Elimination of NSCC PC Web File Upload Feature for CMU Products
Please see the attached NSCC Important Notice for information regarding the elimination of NSCC’s PC Web Upload feature for CMU products.
A #5955
P&S #5525
DATE:
December 23, 2004
TO:
ALL PARTICIPANTS
ATTENTION:
MANAGING PARTNER / OFFICER; OPERATIONS PARTNER / OFFICER; DIRECTOR OF OPERATIONS; DATA PROCESSING MANAGER; MANAGER P & S DEPARTMENT; COMPLIANCE OFFICER
FROM:
PRODUCT MANAGEMENT
SUBJECT:
ELIMINATION OF FILE UPLOAD FEATURE FOR FIXED INCOME (“CMU”) BATCH FILES.
On July 9th 2004, NSCC activated interactive messaging for NSCCCorporates, Municipals and UITs, (“CMUs”) products. Interactive messaging provides participants with the ability to submit CMU trades for comparison and trade recording and receive trade status information in real-time. The RTTM messaging facility supports a single pipeline and common set of message formats across all fixed income products. It also supports the sending of trade reports to the MSRB; facilitating compliance with the MSRB’s 15 minute reporting requirements (see MSRB Notice http://www.msrb.org/msrb1/whatsnew/RTRSStartDate.htm).
It is estimated that more than 98% of municipal bond input will have converted to interactive messaging by January 31, 2005, the MSRB effective date for 15-minute reporting. NSCC will continue to process municipal bond batch input transmitted over leased line connections for a brief period of time after January 31st, 2005, but since these files will be processed on an hourly basis firms should consult with appropriate persons regarding MSRB reporting compliance.Firms will be notified of the target date for the discontinuation of municipal bond batch files via leased line connections early next year.
Currently, NSCC permits a small number of firms to submit batch files over the NSCC PC Web application. This mechanism termed the “Upload Feature”,allows firms to create a batch file and transmit it over the NSCC PC Web connection. Due to the elimination of the Fixed Income Transaction System (FITS), this methodology for submission will no longer be supported effective January 31st, 2005.
If you have any questions or comments regarding this notice, please contact your Member Services Representative, call our Hotline at (212) 855-7664 or send an email to CMUhelp@ficc.com.
