Real-Time Trade Matching

Real-Time Trade Matching (RTTM®) enables dealers, 经纪人和其他市场参与者在整个交易日自动处理固定收益证券交易.

RTTM为收集和匹配贸易数据提供了一个通用的电子平台, enabling the parties to trade, monitor and manage the status of their trade activity in real-time. Through RTTM, 各方可以跟踪交易，从交易进入到清关和监管报告.

结果是立即确认交易执行，这是合法和有约束力的. 该确认也用于启动固定收益清算公司(FICC)对交易完成的保证. RTTM可以作为大型机通信服务或通过称为RTTM Web的基于Web的服务获得.

RTTM provides a common trade capture and matching platform, a single communications pipeline, 以及国际标准化组织(ISO)的交互式消息格式.S. fixed-income marketplace. This includes not only U.S. Government and mortgage-backed securities settled through FICC, 还包括公司债券、市政债券和单位投资信托基金, 由国家证券结算公司(NSCC)结算. Both FICC and NSCC are subsidiaries of The Depository Trust & Clearing Corporation (DTCC).

• Who Can Use this Service

  Government Securities Division (GSD) members, 抵押贷款支持证券部门(MBSD)成员和国家证券结算公司(NSCC)成员有资格使用RTTM. In addition, through GSD’s Executing Firm feature, 允许介绍会员代表非会员(如机构及往来行)提交交易, it is possible for non-GSD members to also benefit from RTTM.

• Benefits

  RTTM addresses the industry need for automation, 传统上分散的场外债务市场的互动沟通和风险缓解. 涵盖客户交易的所有固定收益工具, RTTM使成员更接近于实现直通处理的许多好处, including:

  • 通过自动化手工交易后处理程序降低执行风险;
  • 通过集中的交易日期匹配和建立具有法律约束力的实时确认函，进一步降低风险, 在比赛时提供交易完成的保证(GSD和MBSD);
  • Reliable communications and standardized interactive messaging;
  • 一个具有成本效益的整合平台，支持所有高交易量的固定收益vnsr威尼斯城官网登入;
  • 一个基于web的前端，允许成员进入与贸易相关的活动并获取实时状态信息, along with user-friendly search, query, and reporting tools;
  • Exception-based screens, 允许成员只关注差异，而不是整个贸易后处理流程;
  • Standardized procedures across fixed income products, 尽量减少支持您的操作所需的专业系统和人员的数量;
  • 能够满足业务和监管要求，提供更及时和透明的贸易报告;
  • Full alignment with business continuity plans by providing for the safe storage of trade data; and
  • Better processing efficiency, 通过“不分配”(“DNA”)和“池净值”(MBSD)加强风险管理和减少证券结算.

• How the Service Works

  客户可以在执行交易时实时提交交易进行匹配, exchange trade status messages, submit DNA messages for pair-off processing, access and transmit reports, 并使用以下两种方法之一取消或修改RTTM中的交易:通过RTTM Web, the web-based user interface, or via mainframe-based interactive messages.

  RTTM Web是一个基于Web的界面，作为一个集中的入口点, 提供交易管理和基于屏幕的错误解决跨固定收益工具类型. The application is a secure, 基于浏览器的交易进入/管理工具，包含强大的搜索功能, statistical reporting, and exception processing.

  Through RTTM Web, customers can enter trade-related activity and, regardless of input method, 获取RTTM系统接收和/或更新的所有事务的实时状态. RTTM Web’s user-friendly search, query, 报告工具帮助成员主动识别和解决处理异常, left undetected, could lead to costly trade discrepancies.

  Regardless of how trades are submitted, 当交易进行比较时，FICC将向RTTM用户生成输出(无论比较是否由于匹配而发生), or trades are recorded as compared upon receipt). Comparisons generated by FICC evidence a valid, 交易对手之间具有约束力和可执行性的合同, 也代表了MBSD贸易担保生效的时间点.

  RTTM路线将贸易与适当的目的地进行比较，以便进一步进行下游处理以获得净额, 结算和监管机构的价格透明度报告. RTTM还支持向市证券规则制定委员会(MSRB)报告NSCC指定的市政债券交易.

  For mortgage-backed securities, RTTM还为满足TBA交易和结算义务而提交的资金池提供实时匹配服务. 结算平衡订单和Trade-for-Trade TBA头寸的匹配池通过RTTM的报告流报告，并有资格获得池净额.

  RTTM将向北卡罗来纳大学的连续净结算(CNS)系统发送匹配的符合北卡罗来纳大学资格的债务, Balance Order system or the Trade-for-Trade Accounting system. The vast majority of trades settle in CNS, 为每个参与者净交易，并促进符合资格的存管证券在一个集中的簿记运动, controlled and automated environment.

• For More Information

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