSRB Application Header
Record #3: ......... Transaction Detail - Record One of Transaction
#1
Record #4: ......... Transaction Detail - Record Two of Transaction
#1
Record #5 - n: ... Additional detail records
Last Record: ..... Datatrak End record
SysID 17336
Record #1: ......... Datatrak Header
Record #2: ......... MSRB Application Header
Record #3: ......... Transaction Detail - Transaction #1
Record #4: ......... Transaction Detail - Transaction #2
Record #5 - n: ... Additional detail records
Last Record: ..... Datatrak End record
Each file submitted should only contain one
Datatrak Header, one application header and one End
record, even if a firm is submitting for multiple executing brokers.
See attached Exhibits I & II for the complete
record layouts
VALIDATION
The only validation performed on these files will
be standard Datatrak editing, such as valid Originator ID, current
processing date and appropriate Sequence Number in multi-batch.
In addition Datatrak will be validating the MSRB application header
record for the appropriate Header ID as described above.
SUBMISSION PROCEDURES & TIME FRAMES
As is the case with any input file received, firms
submitting to NSCC will be required to be set up on Datatrak's Expected
Master as a valid Originator ID for that particular SysID. According
to the MSRB, firms will only be required to submit a file if they
have customer transactions for that processing day. If a firm
does not have any customer transactions for the day, they do NOT
have to send a file. Due to multi batch processing, firms will
have the ability to send multiple files throughout the day until
a specified deadline (approximately 12:00 A.M.), which has yet to
be determined.
A subsequent notice will detail the submission
deadlines as required by the MSRB.
OUTPUT REQUIREMENTS
Once the MSRB's Customer Transaction Reporting Subsystem
(CTRS) has processed each participant's customer transaction data,
it will generate a Receipt/Error (R/E) file. One R/E file will be
generated for each file submitted by participants, acknowledging
the MSRB's receipt and processing of the file along with any rejected
transactions. Although participants can use other means established
by the MSRB to receive this information, NSCC will also make this
file available to participants. This will be made available as a
new Autoroute output file for transmission to participants.
The R/E file will contain an application header
record followed by various detail records. The detail records consist
of various logical record types. All records will be transmitted
in a particular order as follows.
Product ID 02030678 - MSRB Receipt/Error File Output
(1) Application Header Record
The application header indicates the file type is "receipt"
and contains the submitter=s sequential file number corresponding
to its submission file.
(2) Receipt Record (Record type "R")
This record will always follow the application header record.
It will contain the time of submission and time of the receipt,
and states that the file was or was not received satisfactorily.
(3) Error Description (Record type "D")
This record contains an error code(s) and descriptive text regarding
the type of error.
(4) Error Transaction (Record type "T")
This record contains a copy of the input record in which the
error was found.
If no errors are found, the MSRB will send an
application header and receipt record, but no error description
(type "D") or transaction records (type "T") will follow.
See attached Exhibit III for the complete record
layout
Although firms may be sending in multiple batches
throughout the day, NSCC will distribute the R/E file to each participant
at the end of the processing day as one batch output via
Autoroute. To do this, NSCC will receive the R/E files from the
MSRB periodically during the day and accumulate them. Once all the
R/E files have been received by the MSRB, end of day processing
will distribute one R/E file to each firm who has requested to receive
one.
Although Participants will not get an R/E file until
the end of the day, the MSRB will provide Participants with a faxed
receipt as soon as its system processes each file.
A subsequent notice will detail availability
and timing of the R/E file.
PC PLATFORM
As previously stated, these requirements described
aboveare for those firms who will utilize a CPU-to-CPU transmission
to NSCC. For those participants who currently use PC Platform or
related PC software, the MSRB will be offering the appropriate software
for submitting customer transactions directly to the MSRB. Any questions
concerning this software can be directed to the MSRB contact below.
TESTING AND IMPLEMENTATION
Subsequent notices will announce the details regarding
NSCC testing and implementation. More specific information regarding
the MSRB's testing initiative can be obtained in the aforementioned
MSRB information package or by calling the MSRB contact below.
Any questions regarding the MSRB's rule change
and their reporting requirements can be directed to Larry M. Lawrence
of the MSRB at (703)797-6600.
Questions regarding this Important Notice can be
directed to NSCC Participant Services in New York at (212) 412-8432
or the undersigned at (212) 412-8594.
Martin R. Simoneau
Project Manager, Systems
EXHIBIT I
MSRB TRANSACTION DETAIL (RJE) -
Datatrak Header
|
FILE NAME
ORGANIZATION
RECORD LENGTH
BLOCK SIZE
|
TRACK HEADER FOR MSRB TRANSACTION DETAIL (RJE) # 17334
SEQUENTIAL
80
27920
November 12, 1996
|
|
Start
|
End
|
Length
|
Type
|
Field Description
|
|
1
|
5
|
5
|
A/N
|
Constant 'HDR.S'
|
|
6
|
10
|
5
|
N
|
Sysid '17334'
|
|
11
|
12
|
2
|
A/N
|
Constant '.E'
|
|
13
|
14
|
2
|
N
|
Constant '00'
|
|
15
|
16
|
2
|
A/N
|
Constant '.C'
|
|
17
|
20
|
4
|
A/N
|
Submitting Party - Originator
|
|
21
|
22
|
2
|
A/N
|
Constant '.S'
|
|
23
|
26
|
4
|
N
|
Submitted For Party - Suboriginator
|
|
27
|
27
|
1
|
A/N
|
Future Use - Spaces
|
|
28
|
33
|
6
|
N
|
Processing Date MM/DD/YY
Reflects NSCC Output Date
|
|
34
|
34
|
1
|
A/N
|
Future Use - Spaces
|
|
35
|
59
|
25
|
A/N
|
Constant 'MSRB Trade Report'
|
|
60
|
60
|
1
|
A/N
|
Multi-batch Indicator
'Y ' = Yes
'N ' = No
|
|
61
|
63
|
3
|
N
|
Sequence Number (001 - 999)
|
|
64
|
80
|
17
|
A/N
|
Future Use - Spaces
|
MSRB TRANSACTION DETAIL (RJE) -
Application Header
|
FILE NAME
ORGANIZATION
RECORD LENGTH
BLOCK SIZE
|
APPLICATION HEADER FOR MSRB TRANSACTION DETAIL (RJE) # 17334
SEQUENTIAL
80
27920
November 12, 1996
|
|
Start
|
End
|
Length
|
Type
|
Field Description
|
|
1
|
4
|
4
|
A/N
|
Submitter ID
Identifier of dealer, clearing dealer,
or service bureau submitting file. Identifier to be assigned
by the MSRB.
|
|
5
|
6
|
2/P
|
N
|
Submitter Site
Location from which submitted. Site code
to be assigned by the MSRB.
|
|
7
|
16
|
0
|
A/N
|
Filler |
|
17
|
24
|
8
|
N
|
Submission Date
Date the file was transmitted. (CCYYMMDD)
|
|
25
|
28
|
4
|
N
|
Submission Time
Time the file was transmitted. In HHMM,
military format, Eastern time.
|
|
29
|
32
|
4
|
A
|
File Sequential Number
Sequential number of this file
from this submitter on this date.
|
|
33
|
37
|
5
|
A/N
|
Version ID
Version of MSRB's file format
being used for submission, e.g., 00010.
|
|
38
|
38
|
1
|
A/N
|
File Type
S=Submission of trades to MSRB
T=Test
|
|
39
|
43
|
5
|
N
|
Record Count
>Number of records in this
file
|
|
44
|
67
|
24
|
A/N
|
Filler
|
|
68
|
80
|
13
|
A
|
Header ID Constant 'MSRBRJEHEADER
'
|
MSRB TRANSACTION DETAIL (RJE) -
Detail [RECORD ONE]
|
FILE NAME
ORGANIZATION
RECORD LENGTH
BLOCK SIZE
|
MSRB TRANSACTION DETAIL (RJE) # 17334
RECORD ONE
SEQUENTIAL
80
27920
November 12, 1996
|
|
Start
|
End
|
Length
|
Type
|
Field Description
|
|
1
|
16
|
16
|
A/N
|
Filler
|
|
17
|
25
|
9
|
A/N
|
CUSIP Number
|
|
26
|
33
|
8
|
N
|
Trade Date 'CCYYMMDD '
|
|
34
|
37
|
4
|
N
|
Time-of-Trade Execution
HHMM, Military format
(18-19 = Hours)
(20-21 = Minutes)
|
|
38
|
41
|
4
|
A
|
Dealer Identifier
Executing Broker
|
|
42
|
42
|
1
|
A
|
Buy/Sell Code
'B ' = Dealer is Buyer
'S ' = Dealer is Seller
|
|
43
|
51
|
9
|
N
|
Quantity 9(9)
Par Value Traded
Integer, no commas or decimal
point
|
|
52
|
61
|
10
|
A/N
|
Dollar Price
Includes an explicit decimal
point. Position of decimal point may vary. All of the
following are valid 100.123456 89.1234567 099.50000
Not required in certain cases.
|
|
62
|
70
|
9
|
A/N
|
Yield
Includes an explicit decimal
point, zero-filled at left. Position of decimal point
may vary, e.g.03.45678, or 3.45678.
Units are percent, e.g., 03.5
denotes 3.5%
|
|
71
|
78
|
8
|
A/N
|
Filler
|
|
79
|
80
|
2
|
N
|
Constant '01'
First physical record of this
transaction.
|
MSRB TRANSACTION DETAIL (RJE) -
Detail [RECORD TWO]
|
FILE NAME
ORGANIZATION
RECORD LENGTH
BLOCK SIZE
|
MSRB TRANSACTION DETAIL (RJE) # 17334
RECORD TWO
SEQUENTIAL
80
27920
November 12, 1996
|
|
Start
|
End
|
Length
|
Type
|
Field Description
|
|
1
|
16
|
16
|
A/N
|
Filler
|
|
17
|
17
|
1
|
A
|
Dealer=s Capacity
'A' = Agent for Customer
'P' = Principal
|
|
18
|
25
|
8
|
A/N
|
Commission
Includes an explicit decimal
point, zero-filled at left. E.g.: 000.0500 Units are dollars
per hundred dollars par value. Required only if capacity
is "agent," otherwise may be zeroes or blank.
|
|
26
|
33
|
8
|
N
|
Settlement Date 'CCYYMMDD '
(Blank or zeroes if date is
unknown)
|
|
34
|
34
|
1
|
A
|
Cancel/Amend Code
F=First report of this trade
to the MSRB
C=Cancel the record of the
trade identified by the following control number. All
other fields of the current record may be zeroes or may
contain the values being canceled.
A=Amend the record of the trade
identified by the following control number. New attributes
of this trade are in the current record.
>V=Verify that a transaction (identified by the control
number in the following field) previously noted as questionable,
is correct.
|
|
35
|
54
|
20
|
A/N
|
Dealer Transaction Control
Number
An identifier of the transaction
sufficient to associate all its data in the system. (See
field below.) Format of control number is determined by
dealer.
|
MSRB TRANSACTION DETAIL (RJE) -
Detail [RECORD TWO]
|
FILE NAME
>ORGANIZATION
RECORD LENGTH
BLOCK SIZE
|
MSRB
TRANSACTION DETAIL (RJE) # 17334
RECORD TWO
>SEQUENTIAL
80
27920
November 12, 1996
|
|
Start
|
End
|
Length
|
Type
|
Field Description
|
|
55
|
74
|
20
|
A/N
|
Previous Record Reference
Control number of transaction
being canceled or amended by present record, if not shown
in previous field. Optional if the transaction being updated
is identified by the "dealer's transaction control number"
field. Blank or zeroes if cancel/amend code is "F."
|
|
75
|
78
|
4
|
A/N
|
Filler
|
|
79
|
80
|
2
|
N
|
Constant '02'
Second physical record of this
transaction
|
MSRB TRANSACTION DETAIL (RJE) -
Datatrak End Record
|
FILE NAME
>ORGANIZATION
RECORD LENGTH
BLOCK SIZE
|
DATA TRACK END RECORD FOR MSRB TRANSACTION DETAIL (RJE)
# 17334
SEQUENTIAL
80
27920
November 12, 1996
|
|
Start
|
End
|
Length
|
Type
|
Field Description
|
|
1
|
5
|
5
|
A/N
|
Constant 'END.S'
|
|
6
|
10
|
5
|
N
|
Sysid '17334'
|
|
11
|
12
|
2
|
A/N
|
Constant '.E'
|
|
13
|
14
|
2
|
N
|
Constant '00'
|
|
15
|
16
|
2
|
A/N
|
Constant '.C'
|
|
17
|
20
|
4
|
A/N
|
Submitting Party - Originator
|
|
21
|
22
|
2
|
A/N
|
Constant '.S'
|
|
23
|
26
|
4
|
N
|
Submitted For Party - Suboriginator
|
|
27
|
80
|
54
|
A/N
|
Future Use - Spaces
|
EXHIBIT II
MSRB TRANSACTION DETAIL - Datatrak
Header
|
FILE NAME
ORGANIZATION
RECORD LENGTH
BLOCK SIZE
|
DATA TRACK HEADER FOR MSRB TRANSACTION DETAIL # 17336
SEQUENTIAL
160
27840
November 12, 1996
|
|
Start
|
End
|
Length
|
Type
|
Field Description
|
|
1
|
5
|
5
|
A/N
|
Constant 'HDR.S'
|
|
6
|
10
|
5
|
N
|
Sysid '17336'
|
|
11
|
12
|
2
|
A/N
|
Constant '.E'
|
|
13
|
14
|
2
|
N
|
Constant '00'
|
|
15
|
16
|
2
|
A/N
|
Constant '.C'
|
|
17
|
20
|
4
|
A/N
|
Submitting Party - Originator
|
|
21
|
22
|
2
|
A/N
|
Constant '.S'
|
|
23
|
26
|
4
|
N
|
Submitted For Party - Suboriginator
|
|
27
|
27
|
1
|
A/N
|
Future Use - Spaces
|
|
28
|
33
|
6
|
N
|
Processing Date MM/DD/YY
Reflects NSCC Output Date
|
|
34
|
34
|
1
|
A/N
|
Future Use - Spaces
|
|
35
|
59
|
25
|
A/N
|
Constant 'MSRB Trade Report'
|
|
60
|
60
|
1
|
A/N
|
Multi-batch Indicator
'Y ' = Yes
'N ' = No
|
|
61
|
63
|
3
|
N
|
Sequence Number (001 - 999)
|
|
64
|
160
|
97
|
A/N
|
Future Use - Spaces
|
MSRB TRANSACTION DETAIL - Application
Header
|
FILE NAME
ORGANIZATION
RECORD LENGTH
BLOCK SIZE
|
APPLICATION HEADER FOR MSRB TRANSACTION DETAIL # 17336
SEQUENTIAL
160
27840
November 12, 1996
|
|
Start
|
End
|
Length
|
Type
|
Field Description
|
|
1
|
4
|
4
|
A/N
|
Submitter ID
Identifier of dealer, clearing dealer,
or service bureau submitting file. Identifier to be assigned
by the MSRB.
|
|
5
|
6
|
2
|
N
|
Submitter Site
Location from which submitted. Site code
to be assigned by the MSRB.
|
|
7
|
16
|
10
|
A/N
|
Filler |
|
17
|
24
|
8
|
N
|
Submission Date
Date the file was transmitted. (CCYYMMDD)
|
|
25
|
28
|
4
|
N
|
Submission Time
Time the file was transmitted. In HHMM,
military format, Eastern time.
|
|
29
|
32
|
4
|
N
|
File Sequential Number
Sequential number of this
file from this submitter on this date.
|
|
33
|
37
|
5
|
A/N
|
Version ID
Version of MSRB's file format
being used for submission, e.g., 00010.
|
|
38
|
38
|
1
|
A/N
|
File Type
S=Submission of trades to MSRB
T=Test
|
|
39
|
43
|
5
|
N
|
Record Count
Number of records in this file
|
|
44
|
70
|
27
|
A/N
|
Filler
|
|
71
|
80
|
10
|
A
|
Header ID Constant 'MSRBHEADER
'
|
|
81
|
160
|
80
|
A/N
|
Filler
|
MSRB TRANSACTION DETAIL - Detail
|
FILE NAME
ORGANIZATION
RECORD LENGTH
BLOCK SIZE
|
MSRB TRANSACTION DETAIL # 17336
SEQUENTIAL
160
27840
November 12, 1996
|
|
Start
|
End
|
Length
|
Type
|
Field Description
|
|
1
|
22
|
22
|
A/N
|
Filler
|
|
23
|
31
|
9
|
A/N
|
CUSIP Number
|
|
32
|
39
|
8
|
N
|
Trade Date 'CCYYMMDD '
|
|
40
|
43
|
4
|
N
|
Time-of-Trade Execution
HHMM, Military format
(18-19 = Hours)
(20-21 = Minutes)
|
|
44
|
47
|
4
|
A
|
Dealer Identifier
Executing Broker
|
|
48
|
48
|
1
|
A
|
Buy/Sell Code
'B' = Dealer is Buyer
'S' = Dealer is Seller
|
|
49
|
57
|
9
|
N
|
Quantity 9(9)
Par Value Traded
Integer, no commas or decimal
point
|
|
58
|
67
|
10
|
A/N
|
Dollar Price
Includes an explicit decimal
point. Position of decimal point may vary. All of the
following are valid 100.123456 89.1234567 099.50000
Not required in certain cases.
|
|
68
|
76
|
9
|
A/N
|
Yield
Includes an explicit decimal
point, zero-filled at left. Position of decimal point
may vary, e.g.03.45678, or 3.45678.
Units are percent, e.g., 03.5
denotes 3.5%
|
|
77
|
77
|
1
|
A
|
Dealers Capacity
'A' = Agent for customer
'P' = Principal
|
MSRB TRANSACTION DETAIL - Detail
|
FILE NAME
ORGANIZATION
RECORD LENGTH
BLOCK SIZE
|
MSRB TRANSACTION DETAIL # 17336
SEQUENTIAL
160
27840
November 12, 1996
|
|
Start
|
End
|
Length
|
Type
|
Field Description
|
|
78
|
85
|
8
|
A/N
|
Commission
Includes an explicit decimal
point, zero-filled at left. E.g.: 000.0500 Units are dollars
per hundred dollars par value. Required only if capacity
is "agent,"otherwise may be zeroes or blank.
|
|
86
|
93
|
8
|
N
|
Settlement Date 'CCYYMMDD '
|
|
94
|
94
|
1
|
A
|
Cancel/Amend code
F=First report of this trade
to the MSRB
C=Cancel the record of the
trade identified by the following control number. All
other fields of the current record may be zeroes or may
contain the values being canceled.
A=Amend the record of the trade
identified by the following control number. New attributes
of this trade are in the current record.
V=Verify that a transaction
(identified by the control number in the following field)
previously noted as questionable, is correct.
|
|
95
|
114
|
20
|
A/N
|
Dealer Transaction Control Number
An identifier of the transaction
sufficient to associate all its data in the system. (See
field below.) Format of control number is determined by
dealer.
|
MSRB TRANSACTION DETAIL - Detail
|
FILE NAME
ORGANIZATION
RECORD LENGTH
BLOCK SIZE
|
MSRB
TRANSACTION DETAIL # 17336
SEQUENTIAL
160
27840
November 12, 1996
|
|
115
|
134
|
20
|
A/N
|
Previous Record Reference
Control number of transaction
being canceled or amended by present record, if not shown
in previous field. Optional if the transaction being updated
is identified by the "dealer's transaction control number"
field. Blank or zeroes if cancel/amend code is "F."
|
|
135
|
160
|
26
|
A/N
|
Filler
|
MSRB TRANSACTION DETAIL - Datatrak
End Record
|
FILE NAME
ORGANIZATION
RECORD LENGTH
BLOCK SIZE
|
DATA TRACK END RECORD FOR MSRB
TRANSACTION DETAIL # 17336
SEQUENTIAL
160
27840
November 12, 1996
|
|
Start
|
End
|
Length
|
Type
|
F | | 