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RTRS Error Feedback


As part of the implementation plan for the Real-Time Transaction Reporting System (“RTRS”), the MSRB converted its production system for processing transaction reports to RTRS on January 10, 2005.[1]  On that date, the RTRS database replaced the “batch” system database as the production system for dealers and the MSRB began to allow dealers to use the RTRS Web browser in the production environment.  The MSRB’s conversion on January 10 allows it to give dealers full RTRS “feedback” capability in email, messaging, and web formats.  The January 10 changes by the MSRB are designed to help dealers complete the conversion of their production systems to real-time procedures in advance of the January 31 effective date of rule changes requiring dealers to report trades within 15 minutes.[2] 

Until January 31, 2005, transaction reports are still subject to the overnight reporting deadlines described in Rule G-14 Transaction Reporting Procedures.  However, beginning January 10, feedback to dealers has been based on the RTRS reporting requirements that become effective January 31.  The feedback will help dealers acclimate to the real-time reporting environment and make any necessary adjustments before January 31.

Some dealers have had questions about RTRS error feedback received via email, messaging, or web indicating that trades have been “reported after deadline” or that “dealer capacity is missing” on an inter-dealer trade.  The MSRB reminds dealers that the RTRS feedback they receive is based on reporting requirements that will become effective on January 31.  So, for example, if a dealer correctly submits a customer transaction on trade date, but later than 15 minutes after the time of trade, it will receive RTRS feedback indicating that the trade was “reported after deadline,” even though the trade was not reported late according to current reporting procedures.  The dealer should use this information to adjust its system to ensure that it can meet the RTRS reporting requirements on January 31.

Questions about this notice may be directed to Jay Jackson.

January 12, 2005

[1] See MSRB Notice 2004-36, “Notice of Filing of Implementation Plan for Real-Time Transaction Reporting System” (November 17, 2004), at

[2] For details on real-time reporting and exceptions to the 15-minute deadline, see “Real-Time Transaction Reporting:  Notice of Filing of Proposed Rule Change to Rules G-14 and G-12(f),” MSRB Notice 2004-13 (June 1, 2004), on