Real-Time Trade Matching (RTTM®) enables dealers, brokers and other market participants to automate the processing of fixed income securities trades throughout the trading day. The core of GSD’s comparison system is its' RTTM® service. This is an interactive tool that enables members to automate the processing of their securities trades throughout the trading day. Using standardized message formats, RTTM provides acommon electronic platform for collecting and matching trade data, enabling the parties to a securities trade to monitor and manage the status of their trade activity in real-time.
This capability is important because use of the RTTM Web application results in an immediate confirmation for trade executions that is legal and binding. The confirmation also serves to initiate Fixed Income Clearing Corporation’s (FICC) guarantee of trade completion. RTTM reduces the risk of mismatched security trades by allowing members to identify and resolve exceptions as close as possible to trade execution. Upon trade execution, GSD Members submit all mandatory trade details into GCF RTTM Web to be matched with the trade details submitted against them by their counterparties.
Trades submitted manually into GCF RTTM Web can be submitted with a max trade size (start money) of up to 2 Billion. Trades submitted via IM can be submitted with a max trade size (start money) of up to 9,999,000,000 (9.999 Billion). This maximizes the volume of trades that match on trade date as members don’t have the same delivery restrictions as they do in DVP.
Government Securities Division (GSD) Members are eligible to use RTTM. In addition, through GSD’s Executing Firm feature, which permits introducing Members to submit trades on behalf of non-GSD members such as institutions and correspondent firms, it is possible for non-GSD members to also benefit from RTTM.
We encourage you to check out the GCF RTTM® reference documents listed below. These documents can be downloaded and printed for later reference. Please select the relevant document you would like to view from the list shown below.
To learn more, check out the How to. . . GCF RTTM Web Simulations tab located to the right of this article.
Within this area of the learning center, you will find simulations that provide a visual representation of the GCF RTTM® Web application. The simulations provide a walkthrough on how to access a screen or how to perform a task within GCF RTTM Web. These simulations require a PC browser that can view Adobe Flash content. Please select the topic/task you would like to learn about from the menu below. You must be logged in to view the simulations.