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实时交易匹配(RTTM®)使交易商, brokers and other market participants to automate the processing of fixed income securities trades throughout the trading day.

RTTM provides a common electronic platform for collecting and matching trade data, 使各方能够进行贸易, 实时监控和管理其交易活动的状态. Through 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) guarantee of trade completion. RTTM is available as a mainframe communications service or through a web-based service called RTTM Web.

RTTM提供了一个通用的交易捕获和匹配平台, 单一通信管道, and International Organization for Standardization (ISO) interactive message format for the entire U.S. 固定收益市场. 这不仅包括美国.S. 政府和抵押贷款支持证券通过FICC结算, but also corporate and municipal bonds and Unit Investment Trusts (UITs), which are settled by National Securities Clearing Corporation (NSCC). FICC和NSCC都是存托信托的子公司 & 结算公司(DTCC).

 

  • 谁可以使用这项服务

    政府证券科(GSD)成员, Mortgage Backed Securities (MBSD) members and NSCC members are eligible to use RTTM. In addition, 通过GSD的执行公司功能, which permits introducing members to submit trades on behalf of non-GSD members such as institutions and correspondent firms, 非gsd成员也有可能从RTTM中受益.

  • Benefits

    RTTM满足了行业对自动化的需求, 互动沟通和风险缓解 in the traditionally fragmented over-the-counter debt markets. Covering the breadth of fixed income instruments that customers trade, RTTM brings members closer to achieving the many benefits of straight-through processing, including:

    • Reduced execution risk by automating manual post-trade processing procedures;
    • Further risk reduction through centralized trade date matching and the establishment of legally binding confirmations in real-time, providing a guaranty of trade completion at time of match (GSD and MBSD);
    • 可靠的通信和标准化的交互式消息传递;
    • A cost-efficient consolidated platform that supports all highly-traded fixed income products;
    • A web-based front-end allowing members to enter trade-related activity and obtain real-time status information, 以及用户友好的搜索, query, 报告工具;
    • 异常的屏幕, allowing members to focus only on discrepancies rather than on the entire post-trade processing flow;
    • 固定收益vnsr威尼斯城官网登入的标准化程序, minimizing the number of specialized systems and personnel needed to support your operations;
    • Ability to comply with business and regulatory demand for more timely and transparent trade reporting;
    • Full alignment with business continuity plans by providing for the safe storage of trade data; and
    • 更高的加工效率, enhanced risk management and fewer securities settlements with pool netting (MBSD).

  • 服务如何运作

    Customers can submit their trades upon execution in real-time for matching, 交换交易状态信息, 提交DNA信息进行配对处理, 访问和传送报告, and cancel or modify trades in RTTM using one of two methods: via RTTM Web, 基于web的用户界面, 或者通过基于大型机的交互式消息.

    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. 该应用程序是安全的, browser-based trade entry/management tool that incorporates robust search capabilities, 统计报告, 异常处理.

    通过RTTM Web, 客户可以输入与贸易相关的活动和, 不管输入法如何, obtain the real-time status of all transactions received and/or updated by the RTTM system. RTTM Web的用户友好搜索, query, and reporting tools help members proactively identify and resolve processing exceptions that, 剩下未被发现, 会导致代价高昂的贸易差异吗.

    不管交易是如何提交的, FICC will generate output to RTTM users when trades are compared (whether comparison occurs as a result of matching, 或交易在收到时进行比较。). 由FICC证据产生的比较是有效的, binding and enforceable contract between the trading member counterparties, and also represent the point at which the 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 Municipal Securities Rulemaking Board (MSRB) for NSCC designated municipal bond transactions.

    抵押贷款支持证券, 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, 平衡订单系统或贸易对贸易会计系统. 绝大多数交易都是在中国结算的, which nets transactions for each participant and facilitates the book-entry movement of depository eligible securities in a centralized, 受控和自动化环境.

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