Equities Clearance and Settlement

Regional Trade Interface Operations (RIO)

a service offering of National Securities Clearing Corporation (NSCC)

Product Information

Overview
Who Can Use the Service
Benefits
How the Service Works
For More Information

Overview

The Trade Comparison and Recording Service provides for the processing of domestic equity and corporate bond transactions from the regional markets as well as exercise and assigned options and expired single stock futures from the Options Clearing Corporations (OCC). The RIO application also accepts Prime Broker transaction data from Omgeo's TradeSuite application. (Please refer to information on the Trade Suite/CNS Interface for Prime Broker.)

Trades received from the regional marketplaces are considered "locked-in"; in other words, the buyer and seller are matched at the time of execution and displayed on RIO blotter files. Once received, the trade data is validated and then reported to participants for reconciliation purposes. For securities eligible at the depository, the trade data is also forwarded to NSCC's Continuous Net Settlement (CNS) system for settlement as well as risk management systems for risk control.

Who Can Use the Service

All qualified NSCC members are eligible to use the service.

Benefits

The service provides a number of operational advantages:

Trade recording is available for the following regional markets: Boston Stock Exchange, Chicago Stock Exchange, Chicago Board Options Exchange, Cincinnati Stock Exchange, Pacific Exchange (Arca/Ex) & Philadelphia Stock Exchange.
Settlement is centralized in NSCC's CNS application (for CNS eligible securities).
Intra-day output is reported to participants on the 400-byte universal trade recording machine-readable output. Data is currently reported to participants seven times a day.

How the Service Works

NSCC accepts trade data on a multi-batch basis. The service then validates various trade data elements and reports the trade details to NSCC participants on an intra-day and end-of-day basis. (End-of-day output is only available in a print image format.)

The intra-day output was created in a universal format so that all trade data is reported to participants using virtually the same record layout across all domestic marketplaces.

For More Information:

Please call Relationship Management at 1 888.382.2721.

This description is for informational purposes only. This Service is governed by applicable Rules, Procedures, and Service Guides for each DTCC subsidiary, which contain the full terms, conditions, and limitations applicable to this Service.