Muni Price Reporting (TRS)

MSRB Speaks on Transaction Reporting

User's Manual for Customer Transaction Reporting

File Submission Methods

Dealers have a choice of methods to submit files of customer trade data to the MSRB. They may use one method or a combination of several.

Submitting via Telecommunications Connection to NSCC

Firms that have a computer-to-computer telecommunications connection to NSCC may use the same connection to transmit customer trade files via NSCC to the MSRB. Such a dealer must first create files in the appropriate NSCC format, which is specified in Appendix G.

Next, you must contact the MSRB transaction reporting staff to advise us that you intend to submit files. If we do not know in advance that you are sending us files of trade data, the system will reject your files and you will not be in compliance with rule G-14. When you contact us you will also be assigned your submitter ID, as described in the previous chapter.

Also before submitting files through NSCC, your technical staff must go through an NSCC-required set-up procedure before you send them any new type of data. (You will actually set up your system with NSCC's facilities operator, the Securities Industry Automation Corporation or SIAC). Basic set-up information is given in Appendixes H and I. After SIAC puts you "into production" from their viewpoint, you are ready to begin testing with the MSRB.

Submitting via Clearing Dealers or Service Bureaus

Certain agents - clearing dealers and "service bureaus" (vendors that support dealers' back offices) - offer a variety of methods to support customer transaction reporting. For example, the agent may provide the dealer with software or with a terminal for original data entry into the agent's own system, or may construct an interface between the dealer's record-keeping system and the agent's system. Under these arrangements, the agent transmits the file to NSCC via its existing computer-to-computer connection. Alternatively, a service bureau or software vendor may provide the dealer with the means to create a file, which the dealer then transmits to NSCC by computer-to-computer connection, or which the dealer sends to MSRB by the PC dial-in method described below.

Submitting by Dialing In (PC TRS)

Dealers with low volumes of customer transactions may report those trades directly to the MSRB by dialing into the CTRS using a personal computer. MSRB provides free software to dealers to support this method. A dealer may use the PC TRS software to:

• Key in customer trade data on a data-entry screen
• Check (edit) the data for compliance with the TRS format specifications.

You may use the above data entry features to create an input file for transmission to CTRS, or you may use your own software to extract data from your firm's record-keeping system and reformat it according to CTRS specifications. In either case, the PC software will also help you to:

• Transmit a file of customer transaction data to the TRS
• Download, from the TRS computer, a "receipt file" that acknowledges a file you previously sent to the TRS and describes any errors found.

As an alternative or supplement to the downloaded receipt file, you may opt to receive a faxed report from TRS that has the same information as the receipt file.

The PC TRS method is described in detail in the User's Manual for Reporting Customer Transactions Using the MSRB PC Transaction Reporting System (PC TRS), which is reprinted as Appendix F.

Combination of Methods

A dealer may use more than one method to submit customer trade data. For example, you may use a service bureau to report trades and then use PC TRS to amend, cancel or verify the trades after they are reported. MSRB requests that any dealer using more than one method of data submission contact our transaction reporting assistants to be sure the methods are properly coordinated.

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