A#

5713

P&S #:

5283
   

DATE:

November 11, 2003
   

TO:

ALL PARTICIPANTS
   

ATTENTION:

MANAGING PARTNER / OFFICER; OPERATIONS PARTNER / OFFICER; DIRECTOR OF OPERATIONS; DATA PROCESSING MANAGER; MANAGER P & S DEPARTMENT; COMPLIANCE OFFICER
   

FROM:

Product Management
   
SUBJECT: Implementation Timeline for RTTM for Corporate and Municipal Bonds and UITs

In preparation for the implementation of Real-Time Trade Matching (RTTM) services for Corporate and Municipal Bonds and UITs (CMU), FICC is publishing Key Dates and an Implementation Timeline that delineates events associated with the rollout of RTTM.

Key RTTM Dates

January 2004 - RTTM Participant Testing available for interactive messages of street side trade matching.

March 2004 - RTTM in production, RTTM web replaces NSCC’s PC Web Direct.  No interactive messages supported at this time, current batch input and output continues.  

June 2004 - RTTM interactive messaging live for both street side and customer trades.

Key Regulatory Support Dates

April 2004- Participant testing available for messaging interface with MSRB supporting both Customer and Street side trades.

A detailed timeline of events and requirements is provided in the table below.                

Implementation Timeline

December 2003

·        Participants MUST finalize connectivity plans for RTTM with Member Services.

·        Participants should contact Member Services to schedule RTTM training sessions.

·        Publication and distribution of RTTM Web User Guide.

January 2004

·        RTTM test environment available to Participants

o       Interactive Messages for street side trades.

o       RTTM Web also available.

March 2004

·        Production implementation of RTTM. The NSCC FITS matching engine is replaced:

§         Roll-out of RTTM Web:

o       Replaces NSCC PC Web Direct for fixed income screen input. (RTTM web will not be supported via internet connectivity.  Connection through private network is required.)

o       Provides real-time trade matching results.

o       Replaces FITS intraday hourly blotters (print image & MRO).

o       Provides end-of-day FITS and RTTM print image output via the Report Center.

§         FITS batch input continues to be supported.   (Interactive Message input not yet available).

§         FITS end-of-day Print Image and MRO continues to be generated for participants.  (Interactive Message output not yet available.)

§         Continued support for current interfaces with both MSRB and NASD.

Note – Interactive Messaging will not be live at this time.

April 2004

·        Participant Testing of real time messaging for price reporting interface from RTTM to the MSRB’s new RTRS system, for both street side and customer trades.

June 2004

·        Production implementation of Interactive Messaging to support RTTM. 

·        FITS batch input/output continues to be supported.

·        Continued support for current interfaces with both MSRB and NASD.

·        Continued support for participant testing with MSRB’s RTRS system .

NSCC will be publishing additional information regarding these project milestones well in advance of their implementation. Further, NSCC is in the process of revising the New Service Bulletin issued in May 2003 to reflect certain minor processing changes made during the course of service development.

If you have any questions or comments regarding this notice, please contact your Member Services Representative or send an email to CMUhelp@ficc.com.

Sean Delap

Vice President, Product Management