The Corporate, Municipal, and UITs (CMU) system provides all of its customers with RTTM - a single pipeline, a common processing platform, and a standardized message format for the U.S. fixed income markets. RTTM reduces execution and settlement risk as well as costs because it allows customers to maximize the volume of trades that match on trade date, and ensures that trades are locked in and ready for settlement, moments after they've been submitted. It also allows firms to fix any processing problems the same day when an error occurs, rather than waiting for the following morning, as in the previous batch processing system.
RTTM is the matching mechanism for CMUs, however, clearance & settlement remains with the existing systems established at NSCC. Both NSCC and FICC are wholly-owned DTCC subsidiaries. FICC, which began operations on January 1, 2003, was created through the merger of the Government Securities Clearing Corporation (GSCC) and MBS Clearing Corporation (MBSCC).
The Corporate, Municipal and UIT services offered by FICC avails participants membership to Real-Time Trade Matching (RTTM) Services. For more information on this service, please click select "Real-Time Trade Matching (RTTM)" from the menu on the left.
Real-Time Trade Matching (RTTM®) enables dealers, brokers and other market participants to automate the processing of their fixed income securities trades throughout the trading day.