Notice Concerning Changes to the Comparison Eligibility of Certain Inter-dealer Transactions: Rules G-12(f) and G-14
MSRB Rule G-12(f), on automated comparison of inter-dealer transactions, requires dealers to submit all transactions eligible for automated comparison to National Securities Clearing Corporation (NSCC) for comparison. Additionally, all inter-dealer transactions eligible for trade comparison must be reported to the MSRB’s Real-Time Transaction Reporting System (RTRS) under MSRB Rule G-14.
On January 26, 2007, enhancements to NSCC’s comparison system for municipal securities will expand the definition of inter-dealer transactions eligible for comparison, and thus will expand the definition of inter-dealer transactions that must submitted for comparison under Rule G-12(f) and be reported to RTRS under Rule G-14. The MSRB believes that these enhancements will affect a small number of transactions, and should not greatly affect trade reporting.
Accrued Interest Expansion
Transactions with accrued interest up to $9,999,999.99 will be eligible for comparison. Currently, transactions with accrued interest up to $999,999.99 are eligible for comparison.
Quantities not Divisible by 1,000
Transactions in whole dollar amounts less than $1,000 will be accepted by the RTTM system. Additionally, transactions over $1,000 that are not divisible by 1,000 will be compared by submitting two transactions. For example, a transaction of 10,500 will be submitted as one transaction of 10,000 and one transaction of 500. A submission of 10,500 will continue to be rejected.
Questions about this notice may be directed to Sara Pranio, Uniform Practice Assistant, or to Justin Pica, Uniform Practice Policy Advisor.
 Under Rule G-14 Procedures, the inter-dealer trade record used for comparison, with certain additional information required for transparency and surveillance purposes, also is used to satisfy trade reporting requirements.
 See “RTTM Corporate, Municipal, UIT (CMU) Specification Changes for Accrued Interest & Municipal Baby Bonds,” NSCC Important Notice dated November 2, 2006, on www.ficc.com.
 The questionable error code, Q331 – “Par Value Not a Multiple of 1000”, will continue to be returned. As with all questionable error codes, if the transaction is correctly reported, no dealer action is required.