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Yes, depending on whether you submit or receive TBAs:

  • To submit TBAs with stipulations and add stipulations to existing trades in the trade blotter, a subscription is not required.
  • To receive your counterparty's TBAs that have stipulations on them, both you and your counterparty are required to have the STIPS subscription.

In addition, the CTM service offers the TBAP (TBA Processing) subscription option for investment managers. This subscription option controls the return of the followng fields on the outbound InfoSettlementResponse message and reflects the investment manager's values instead of the executing broker's values:

  • TotalNetCashAmount
  • NetCashAmount
  • AccruedInterestAmount
  • TotalAccruedInterestAmount


The logic for this functionality derives from the TBA service code (TypeOfFinancialInstrument) or the TBA identifier (CUSIP or ISIN) prefix.

The best practices for investment managers includes the following:

  • Use Named Matching Profiles specific to TBAs
  • Do not include matching on NetCashAmount or AccruedInterest

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