The Trade Capture and Reporting Service validates and reports equity transactions executed in the US equity markets throughout the trading day. Trades are submitted to NSCC by an exchange or by a Qualified Special Representatives (QSRs). 

Overview

The Trade Capture and Reporting Service validates and reports equity transactions executed in the US equity markets throughout the trading day. Trades are submitted to NSCC by an exchange or by a Qualified Special Representatives (QSRs). A QSR is a broker/dealer who operates an automated execution system or clears for a firm that operates an automated trading system and submits locked-in transactions on behalf of itself and/or another broker/dealer. A QSR must be on one side of every transaction submitted to NSCC and must abide by NSCC's QSR rules and regulations.

NSCC validates and reports equity trades to participants throughout the trading day. Eligible securities are forwarded to NSCC's Continuous Net Settlement (CNS) system where they are novated. Trades ineligible for CNS either settle trade-for-trade or are included in NSCC's multi-lateral net balance order process.

NSCC is currently redesigning its Trade Capture and Reporting service to provide participants real-time contract output in one unified format. Participants will have the option of receiving their contract data in a FIX message, a unified output file or in the legacy files provided to participants today. NSCC expects this enhancement to be implemented in mid-2010.

Who Can Use the Service

All qualified NSCC members are eligible to use the service.

Benefits

The service provides a number of operational advantages:

• NSCC accepts real-time data submissions from US equity markets, providing fast and efficient processing as well as the safe storage of trades.
• Settlement is centralized in NSCC's CNS system for CNS-eligible securities.
• NSCC processes non-standard settlement trades from every market. NSCC must receive cash trades by 11:30 a.m. to be processed in CNS that same day. Cash trades received after 11:30 a.m. are processed trade-for-trade.
• Intra-day output is reported to participants on the 400-byte universal trade recording machine-readable output. Data is currently reported to participants on an hourly basis, which allows participants to reconcile their trades intra-day.
• Equity trade capture and reporting also processes "when issued" trades, "as of" trades and pink sheet and bulletin board trades.

How the Service Works

NSCC accepts trade data in real-time or in multi-batch files from exchanges and alternative trading systems. The service validates various trade data elements and reports the trade details to NSCC participants on an intra-day and end-of-day basis. (End-of-day output is only available in a print image format.)

Intra-day output is created in a universal format so that all trade data, irrespective of the execution venue, are reported to participants using virtually the same record layout, across all domestic marketplaces.

For More Information

Please call Relationship Management at 800-422-0582.