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Clearing Relationships Matter

The Automated Special Representative Facility leverages NSCC’s new Universal Trade Capture (UTC) system. “UTC has opened the door to countless new opportunities to modernize manual processing and create real-time capabilities that simplify the submission of data to NSCC,” said Murray Pozmanter, DTCC managing director and general manager, Equity and Fixed Income Clearing Group.

UTC is designed to standardize, streamline, consolidate and modernize the equity trade capture process. It mitigates risk and enhances efficiencies by consolidating the four legacy trade capture systems into a single, near-real-time validation and reporting engine.

NSCC, which recently completed the migration to UTC of its legacy trade capture applications, will be converting marketplaces and member firms to the FIX format throughout the remainder of 2011.

UTC in a nutshell

NSCC began the migration to UTC last November with its Correspondent Clearing (CORR) application and continued through the first quarter of 2011 as the New York Stock Exchange (NYSE), Regional Interface Operation (RIO) and Nasdaq/Over-the-Counter (OTC) applications were successfully brought into UTC. These applications, which represented the first step on the road to clearing a trade, accepted and processed transaction data from the various equity exchanges and over-the-counter markets after a trade was executed before sending it to firms for reporting and reconciliation needs.

Under the legacy applications, each marketplace used its own unique format for submitting input data to NSCC, which produced four different contract reports in a machine-readable-output (MRO) data file format in batches throughout the day.

UTC leverages the FIX format to create a near-real-time system that offers a standardized input record from all marketplaces and standardized real-time output messages to participants. The contract output is delivered to customers via the FIX engine, FIX messages via MQ or a new universal intra-day MRO file. To ensure maximum flexibility, UTC will also continue to support existing interfaces with markets and members, allowing them to transition to UTC at their own pace.

[To learn more about the Universal Trade Capture (UTC) system, contact William Kapogiannis at or 212.855.5667.]