19 August 2017
visit www.avoka.com

DTCC issues fixed income trade matching blueprint

08 August 2001  |  2868 views  |  0 DTCC issues fixed income trade matching blueprint

The Government Securities Clearing Corporation (GSCC) and The Depository Trust & Clearing Corporation (DTCC) have issued proposals for a real-time trade matching (RTTM) system for US corporate and municipal bonds, unit investment trusts (UITs), and other fixed income securities.

The proposals detail plans to build a centralised RTTM system that can process a range of eligible fixed income securities from DTCC clearing subsidiary, National Securities Clearing Corporation.

Under the plans, NSCC will use an RTTM model developed by GSCC, currently in production for US Government securities. GSCC designed its system to accommodate other fixed income products and has been working for more than a year with DTCC and MBS Clearing Corporation (MBSCC) to develop cetnralised trade matching capabilities for their respective fixed income products.

A system for mortgage-backed securities will be available for participant testing by year-end 2001, and the target date for implementing RTTM to process NSCC-eligible securities is mid-2003.

For NSCC customers, the system will be designed for rapid error detection and resolution to provide for 100% matching of trades on trade date. Other benefits will include reduced telecommunication and linkage costs for processing fixed income securities and the creation of standardised interactive messaging formats for trade input.

"A centralised real-time fixed income matching system is a core requirement for building a straight-through processing infrastructure to accommodate settlement on a next-day basis," says Dennis Dirks, chief operating officer for DTCC. "In addition, our ongoing development of a centralized RTTM system for all fixed income transactions supports an industry goal to achieve processing synergies across clearing corporations."

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Securities clearing houses join forces for seamless settlement

Securities clearing houses join forces for seamless settlement

31 July 2001  |  3596 views  |  0 comments
GSTP prepares for pilot tests

GSTP prepares for pilot tests

02 July 2001  |  3413 views  |  0 comments
Mercator first to pass GSTP trade test

Mercator first to pass GSTP trade test

26 June 2001  |  3181 views  |  0 comments
Nasdaq Japan commissions DTCC for global clearing

Nasdaq Japan commissions DTCC for global clearing

25 June 2001  |  2920 views  |  0 comments
Clearing houses develop Euro-CP messaging hub

Clearing houses develop Euro-CP messaging hub

22 June 2001  |  2890 views  |  0 comments
Bloomberg to provide fixed income link to GSTP

Bloomberg to provide fixed income link to GSTP

20 June 2001  |  2782 views  |  0 comments
Omgeo to begin beta tests in August

Omgeo to begin beta tests in August

20 June 2001  |  3023 views  |  0 comments
Omgeo selects Sun for trade management hub

Omgeo selects Sun for trade management hub

19 June 2001  |  3406 views  |  0 comments

Related blogs

Create a blog about this story (membership required)
download the paper nowvisit www.worldpaymentsreport.comvisit www.niceactimize.com

Top topics

Most viewed Most shared
Mobile contactless spending accelerating in UKMobile contactless spending accelerating i...
8070 views comments | 22 tweets | 23 linkedin
Norwegian banks and startups form fintech clusterNorwegian banks and startups form fintech...
7423 views comments | 19 tweets | 23 linkedin
RBS to bring Silicon Valley to EdinburghRBS to bring Silicon Valley to Edinburgh
6282 views comments | 10 tweets | 7 linkedin
hands typing furiouslyWhy Blockchain Might Not Be The Future For...
6136 views 1 | 5 tweets | 3 linkedin
Apple sidelined as Beijing transit system launches payments appApple sidelined as Beijing transit system...
5982 views comments | 11 tweets | 9 linkedin

Featured job

Find your next job