PIM Processing Rules
All messages will be sent between the Dealer and IPA via MQ series. Messages will be routed through DTC, which will act as a communications hub for this service.
- DTC will not edit the message data. However, DTC will return undeliverable messages to the deliverer provided that the MQ "confirm on arrival" parameter is set on the message.
- DTC will not retain copies of messages. It is recommended that all messages be "persistent," to ensure delivery.
- Password protocol must be set between the Dealer and the IPA. The Start-of-Day Record will contain the Dealer's password for the day (with that IPA) and should be validated by the IPA.
- All errors should be communicated to the other party using the specific error code fields contained in the reply records.
PIM Record Types
The following are the 12-record types:
- SD – Start-of-Day Record (sent from Dealer to IPA): This record may be sent by the Dealer to each IPA with whom he interfaces to inform the IPA that he is signing on for the day. The IPA will respond with an SR record.
- SR – IPA Bank Reply to Dealer Start-of-Day Record (sent from IPA to Dealer): This record is sent to the Dealer by the IPA to acknowledge receipt of the Start-of-Day Record.
- AT – Add Trade Record (sent from Dealer to IPA): This record is used to transmit to the IPA the details of MMI trade the Dealer has made with investors. This information will eventually be transmitted from the IPA to DTC in the form of an MMI issuance instruction. The IPA will respond with an RD record.
- CT – Cancel Trade Record (sent from the Dealer to IPA): This record is sent by the Dealer to the IPA to cancel an Add Trade record that was previously sent to the IPA. The IPA will respond with a RD record.
- DR – Dealer Release Trade Record (sent from Dealer to IPA): The Dealer sends this record to the IPA to request release of a CP trade for issuance in the DTC system. The IPA will reply with a RD record.
- RD – IPA Bank Reply to Dealer Transaction Record (sent from IPA to Dealer): The IPA sends this record to the Dealer in response to receipt of an AT, CT or DR record. It indicates whether the IPA accepts or rejects the Dealer transaction record.
- BR – IPA Bank Release Trade Record (sent from IPA to Dealer): v The IPA sends this record to the Dealer to request release of a MMI trade for issuance in the DTC system. The Dealer will respond with a RR record.
- RR – Dealer Reply to IPA Bank Release Trade Record (sent from Dealer to IPA): The Dealer sends this record to the IPA in response to receipt of a BR record. It indicates whether the Dealer accepts or rejects the IPA Bank Release Trade Record.
- DH – Dealer Heartbeat Request Record (sent from Dealer to IPA): The Dealer may periodically send this record to the IPA to verify that its system is operational and capable of receiving message records. The IPA will respond with a HB record.
- HB – IPA Bank Reply to Dealer Heartbeat Request Record (sent from IPA to Dealer): The IPA sends this record to the Dealer in response to receipt of a DH record, to indicate that its system is operational and capable of receiving message records.
- BH – IPA Bank Heartbeat Request Record (sent from IPA to Dealer): The IPA may periodically send this record to the Dealer to verify that its system is operational and capable of receiving message records. The Dealer will respond with a HD record.
- HD – Dealer Reply to IPA Heartbeat Request Record (sent from Dealer to IPA): The Dealer sends this record to the IPA in response to receipt of a BH record, to indicate that its system is operational and capable of receiving message records.
For More Information
To implement PIM, Dealers or IPAs must:
Contact Your Relationship Manager
Your relationship manager (RM) will coordinate the following setup procedures:
1) Execute a PIM agreement
Your RM will forward you three original copies of the PIM agreement already executed by a DTC officer. An authorized officer of your firm must execute the three originals. You must retain one original copy of the Agreement, and the other two original copies must be sent to your RM. The agreement must be received by DTC before any setup or implementation efforts can begin. This should be coordinated through your RM.
Click here for the PIM Agreement form
2) Setup Support
- Once the agreement has been signed by the Dealer or IPA, the RM will coordinate contact with DTC's Participant Interface Planning Department (PIP) and request setup support. This request must be in writing.
- The bank or Dealer must establish a line connection to DTC if it does not have one already. The link established must be TCP/IP. If the bank or Dealer does not have an existing dedicated line, the PIP department will order one upon user's written request. New links often require six to eight weeks lead time to implement. Requests may be emailed to [email protected].
- A PIP representative will send the Dealer or IPA the following documentation: Technical overview; 12 standard record layouts; error codes; and, MQSeries Information Form. The MQSeries form must be completed and returned to PIP to enable the user in DTC's test environment. The PIP representative will provide the Dealer or IPA with a "test queue manager name" and configuration of the software can begin.
- Once testing is completed, another MQSeries form must be submitted to enable the user in the production environment with a "production queue manager name."
- DTC Network control will proactively monitor the PIM "dead letter" queue for undelivered messages throughout the day. Upon Dealer or IPA request, Network Control can track messages that have failed to reach their destination and assist in diagnosing the failure.
- A Dealer or IPA may contact DTC's Customer Support Center (CSC) for support once in production. The CSC will open a "ticket" that describes the user's request and then forward that ticket to the appropriate area within DTCC for resolution. The CSC can be reached Monday-Friday with 24-hour availability at (888) 382-2721.