Real Time Transaction Reporting System
What Is the Real-Time Transaction Reporting System?
The Real-Time Transaction Reporting System (RTRS) is the MSRB system through which municipal securities dealers report transaction data to the MSRB. This page provides RTRS users with information, system documentation and user manuals, as well as related notices and interpretations to support their compliance with RTRS requirements.
How Do Dealers Access RTRS?
All RTRS users must obtain an account in MSRB Gateway, the single, secure access point for all MSRB applications. Once an account has been created, the new user will be sent a username and password via email. This username and password is used to access the RTRS web user interface and must also be included on all Interactive Messaging submissions.
How Do Dealers Submit to RTRS?
There are three methods of submitting to RTRS:
- The Depository & Trust Clearing Corporation’s (DTCC) Interactive Messaging (IM) system allows dealers to submit computer-to-computer reports to RTRS.
- DTCC provides dealers access to the Real-Time Trade Matching system for manual entry of interdealer trades. Only dealers who are DTCC participants have access to DTCC systems.
- The MSRB provides an online interface called RTRS Web to allow dealers to report customer and inter-dealer regulatory-only (IDRO) transactions directly to the MSRB.
What Functions Do Dealers Perform in RTRS?
Dealers use RTRS to report municipal bond transactions to the MSRB and to access data quality reports about their submissions. Users can also modify and cancel previously submitted trade reports.
How Do Dealers Verify Compliance with Rule G-14?
The MSRB's Dealer Feedback System provides authorized users with a report of all transactions reported within the previous 90 days. The report allows users to verify their Rule G-14 compliance and obtain a record of the transactions for which a fee has been assessed. The MSRB allows only one authorized recipient per firm to receive a report. The authorized recipient must request a report through the Dealer Feedback System. Completed requests are posted to the system by the end of the following business day.
How Are Dealers Identified for Reporting Transactions?
Dealer identifiers, or executing broker symbols (EBS), are assigned to brokers for use in reporting transactions. The EBS is a four-letter symbol issued by NASDAQ and is used to identify the dealer executing a trade and its contraparty. Access the MSRB's executing broker symbol list here.
What Other Information Do Dealers Need to Use RTRS?
Complete system documentation, including FAQs, notices and guides to data quality reports can be found in the RTRS Users Manual.
User Support
For more information, call MSRB Support at (703) 797-6668.
Hours of operation: 7:30 AM - 6:30 PM
MSRBsupport@msrb.org