Customers can submit their trades upon execution in real-time for matching, exchange trade status messages, submit DNA messages for pair-off processing, access and transmit reports, and cancel or modify trades in RTTM using one of two methods: via RTTM Web, the web-based user interface, or via mainframe-based interactive messages.
RTTM Web is a web-based interface that serves as a centralized 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 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 RTTM system. 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 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 FICC evidence a valid, binding and enforceable contract between the trading member counterparties, and also represent the point at which MBSD’s trade guarantee goes into effect.
RTTM routes compared trades to the appropriate destinations for further downstream processing for netting, settlement and regulatory agencies for price transparency reporting. RTTM also supports trade reporting to the the Municipal Securities Rulemaking Board (MSRB) for NSCC designated municipal bond transactions.
For mortgage-backed securities, RTTM also provides real-time matching services for pools submitted in satisfaction of TBA trades and settlement obligations. Matched pools for Settlement Balanced Orders and Trade-for-Trade TBA positions are reported via RTTM’s reporting stream and are eligible for pool netting.
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. The vast majority of trades settle in CNS, which nets transactions for each participant and facilitates the book-entry movement of depository eligible securities in a centralized, controlled and automated environment.