Scheduled for deployment in 2004, RTRS will use ISO15022 messaging to dovetail neatly with a real-time transaction matching engine allowing dealers to comply with MSRB Rules G-14 (transaction reporting) and G-12(f) (automated comparison) using a single pipeline. Commenting on the move to the new system, Tom Hutton, MSRB’s Technology Director, noted "Our introduction of real-time regulatory reporting is a great example of applying technology to increase efficiency across the board with tangible benefits and efficiencies for all market participants".
Municipal securities dealers will be expected to report trades to MSRB within 15 minutes of execution. With the deployment of RTRS, MSRB will gain the capability to process transactions as they are received, performing regulatory checks and notifying dealers in real-time when a trade requires correction. MSRB’s streamlining of post-trade activity is emblematic of efforts across the securities industry to reduce exceptions and shorten settlement cycles through increased automation of existing processes.
"Over the past 2 years, an increasing number of our projects have dealt with improvements in operational efficiency and STP both within the enterprise and across the industry", said Joel Scotkin, President of Random Walk. "Our early involvement with messaging standards, including SWIFT (i.e. ISO 15022) and FIX, has put us in a good position to address MSRB’s requirements and to continue helping our clients advance their trading and settlement capabilities."
