CMU RTTM^®

Corporate, Municipal, and UITs (CMU) Real-Time Trade Matching (RTTM^®) enables dealers and brokers to automate the processing of their fixed income securities trades throughout the trading day.

CMU RTTM provides a common electronic platform for collecting and matching trade data, enabling the parties to trades to monitor and manage the status of their trade activity in real time. Through CMU RTTM, the parties can track a transaction from trade entry through to clearance and regulatory reporting.

The result is an immediate confirmation for trade executions that is legal and binding. The confirmation also serves to initiate National Securities Clearing Corporation (NSCC) guarantee of trade completion. CMU RTTM is available via interactive message and a browser-based interface called CMU RTTM Web.

CMU RTTM provides a common trade capture and matching platform, a single communications pipeline, and International Organization for Standardization (ISO) interactive message format for corporate and municipal bonds and Unit Investment Trusts (UITs), which are settled by National Securities Clearing Corporation (NSCC).

• Who Can Use this Service

  The service is available to all NSCC Members.

• Benefits

  CMU RTTM addresses the industry need for automation, interactive communications and risk mitigation in the traditionally fragmented over-the-counter debt markets. CMU RTTM brings members closer to achieving the many benefits of straight-through processing, including:

  • Reduced execution risk by automating manual post-trade processing procedures
  • Further risk reduction through centralized trade date matching and the establishment of legally binding confirmations in real-time
  • Reliable communications and standardized interactive messaging
  • A cost-efficient consolidated platform that supports all highly-traded fixed income products
  • A web-based front end allowing members to enter trade-related activity and obtain real-time status information, along with user-friendly search, query, and reporting tools
  • Exception-based screens, allowing members to focus only on discrepancies rather than on the entire post-trade processing flow
  • Ability to comply with business and regulatory demand for more timely and transparent trade reporting

• How the Service Works

  Customers can submit their trades upon execution in real-time, exchange trade status messages, access and transmit reports, and cancel or modify trades in CMU RTTM using one of two methods: via CMU RTTM Web, the web-based user interface, or via interactive messages.

  CMU RTTM Web is a web-based interface that serves as a single point of entry, providing transaction management and screen-based error resolution across fixed income instrument types. The application is a secure, browser-based trade entry/management tool that incorporates robust search capabilities, statistical reporting, and exception processing.

  Through CMU RTTM Web, customers can enter trade-related activity and, regardless of input method, obtain the real-time status of all transactions received and/or updated by the CMU RTTM system. CMU RTTM Web’s user-friendly search, query, and reporting tools help members proactively identify and resolve processing exceptions that, left undetected, could lead to costly trade discrepancies.

  Regardless of how trades are submitted, NSCC will generate output to CMU RTTM users when trades are compared (whether comparison occurs as a result of matching, or trades are recorded as compared upon receipt). Comparisons generated by NSCC evidence a valid, binding and enforceable contract between the trading member counterparties.

  CMU RTTM routes compared trades to the appropriate destinations for further downstream processing for netting and settlement and regulatory agencies for price transparency reporting. CMU RTTM supports trade reporting to the Municipal Securities Rulemaking Board (MSRB).

  CMU RTTM will send matched NSCC-eligible obligations that qualify for netting to NSCC’s Continuous Net Settlement (CNS) system, Balance Order system or the Trade-for-Trade Accounting system.

• For More Information

  To request additional information, please click here.