A 5328
P&S 4898
October 1, 2001
ATTENTION: MANAGING PARTNER/OFFICER, OPERATIONS PARTNER/OFFICER, MANAGER P&S DEPARTMENT, MANAGER DATA PROCESSING DEPARTMENT
SUBJECT: NSCC TO ACCEPT MULTI-BATCH INPUT FROM CORRESPONDENT CLEARING CUSTOMERS AND ENHANCE CORRESPONDENT CLEARING INPUT FORMATS TO PROVIDE ADDITIONAL INDICATORSOn November 9, 2001, the National Securities Clearing Corporation (NSCC) will enhance its Correspondent Clearing service by accepting correspondent clearing input in multiple batches intra-day. This is the result of its continuing effort to assist the industry in achieving its goal to implement T+1 Settlement and Straight-Through-Processing (STP).
Participants are strongly encouraged to utilize the multi-batch feature soon after implementation. Additionally, in order to further ensure that it will meet processing deadlines in a T+1 and STP environment, NSCC is requesting that all of its Correspondent Clearing customers migrate
to a 9 p.m. (ET) cutoff for the last transmission of Correspondent Clearing input on trade date. (Currently, the cut-off time is midnight on trade date.)
Immediately following the implementation of the new multi-batch input service, a new multi-cycle output service will be introduced. It will involve a new unified output format that will be consistent with data elements required by Financial Information eXchange (FIX) messaging standards. A formal announcement addressing the new output product will be made in a separate Important Notice.
DATATRAK HEADER ENHANCEMENTS
The NSCC Universal DataTrak Header (below) has been updated to include the following indicators (Bytes 60 through 63 - bold print):
Byte # 60 - "N" identifies a multi-batch transmission, except for the final one
Byte # 60 - "Y" identifies the last multi-batch transmission
Byte # 61 through 63 - Number identifies the multi-batch sequence
Users of this new service should carefully note that an intra-day transmission will be rejected, unless the indicator "N" is used in the "Multi Batch Indicator" field. The indicator "Y" must be used instead, only when the transmission is the last in a series on a particular trade date. If the indicator "Y" is used for a transmission that is not the last, subsequent transmissions for that trade date will be rejected. The "Multi Batch Number" field must also be populated with the sequence number of the transmission starting with # 1.
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DATATRAK HEADER - Upgraded Format |
Header |
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|
When the data file is fixed-length, the header has the same record length as the data records. For a variable-length file, a minimum header length of 65 bytes is required. |
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|
Description |
Length |
Start |
End |
Type |
Comments |
|
Constant 1 |
5 |
1 |
5 |
A/N |
'HDR.S' |
|
DATATRAK Sysid |
5 |
6 |
10 |
A/N |
System Identifier |
|
Constant 2 |
2 |
11 |
12 |
A/N |
'.E' (period, E) |
|
Constant 3 |
2 |
13 |
14 |
A/N |
'00' |
|
Constant 4 |
2 |
15 |
16 |
A/N |
'.C' (period, C) |
|
Originator |
4 |
17 |
20 |
A/N |
Submitter |
|
Constant 5 |
2 |
21 |
22 |
A/N |
'.S' (period, S) |
|
Suboriginator |
4 |
23 |
26 |
A/N |
Submitted for Broker |
|
Submission Date |
8 |
27 |
34 |
A/N |
MMDDCCYY |
|
File Description |
25 |
35 |
59 |
A/N |
|
|
Multi Batch Indicator |
1 |
60 |
60 |
A/N |
No Multi Batch = Space Y = Multi Batch, Last |
|
Multi Batch Number |
3 |
61 |
63 |
N |
No Multi Batch = Spaces |
|
Future Use |
1 |
64 |
64 |
A/N |
Reserved |
|
Variable Length Record Indicator |
1 |
65 |
65 |
A/N |
Variable Length = '*' |
|
Future Use |
15 |
66 |
80 |
A/N |
Spaces |
|
END OF RECORD |
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NEW DATA ELEMENTS
The following new data elements have been added and are shown in bold print (byte 162 through 190), in the input format below:
- Entering Buy Firm
- Entering Sell Firm
- Contract Control Number
- Time of Execution
(Note: To avoid redundancy, both DataTrak ID #s (03701 & 03702) appear together below; however, they will be shown separately on the NSCC formats Web-site.)
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CORRESPONDENT CLEARING INPUT |
Detail |
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|
DATATRAK ID 03701 and 03702 |
Record Length 200 |
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|
Description |
Length |
Start |
End |
Type |
Comments |
|
Submitters Participant Number |
4 |
1 |
4 |
N |
|
|
Future Use |
8 |
5 |
12 |
A |
Reserved |
|
Description |
8 |
13 |
20 |
A |
TRADE (left justified) |
|
Buyer Participant Number |
4 |
21 |
24 |
N |
|
|
Future Use |
5 |
25 |
29 |
A |
Reserved |
|
Trade Type |
1 |
30 |
30 |
A |
C = Correction |
|
Sellers Participant Number |
4 |
31 |
34 |
N |
|
|
Future Use |
3 |
35 |
37 |
A |
Reserved |
|
Stock/Bond Indicator |
1 |
38 |
38 |
A |
S = Stock |
|
When Issued Indicator |
1 |
39 |
39 |
A |
W = When Issued |
|
Coupon/Registered Indicator |
1 |
40 |
40 |
A |
C = Coupon |
|
Share Quantity |
9 |
41 |
49 |
N |
999,999,999 |
|
Future Use |
2 |
50 |
51 |
A |
Reserved |
|
Unit Price |
12 |
52 |
63 |
N |
999,999.999999 |
|
Future Use |
1 |
64 |
64 |
A |
Reserved |
|
Trade Date |
8 |
65 |
72 |
N |
CCYYMMDD |
|
Settlement Date |
8 |
73 |
80 |
N |
CCYYMMDD |
|
Future Use |
5 |
81 |
85 |
A |
Reserved |
|
First Money |
16 |
86 |
101 |
N |
99,999,999,999,999.99 |
|
CUSIP |
9 |
102 |
110 |
A/N |
S&P Assigned |
|
Submitter Buy/Sell Indicator |
1 |
111 |
111 |
N |
1 = Submitter Is Buyer |
|
Commission |
8 |
112 |
119 |
N |
999,999.99 |
|
State Tax |
6 |
120 |
125 |
N |
9,999.99 |
|
Sec Fee |
6 |
126 |
131 |
A/N |
9,999.99 (Optional) or Zero |
|
Accrued Interest |
8 |
132 |
139 |
N |
999,999.99 |
|
Net Money |
16 |
140 |
155 |
N |
99,999,999,999,999.99 |
|
Exchange |
1 |
156 |
156 |
N |
Market Of Execution |
|
Constant |
1 |
157 |
157 |
N |
Always = 3 |
|
Constant |
1 |
158 |
158 |
N |
Always = 2 |
|
Currency Indicator |
3 |
159 |
161 |
A |
USD = US Dollars |
|
Entering Buy Broker |
4 |
162 |
165 |
N |
|
|
Entering Sell Broker |
4 |
166 |
169 |
N |
|
|
Contract Control Number |
15 |
170 |
184 |
N |
|
|
Time of Execution |
6 |
185 |
190 |
N |
HHMMSS |
|
Future Use |
6 |
191 |
200 |
A |
Reserved |
|
|
END OF RECORD |
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TESTING PROCESS
Testing for this product may be accomplished by contacting Victor Skolnik of the DTCC Participant Test Group at (212) 855-5620, or (212) 855-5630.
As part of the test, NSCC will require five transmissions using a production day's activity as test conditions. Please ensure that the NSCC end-of-day output file ( AutoRoute product #02982127) is used to balance with the customer originated trade data input. Test participants are advised to add a few test conditions for reversals, in addition to the copy of the production activity.
Following is the production schedule for sending the five batches of activity. Please be advised that the times listed are cut-off times (not initiation times), for the completion of each batch at NSCC:
Batch # 1 - completed by 12 noon (ET)
Batch # 2 - completed by 2:00 p.m. (ET)
Batch # 3 - completed by 5:00 p.m. (ET)
Batch # 4 - completed by 9:00 p.m. (ET)
Batch # 5 - completed by 12 midnight (ET)
This enhancement will be available to only those participants who convert to the new 200-byte format presented above. It should also be noted that the Correspondent Clearing multi-batch transmission feature will not be available to users of the Remote Job Entry (RJE) protocol.
Questions regarding this notice may be e-mailed to the undersigned at jmanti@dtcc.com or directed to DTCC Participant Services at (212) 855-4155.
James Manti
Product Manager, Product Marketing and Development