Universal Trade Capture validates and reports equity transactions that are submitted to NSCC throughout the trading day by an exchange or by a Qualified Special Representative (QSR) that is an NSCC Member. A QSR is a broker/dealer that 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 is subject to NSCC’s Rules, in particular Procedure IV.
NSCC validates and reports equity trades to participants throughout the trading day. Eligible securities are forwarded to NSCC’s Continuous Net Settlement (CNS) system. Trades ineligible for CNS either settle trade-for-trade or are included in NSCC’s multi-lateral net balance order process.
UTC provides Members with real-time contract output in one unified format. Members may elect to receive contract data in a FIX or MQ message, or a unified output file.