Whom do I contact for CMU questions?
For CMU matching questions, call (888) 382-2721 and enter 5 (Relationship Services).

How can I get my password reset for CMU RTTM Web?
If you are not an access coordinator at your firm, please contact your firm’s access coordinator to reset your password.

If you are an access coordinator for your firm, please call the Customer Support Center (CSC) at (888) 382-2721 and press 1 (Technical Services), then 1 (Password Resets). You can also refer to the CMU RTTM Web Manual

As an RTTM Web Access Coordinator, how can I set up a new user?
You can set up a new user by clicking the Site Administration tab on RTTM Web and then selecting User Security and Add User. If you need assistance, call (888) 382-2721 and enter 5 (Relationship Services).

I cannot connect to CMU RTTM Web.
Call the Customer Support Center (888) 382-2721, and press 1 (Technical Services), then 7 (Other Technical Issues).

RTTM is not processing my trade messages sent via MQ.
Call the Customer Support Center at (888) 382-2721 and press 1 (Technical), then 3 (MQ). (You can also check if RTTM Web is displaying a banner indicating there is a system wide problem.)

Where can I find information on CMU RTTM services at DTCC’s website?
You can find CMU technical information in the documentation section of the DTCC website at:
http://www.dtcc.com/products/documentation/cs/cmu.php

Where can I find FICC CMU Important Notices?
You can find CMU Important Notices in the legal section of the DTCC website at:
http://www.dtcc.com/legal/imp_notices/ficc/cmu/

How can I learn about CMU RTTM Web?
The CMU RTTM Web User Guide and other information about CMU can be found at: http://www.dtcc.com/products/documentation/cs/ficc/cmu/cmu.rttm.web.userguide.pdf

How can I learn about CMU Trade Matching Reports (Contract Sheets)?
You can find out more by reading The CMU RTTM Reports Manual

Where can I find the CMU RTTM specifications for firms that want to program their systems to send and receive trade messages from RTTM in addition to submitting and receiving trade data via RTTM Web?
Find out more by reading:
Interactive Messaging: NSCC Participant Specifications for Matching Input and Output Version 1.0

Also, refer to the following for RTTM Message Samples:
RTTM Participant Specifications Appendix C

Where can I find an overall explanation of CMU RTTM services?
You can find an overview of RTTM's functionality here: CMU RTTM Business Requirements

How can I obtain training for CMU RTTM?
Training is available by contacting your DTCC Relationship Manager or by visiting http://www.dtcc.com/products/training

What are the roles of the National Securities Clearing Corporation, Fixed Income Clearing Corporation, and The Depository Trust & Clearing Corporation relative to RTTM?
NSCC and FICC are wholly owned subsidiaries of DTCC. CMU processing is provided for under the Rules and Procedures of NSCC.

Matched CMU trades settle in NSCC’s CNS (Continuous Net Settlement), Balance Order, or Trade for Trade systems as applicable. (Note: Cash & Next Day settlement trades are matched as “Comparison Only” by RTTM and are not sent to NSCC’s settlement systems.)

FICC initially developed RTTM for government securities trades and later added mortgage-backed securities trades. Since 2004, FICC has provided the RTTM system for NSCC’s CMU trades.

In what format can CMU trades be submitted to RTTM?
Trades can be submitted via RTTM Web or MQ Interactive Messaging (MT515) trade input messages using ISO (International Organization for Standardization) 15022 formats.

Message specifications for MT 515 (Input to RTTM), MT 509 (Trade Status Messages), and MT 518 (Trade Advisories) are available at: http://www.dtcc.com/products/documentation/cs/ficc/cmu/nscc.particip.specs.final.pdf

In what format is the trade value submitted to RTTM?
Regular way trades can be submitted only versus final money. Accrued interest is included in the final money. The accrued interest also needs to be reported separately on trade input. A trade with principal money of $10,000 and accrued interest of $100 would be reported with final money of $10,100, and accrued interest would be reported separately as $100.
When-issued and syndicate takedown trades can be submitted with final money, price to yield/concession, or dollar price. RTTM will calculate trade monies for yield and dollar price submissions.

What is the purpose of the Trade Reporting indicator (on RTTM Web) or Trade Destination (on MT 515 messages)?
Firms fill in this field to instruct RTTM to report the trade to the appropriate regulator: MSRB for municipals or TRACE for corporates.

On RTTM Web, selecting RTTM & Report in the Trade Reporting indicator field instructs RTTM to attempt to match the trade and also to report it to the regulator. This is the usual setting for municipals. However, if the municipal transaction is a stepout (see "How should stepout transactions be processed?"), this field should be filled with RTTM (not RTTM & Report), since stepouts should not be reported to MSRB as trades.

Most firms elect to report their corporate bond trades directly to the TRACE (Trade Reporting and Compliance Engine) system, instead of through RTTM, and therefore select RTTM in the Trade Reporting indicator field.

On a MT 515 message, for street side trades, Destination 01 = RTTM, Destination 01/02 = RTTM & MSRB, and Destination 01/03 = RTTM & TRACE. Refer to the NSCC Real Time Messaging Specification for detailed information on MT 515 messages.

Stepouts on MT 515 messages should be coded as Destination code 01.

Is the XREF # required on trade input?
The XREF #, or cross-reference number, is one of several fields required on trade instructs. Required fields include Participant #, Contra Participant #, Buy/Sell Code, Marketplace of Execution, CUSIP, Quantity, Money, T/D, and Settlement Date. Trades submitted without an XREF # will be rejected.

The XREF # is your firm’s unique internally generated trade reference number and is also provided back to participants on trade output from RTTM to help firms account for the trade.

What are the basic matching elements on a trade?
The basic matching elements are Buy/Sell Code, Quantity, Money, Contra Clearing Participant, Marketplace of Execution, Settlement Date, and CUSIP.

Do I need to report my or my introducing broker’s MPID (NASD market participant ID symbol) and my contra party’s MPID on trade input?
These fields are not part of the RTTM match. A trade will match regardless of whether this information is submitted.

However, if you report the trade to the regulator, MPID is required in their systems. The MPID also helps firms clearing on behalf of others to identify which of their correspondents may have executed the trade with you. Firms are always advised to provide this information on their trade input.

What are Trade Instructs, Modifies, Cancels, Reversals, and DKs?

• Trade Instruct: Submits initial or As Of trade data to RTTM.
• Modify: Changes a data element (Quantity, Contra, $, T/D, S/D, etc.) on a previously submitted trade. Matching elements can be modified only on submission date if a trade is unmatched. Regulatory data elements, such as time of trade, can be modified in RTTM as long as the trade is active in RTTM (generally through settlement date).
• Cancel: Removes an unmatched trade from RTTM.
• Reversal: Offsets a previously matched trade; for instance, a firm that matched a buy trade in error submits a sell and includes the reversal indicator on the sell trade’s submission. (RTTM does not perform a lookup to ensure that the original trade had previously matched.)
• DK: Informs the contra side that you do not know a trade. DK'ing is optional for bilateral regular way and when-issued trades. (These trades will drop from the system if you do not match them by 2 days after the contra side submits against you.)

However, on syndicate trades that you do not know, you need to submit a DK to prevent RTTM from automatically matching the syndicate trade. The syndicate trade will automatically match 2 days after the syndicate manager submits a syndicate sell (see "Syndicate processing for municipal securities").

How does RTTM determine if a trade will be processed as When Issued or Regular Way?
RTTM determines whether the trade is processed as When Issued or Regular Way.

Trades are processed as When Issued if they are executed 3 or more days before the initial settlement date of a new issue. Trades are processed as Regular Way if they are:

• Submitted to RTTM on or after the initial settlement date of a new issue.
• Executed 1 or 2 days before the initial settlement date and settle after the initial settlement date.

An exception to this rule of thumb are trades submitted 1 or 2 days prior to the issue’s initial settlement date, which are coded as extended settlement trades and are coded to settle after the issue’s initial settlement date. These submissions are treated as WI even though they settle after the initial settlement date.

How can firms submit trades to RTTM in Municipal When Issued securities?
RTTM allows firms to submit trades in When Issued securities with

• Final Money (settlement date must be provided on trade input)
• Yield/Concession (settlement date should not be submitted, RTTM will derive)
• Dollar Price (settlement date should not be submitted, RTTM will derive)

Why would a When Issued trade be assigned a Memo status?
A trade is placed in Memo status if

• CMU RTTM knows a security as When Issued
• Trades in that security are submitted with Final Money (as opposed to Dollar Price or Yield)
• The underwriter has not provided the initial settlement date for the security to FICC.

The trade will remain in a Memo status for 3 days (submission date and the following 2 days). If RTTM is provided the settlement date within the 3 days, the trade’s Memo status will be removed and the trade will be made eligible for matching.

If the settlement date is not provided by trade submission date + 2, the trade will be purged at end of day submission date +2 and will appear on the RTTM Purge Report.

If the initial settlement date for the security is provided by submission date + 2, which normally removes the trade’s Memo status and makes it eligible for matching, but the initial settlement date provided to RTTM for the issue does not match the settlement date a participant submitted on the trade, the trade will be purged for Security Detail Differences and appear on the RTTM Purge Report.

Why would a When Issued trade be assigned a Pending status?
A trade is placed in a Pending status if a firm submits Dollar Price or Yield (as opposed to Final Money) and RTTM does not have security masterfile information on the CUSIP. Dollar Price or Yield submissions are only accepted for WI trades. In effect, the participant is indicating this is a WI trade when it submits Dollar Price or Yield. RTTM will Pend the trade intraday on submission date.

If RTTM is provided a security masterfile update by end of day to designate the security as WI, the trade will be removed from Pending status and made eligible for matching. If RTTM does not receive a security masterfile update by end of day, the trade is purged and will appear on the RTTM Purge Report.

I know an initial settlement date for a new municipal issue but my trade is rejecting in RTTM for incorrect settlement date. How can I resolve this?
Submit the trade on RTTM Web with Yield or Dollar Price instead of Final Money and check the WI box on the trade input screen. You do not need to submit settlement date when you submit Dollar Price or Yield.

RTTM will calculate trade monies to the issue’s initial settlement date that it has been provided by the underwriter. However, RTTM will recalculate the money later that day or before settlement if/when a new initial settlement date is provided by the underwriter.

Firms can also submit Yield or Dollar Price trades on MT 515 messages instead of RTTM Web.

What is the difference between RTTM Syndicate processing and RTTM Secondary WI Non Syndicate processing?
Syndicate trades are considered "demand" trades in RTTM. Demand trades require that only one party submit in order for the trade to become matched. Secondary WI trades, on the other hand, are considered bilateral trades within RTTM and require both the buyer and the seller to submit.

The syndicate manager (seller) is required to submit syndicate trades to RTTM, designating them as syndicates, versus the syndicate member (buyer).

The syndicate member has the option of submitting a syndicate buy target trade. (See “What is the difference between a Syndicate trade and a Syndicate target trade?”) However, note that the trade submission by the syndicate manager is required to cause the trade to be matched in RTTM.

On RTTM Web trade input, in the Trade Type field, the Syndicate Manager should specify Syndicate. The Syndicate Member who elects to submit a Syndicate Buy trade should specify Syndicate target.

Firms submitting MT 515 messages instead of RTTM Web input should refer to Interactive Messaging: NSCC Participant Specifications for Matching Input and Output Version 1.0, available at www.dtcc.com to determine how to code Syndicate trades. Include a TRDC subqualifier in the Transaction Type entry on the MT 515 message for Syndicate trades.

A trade designated as a Syndicate must be submitted prior to a new issue’s initial settlement date.

What is the difference between a Syndicate trade and a Syndicate target trade?
A Syndicate trade is submitted by the Syndicate Manager (seller). A Syndicate target trade can be submitted by Syndicate Members (buyer) but is optional. (Syndicate Members may want to consider submitting Syndicate target trades to enter their version of MSRB regulatory data such as Time of Trade and MPID rather than relying on the Syndicate Manager to properly enter this data.)

A Syndicate sell trade submitted by the Syndicate Manager is not marked as Matched in RTTM until submission date +2 if the syndicate member does not submit a syndicate buy target trade. However, if a syndicate target buy trade is submitted by the syndicate member, the Syndicate trade will be marked Matched as soon as the Syndicate sell trade submitted by the Syndicate Manager matches the syndicate buy target trade.

A Syndicate trade will not match if it is DK’d by the syndicate member or canceled by the Syndicate Manager.

(On NSCC’s End of Day Machine Readable Contract File, Syndicate trades are always marked Compared unless Canceled in RTTM by the Syndicate Manager or DK’d in RTTM by the Syndicate Member.)

How should trade corrections on Syndicate trades be processed?
If a Syndicate member (buyer) does not know a Syndicate trade submission from the Syndicate Manager (seller), the Syndicate member can submit a DK in RTTM to remove the trade. A DK can be submitted if the Syndicate trade is still unmatched.

If the Syndicate Manager (seller) submitted a Syndicate trade in error, it can Modify the Syndicate sell, provided it is still unmatched (i.e, a Syndicate buy target trade has not been submitted to match it) and it is before end of day on trade submission date.

The Syndicate Manager could also remove the trade by submitting a Cancel. The manager can then resubmit another trade. The Syndicate trade must be unmatched to be eligible for cancellation.

If the Syndicate trade has matched, a Reversal is needed to correct the trade. The Syndicate Manager needs to submit a Syndicate buy and, on RTTM Web, type Yes in the Reversal Indicator field. On MT 515 message input, the RVSL code must be used.

Why did my RTTM trade reject?
RTTM trade rejects can be viewed on the RTTM Web main page by clicking Trade Rejects. A reject reason is displayed for each rejected trade. Typical rejects include Invalid Contra, CUSIP, or Settlement Date. RTTM also sends a real time MT 509 reject trade message to the submitter.

How can I view my unmatched trades?
Unmatched trades represent your trade submissions for which the contra party has not submitted matching trade details. You can view your unmatched trades on the RTTM Web main page by clicking Unmatched.

You can also click CMU Trade Search Engine on the right side of the main page and enter the unmatched trade parameters you wish to search on.

How can I view my advisories?
Advisories represent trade submissions by your contra party that you did not submit. You can view your advisories on the RTTM Web main page by clicking Trade Advisories.

You can also click CMU Trade Search Engine on the right side of the main page and enter the advisory parameters you wish to search on.

How do I access my end-of-day RTTM Reports?
On the CMU RTTM Web main menu, click the Report Center tab. RTTM activity reports, and the discontinued Fixed Income Transaction System (FITS) activity reports, can be retrieved in RTTM Web’s Report Center as far back as August 2003.

When can I modify a trade?
You can modify a matching field in RTTM on the trade submission date only, provided the trade is still unmatched.

Regulatory fields such as Time of Trade and Participant Capacity can be modified in RTTM after submission date, as long as the trade is still in the RTTM system, typically until the trade’s settlement date. The trade does not have to be unmatched to modify a regulatory field.

How do I use the Extended Settlement Days field for a RW Trade?
Do not use the Extended Settlement Days field for Regular Way trades. Simply submit the T/D & S/D, without a separate entry for the number of days beyond the normal 3-day settlement cycle.

How do I use the Settlement Date Adjustment subqualifier on an MT 515 trade message or the Extended Settlement field on RTTM Web?
It is not necessary to use the Settlement Date Adjustment subqualifier on RTTM MT 515 trade messages or the Extended Settlement field on RTTM Web for Regular Way trades. For example, if trade date is Monday, July 9, and settlement date is Friday, July 13 (four-day settlement cycle), enter a trade date of 7/9/07 and a settlement date of 7/13/07 on the trade input. There is no need to enter 1 to extend the settlement date by one day.

The Settlement Date Adjustment subqualifier on RTTM MT 515 trade messages or Extended Settlement field on RTTM Web should be used for When Issued trades executed before an issue’s initial settlement date, submitted with Dollar Price or Yield and settling after the deal’s initial settlement date. It is rarely used.

Also, the Settlement Date Adjustment subqualifier on RTTM MT 515 trade messages or Extended Settlement field on RTTM Web should be used for When Issued trades that (a) are executed before new issue initial settlement date – 1, (b) are submitted with Final Money, and (c) have a settlement date later than the new issue’s initial settlement date. It is rarely used.

Example: The initial settlement date on a new WI Muni security is 7/31/07. Your trader executed a trade on 7/2/07 for settlement date 8/1/07. In this case you need to enter 1 in the Settlement Date Adjustment subqualifier on RTTM MT 515 trade messages or in the Extended Settlement field on RTTM Web. (If you submit Final Money for this trade, you must submit the 8/1/07 trade settlement date along with a 1 day extended settlement indicator.)

How should stepout transactions be processed?
Firms have the option of submitting transactions to RTTM that are not the result of a purchase-sale transaction, such as deliveries of securities to satisfy an investment advisor’s allocation instructions. If the transaction is not a dealer-to-dealer trade, the trade should not be reported to MSRB or TRACE.

You should therefore select RTTM (Destination 01 on the MT 515 trade message), or RTTM [not RTTM and Report] on RTTM Web’s input screen. RTTM Web submitters should also populate the Trader ID field on RTTM Web with the acronym “STEP”. MT 515 Input message submitters should populate the Contraparty Trader ID field with the acronym “STEP”. You should reference FICC Important Notice:
#CMU012.04

What is the RTTM Money Tolerance?
If the buyer and seller submit trade data that matches in all required aspects other than for trade value, the trade will match under certain circumstances (that is, with a “money tolerance”.) If a trade is uncompared after the intraday comparison process, it will be compared using the Seller’s contract amount if the amounts are within

• A net $10.00 difference for trades of $100,000 or less
• $0.10 per $1,000 for trades greater than $100,000

These trades will appear on the end-of-day RTTM Enhanced Match Report as well as the RTTM activity reports (Contract Sheets). Intraday, RTTM will immediately match trades using the seller’s contract amount if the contract amounts are within

• A net $2.00 difference for trades of $1 million or less
• $2.00 per million for trades greater than $1,000,000

These trades will appear on the end-of-day RTTM Enhanced Match Report as well as the RTTM activity reports (Contract Sheets).

What other trade tolerances does RTTM apply?
If all RTTM trade matching details are the same except trade date, RTTM will match the trade and use the earlier trade date as the matching trade date. These trades will appear on the end-of-day RTTM Enhanced Match Report as well as the RTTM activity reports (Contract Sheets).

How do I enter a Cash or Next Day Settlement trade?
Simply enter the trade date and settlement date. RTTM will automatically designate Cash & Next Day Settlement trades as Comparison Only. Comparison only trades are not sent to NSCC’s settlement systems and do not appear on the NSCC Consolidated Trade Summary.

Do not code Cash & Next Day Settlement trades as Comparison Only Special Trades. (Do not enter Comparison Only in the Special/Conditional trade field on RTTM Web’s trade input screen or CPRO on the Settlement Indicator SETR on the MT 515 message.) Allow RTTM to designate these trades as Comparison Only.

RTTM currently designates all Cash & Next Day Settlement matched trades as Comparison Only.

How can I submit municipal customer trades to MSRB’s RTRS (Real Time Reporting System) or TRACE (Trade Reporting and Compliance Engine) systems?
Municipal customer trades can be sent to RTTM via MT 515 messages. The Destination Code (see “What is the purpose of the Trade Reporting indicator or Trade Destination?”) on the message should be 02 to instruct RTTM to report the trades to MSRB or 03 to report the trades to TRACE.

Customer trades can also be entered in MSRB’s RTRS or TRACE Web sites. Contact MSRB or TRACE to obtain access.

How can I test my MT 515 trade messages and MT 509 and MT 518 output messages with FICC before going live?
Contact the CMU RTTM Test Group. Call Al Eppich at (212) 855-7594 or Aileen Rose at (212) 855-7565.

Where can I find information on MSRB’s RTRS system?
You can visit MSRB’s Web site at www.msrb.org. You can also call (703) 797-6600 and ask to speak with a transaction reporting specialist.

Where can I find information on the TRACE system?
You can visit the TRACE Web site at
http://www.nasd.com/RegulatorySystems/TRACE/CorporateBondData/index.htm.

You can also call the TRACE hotline at (866) 776-0800 or visit the NASD Web site at
http://www.nasd.com/RegulatorySystems/TRACE/ContactUs/index.htm.