Trade Processing and Matching
- Category: Trade Processing and Matching
The articles in this section explain:
- How to view a trade
- How to enter trades
- How to search for trades
- How to modify a trade
- How to cancel a trade
- How to un-cancel a trade
- How to DK a trade
- How to check the status of a trade.
This section also explains how to view potential matches, how TBA CUSIPS are derived, how to view your security master, how to manage your cash obligations and how to find the SIFMA processing schedule.
If you need to learn more about trade types, trade fields used when entering trades, trade status types, what RTTM web system messages mean when you complete a successful trade, when a trade is rejected or results in an error, you should begin by reviewing Trade Terminology.
How to Identify Novated Trades from TBA Submissions
FOR DEALER VS. BROKER TRADES
- When both parties to a trade have submitted their side of the trade to FICC, and all fields required
for comparison match exactly, the trade will achieve a matched (compared) state.
- FICC will novate the Dealers’ trade upon comparison and become the counterparty to the trade,
i.e. FICC’s novation account will become the buyer to every seller and the seller to every buyer.
FOR BROKER VS. DEALER TRADES
- Only fully matched (“FMAT”) trades will be novated.
- The counterparty to each Dealer trade will become a FICC novation account, and this account will
be listed as the counterparty on all trade output.
- FICC will only novate FMAT trades and will not novate versus a Broker.
- FICC will utilize separate novation accounts for TBA, SPT and STIP activity.
- FTBA¨- FICC novation account for generic TBA trades (TFTD/TBA) and SBON obligations.
- FSPT¨- FICC novation account for SPT trades
- FSTI¨- FICC novation account for STIP trades
TRADE NOVATED NOTIFICATION
- Once novation occurs, members will be notified of this event, along with the new counterparty.
- Dealers will receive a “Trade Novated” message when a trade is novated.
- Brokers will not receive this message, since only Dealer trades are novated.
- The “Trade Novated” message will contain all trade details, and any action targeting a novated
trade (e.g. Cancel Request) must contain the same trade details as reflected in the original trade.
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