The Municipal Securities Rulemaking Board announced yesterday that it is changing its Real-time Transaction Reporting System to increase the time dealers have to report trades late and make corrections to previously reported trades.
Beginning Nov. 16, RTRS will accept a late inter-dealer or customer trade report with a trade date that goes back to Jan. 2, 2002. It also will accept a cancellation or modification of a trade for up to two years after it was initially reported.
Despite the larger time frames, the board stressed in a notice that dealers are required to review trade status information from RTRS and to promptly correct errors in submissions.
“Incorrect submissions to RTRS can result in dissemination of unreliable transaction data to the market until a correction has been submitted to RTRS,” the notice said. “Dealers must correct any inaccurate data submitted to RTRS as soon as possible.”
The board’s RTRS generally requires that trades be reported within 15 minutes.
In connection with the expanded time frames, the MSRB also announced that the National Securities Clearing Corp., a subsidiary of the Depository Trust & Clearing Corp., beginning Nov. 16 will implement several previously announced changes to its Real-Time Trade Matching System, including adding the “effecting broker symbol” — EBS or MPID — to the match criteria for inter-dealer trades.
The board also announced that the changes to RTRS and RTTM are reflected in a new version of specifications for RTRS transactions. In addition, the updated specs include minor technical and clarifying changes, the MSRB said.