When an investment manager uses a Broker Matching Group (BRMG) with more than one BIC, brokers can only view trades when they are matched or mismatched. Without visibility into unmatched blocks, brokers are not able to proactively address STP breaks. Instead, such breaks require manual intervention and communication outside of CTM thus slowing trade confirmation and introducing risk.
Why should an Investment Manager be concerned about a lack of block transparency?
- Category: US Trades on CTM - Block Transparency FAQs