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CTM™

CTM™ supports clients who trade in debt and equity, futures and options (ETDs), and repurchase agreements (repos) across multiple user interfaces and message interfaces.

User Interfaces include:

  • UI 4.0 for debt and equity client (limited, but streamline functionality) 
  • Trade blotter for debt, equity, futures, and options clients
  • Trade blotter for repurchase agreements

Message Interfaces include:

  • Direct XML interface
  • Financial Information eXchange (FIX 4.4) interface
  • Message Translation Interface (MTI)

Settlement and Other Notification Services include:

  • Trade blotter for managing settlement notification at pre-MATCH AGREED or MATCH AGREED.
  • SWIFT MT541/543 message specification, which includes corresponding Comma-Separated Value (CSV) mapping with examples.

Data Reference includes:

  • Product overview 
  • Commmon reference data and error code data reference 4.0 for debt and equity clients
  • Asset class overview for repos

At the end of the trade lifecycle, leverage the following additional services that store and maintain trade history:

  • Confirm Archive Service
  • Confirm Disclosure Service—Omgeo inSITE®
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The CTM service supports the matching of a number of different fixed income instrument types. A full list of these supported instrument types can be found in the  pdf ITP Asset Class Coverage (163 KB)  document. 

Whilst the message interface specifications for fixed income trades are the same as those used for equity trades and can be found in the Message Interfaces (Debt and Equity) menu, the  pdf CTM: Fixed Income: Best Practices (3.62 MB)  provides recommended best practices for different types of fixed income instruments, required data elements for those instruments and any market-specific requirements.

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CTM, along with other products in the Institutional Trade Processing service suite, supports a variety of asset classes. The majority of the information in the DTCC Learning Center related to CTM documents the generic workflow and matching process used for equity and debt trades.

To support different asset classes, variations in the workflow and matching process are sometimes required. Information specific to these asset classes can be found in this section, along with FAQs about their implementation.

To see a full list of all supported asset classes, please click here.

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The CTM™ service is our strategic platform for the central matching of cross-border and domestic transactions automating the trade confirmation process across multiple asset classes, such as equities, fixed income, and repurchase agreements (repos).

This area of the Learning Center provides you with resources to understand how your organization can leverage the various user interface and message interface options to efficiently match and confirm trade details, increase transparency and mitigate risk.

To learn more, select a CTM topic from the menu on the left.

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The following documents review the place of the CTM service in the trade life cycle, matching with counterparty information, and the benefits of using this functionality to facilitate the matching of repo trades. They also provide details about the technical infrastructure, including the variety of available interfaces and supported methods of connectivity.

Access to the repo documents requires registration. Click Login or Register in the top right area of this screen and provide a business email to begin the process. 

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All CTM users can leverage our user interfaces to view and manage their matching exceptions. The latest version of the User Interface, 4.0, is available now and more functionality will be added throughout 2017 and beyond.

Older versions of the User Interface, 2.0 and 3.0 (also known as the Trade Blotter), can still be used in parallel with 4.0.

To learn more about the different user interfaces and access learning materials, select the UI 4.0 or UI 3.0 from the left-hand menu.

Subcategories

 You can use the dashboard, UI 4.0, and trade blotter to configure you environment, handle exceptions, enter trades, manage settlement notifications, and other activities. 

The CTM service provides several notification services.

Settlement Notification

The CTM service includes optional settlement services for the trade life cycle. Use the following documentation to learn more:

Other Notification Services

The following table summarizes the additional notification services that you can deploy alongside your standard CTM functionality. 

Notification ServiceDescription
Trade Notification The CTM service provides status information about MATCH AGREED (MAGR) and CANCEL MATCH AGREED (CMAG) trades to prime brokers and other instructing party designees.
CCP Notification Prime brokers send Notification Action messages to the CTM platform for MATCH AGREED (MAGR) trades to approve, reject, stop, or cancel CCP notifications. The NotificationAction triggers a CCP notification to EuroCCP. 
Depository Notification The CTM service provides MT543, and MT548 (MT54x) messaging for MATCH AGREED (MAGR) trades to the CDSX on trade date for the Canadian securities market.
CFI Notification The CTM service provides copies of trade information for MATCH AGREED (MAGR) and CANCEL MATCH AGREED (CMAG) trades. 

Use the following  document to learn more about all of the other notification services.


Note: If you use ALERT for standing settlement instructions (SSIs), see the ALERT area in the Learning Center for training and documentation resources.


For debt (fixed income) and equity asset class trades, the following message interface specifications and supporting files are available:

Direct XML

Direct XML

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CTM: XML Message Specification: Debt/Equity and Common MessagesCTM: XML Message Specification: Debt/Equity and Common Messages

Comprehensive reference for debt/equity messages and messages shared with other supported asset classes. Refer to the Common Reference Data and Error Code Data Reference when you use this document.

Oct 30, 2019
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CTM: XML DTDs (Debt and Equity)CTM: XML DTDs (Debt and Equity)

A zip file of XML Data Type Descriptors (DTDs) currently in Client Test and Production.

Aug 23, 2019

Financial Information eXchange (FIX)

Financial Information eXchange (FIX)

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CTM: FIX 4.4 Interface Message Specification: Investment Managers (Current)CTM: FIX 4.4 Interface Message Specification: Investment Managers (Current)

Describes the fully-automated, push-enabled FIX 4.4 interface for investment managers using the CTM service.

Sep 11, 2019
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CTM: FIX 4.4 Interface Message Specification: Broker/Dealers (Current)CTM: FIX 4.4 Interface Message Specification: Broker/Dealers (Current)

Describes the fully-automated, push-enabled FIX 4.4 interface for broker/dealers using the CTM service.

Sep 11, 2019
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CTM: FIX 4.4 Interface Message Specification: Investment Managers (Legacy)CTM: FIX 4.4 Interface Message Specification: Investment Managers (Legacy)

Describes the legacy, query-response FIX 4.4 interface for investment managers using the CTM service.

Aug 13, 2018
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CTM: FIX 4.4 Interface Message Specification: Broker/Dealers (Legacy)CTM: FIX 4.4 Interface Message Specification: Broker/Dealers (Legacy)

Describes the legacy, query-response FIX 4.4 interface for broker/dealers using the CTM service.

Aug 13, 2018

Message Translation Interface (MTI)

Message Translation Interface (MTI)

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CTM: MTI .DAT Files for Broker/DealersCTM: MTI .DAT Files for Broker/Dealers

The MTI_Transactions.dat and MTI_Records.dat files that describe the format of the import and export transactions for broker/dealers using MTI.

Oct 15, 2012
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CTM: MTI Specification: Debt/Equity for Broker/DealersCTM: MTI Specification: Debt/Equity for Broker/Dealers

A  detailed specification of the CTM message translation interface for broker/dealers.

May 14, 2019
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CTM: MTI Specification: Debt/Equity for Investment ManagersCTM: MTI Specification: Debt/Equity for Investment Managers New!

An overview of the CTM message translation interface for investment managers trading in debt and equity.

Nov 21, 2019

Use the documents here for product release information, an overview of the CTM service, controlled values for fields, definitions of fields, error handling, FAQs, best practices, and other areas.

The CTM Client-Facing Dashboard is a tool available to investment manager clients for configuring and maintaining matching profiles and Broker Matching Groups (BRMGs)—both essential components in the matching process.

dashboard

Matching Profiles

The criteria used by the CTM service to determine whether a trade submitted by an investment manager should match with the trade submitted by its counterparty. This criteria is chosen by the investment manager and all matching profiles are set up and configured using the Dashboard.

Broker Matching Groups (BRMGs)

The investment manager must identify the counterparty on each trade sent to the CTM service and this information is a Level 1 (L1) matching field. Therefore, it must match with the identifier of the sending broker. The CTM service provides BRMG functionality to facilitate this process where the investment manager uses one identifier that corresponds to multiple broker entities.

Enrichment is the process by which standing settlement instructions (SSIs) and account information from the ALERT platform is added to trades sent for matching in the CTM service. The provision of accurate and up-to-date SSIs by both parties to a trade improves efficiency in the settlement cycles, and can reduce the risk of settlement failure and is one of the key enablers to achieving a no-touch workflow.

In CTM, SSI information is available to both counterparties. Investment managers' and broker/dealers' SSIs are part of the "common view", which reflects the final paired and matched values of a MATCH AGREED (MAGR) trade. Clients are advised to incorporate the SSI information as part of the matching process.

In order to enable enrichment from ALERT, users link their CTM entity to an ALERT entity and then enrich using one of a number of SSI subscriptions depending on how they have chosen to leverage the functionality. 

Download  pdf Leveraging ALERT for CTM Enrichment (79 KB)  which provides a brief outline of the enrichment functionality.

 

This area of the Learning Center provides you with information on the different options availble to enrich your ALERT SSIs to your CTM trades.

Note that access to some learning resources requires you to be logged in. Once logged in, all learning content will be visible. 

Click Login or Register in the top right area of this screen to begin the process. 

 

How to Use Enrichment

There are a number of options available to all CTM clients that enable them to successfully enrich the SSIs they have stored in ALERT on 100% of their trades:

  • ALERT Key Auto-Select (AKAS)smart enrichment capability that leverages a combination of rules-based logic and client drive profiles to automatically enrich CTM trades with preferred SSIs from ALERT.
  • User-provided keys: when a trade is submitted to the CTM service for matching, both broker/dealers and investment managers can provide a set of fields that activate the enrichment process. These fields enable the selection of the SSI specified by the CTM client and adds this SSI to the trade message in CTM
  • Additional considerations: when implementing enrichment using either ALERT Key Auto-Select or user-provided keys, there is other functionality available which will allow you to fully leverage the benefits of enrichment e.g. Facilitated ALERT Enrichment (FAE), PSET matching

Click on each of the options above to learn more about how each functionality works and how to enable it with your CTM and ALERT configuration.

 

Organization of ALERT SSIs

In order to understand how the enrichment process works, it is important to firstly understand how SSIs are structured in the ALERT platform. All SSIs in ALERT are classified according to the Country (of Settlement), Security and Method (final depository where settlement takes place).

Broker/dealers organize their SSIs under Settlement Models, whilst investment managers organize their SSIs under Access Codes which represent their accounts or funds. For any given Settlement Model or Access Code, the Country-Security-Method combination must be unique.

Criteria for enrichment from the ALERT platform