Municipal Securities Rulemaking Board

On Monday, June 14, 2004, National Securities Clearing Corporation (NSCC) will begin operation of its Real-Time Trade Matching (RTTM) system for automated comparison of inter-dealer transactions.[1] Currently, inter-dealer transactions that settle on trade date (“cash” trades) and transactions that settle the day after trade date (“next-day” trades) are ineligible for automated comparison. As previously announced, NSCC plans to accept cash and next-day trades for comparison through RTTM.[2]

MSRB Rule G-12(f), on automated comparison of inter-dealer transactions, requires dealers to submit to a registered clearing agency for automated comparison all transactions eligible for comparison. The MSRB reminds dealers that, once RTTM becomes operational, inter-dealer cash and next-day trades will be required to be submitted to NSCC for comparison.

Questions about this notice may be directed to Justin R. Pica, Uniform Practice Specialist, at 703-797-6600.

June 4, 2004

[1] See “RTTM Implementation for Corporate, Municipal and UITs,” NSCC Important Notice # CMU0004.04 dated May 19, 2004, on www.ficc.com.

[2] See “Reminder Notice Concerning Automated Comparison of Cash and Next-day Trades: Rule G-12(f),” MSRB Notice 2003-29 dated July 25, 2003, on www.msrb.org.

MSRB NOTICE 2004-15 (JUNE 4, 2004) Reminder Notice Concerning RTTM Implementation Date and Requirement for Comparison of Cash and Next-Day Trades: Rule G-12(f)

MSRB NOTICE 2004-15 (JUNE 4, 2004)

Reminder Notice Concerning RTTM Implementation Date and Requirement for Comparison of Cash and Next-Day Trades: Rule G-12(f)