GSD RTTM® Web

Government Securities Division (GSD) Real-Time Trade Matching (RTTM®) enables dealers, brokers and other market participants to automate the processing of fixed income securities trades throughout the trading day.

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

The result is an immediate confirmation for trade execution that is legal and binding. The confirmation also serves to initiate Fixed Income Clearing Corporation’s (FICC) trade novation. GSD RTTM is available via interactive messaging and as a web-based service called GSD RTTM Web.

GSD RTTM Web provides a common trade capture and matching platform, a single communications pipeline, and International Organization for Standardization (ISO) interactive message format for U.S. Government securities settled through FICC.

• Who Can Use this Service

  Government Securities Division (GSD) Members are eligible to use GSD RTTM Web.

• Benefits

  GSD RTTM brings members the benefits of straight-through processing, including:

  • Reduced execution risk by automating manual post-trade processing,
  • 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 highly-traded fixed income products,
  • A web-based front-end (GSD RTTM WFE) allowing members to enter trade-related activity and obtain real-time status information, along with user-friendly search, query, and reporting capabilities,
  • Exception processing-based screens, allowing members to focus only on discrepancies rather than on the entire post-trade processing flow, and
  • 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 for matching receive trade status messages, access reports, and cancel or modify existing trades in GSD RTTM Web using one of two methods: via the web-based user interface GSD RTTM Web or via mainframe-based interactive messages.

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

  Through GSD 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 GSD RTTM Web application. GSD 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, FICC will generate output to GSD Members when trades are compared (whether the comparison occurs as a result of matching, or trades are recorded as compared upon receipt). Comparisons generated by FICC evidence a valid, binding and enforceable contract between the trading member counterparties, and also represents the point at which trade novation occurs.

  GSD RTTM routes compared trades to the appropriate destinations for further downstream processing.

• For More Information

  To request additional information, please visit the Client Center.