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CTM provides a broker two ways of achieving increased transparency into an investment manager counterparty’s allegements when that investment manager using a Broker Matching Group (BRMG). A View Only Broker (VOB) BIC provides full transparency into unpaired investment manager blocks when the broker is specified using a BRMG. VOB is a good solution for brokers with a single connection to CTM because this solution delivers all BRMG allegements to the same location. If a broker has multiple connections to CTM, for example, one for fixed income and a second for equity, Match Advisor is a better solution because it routes allegements back to the connection that submitted the trade.

Solution

Description

Status

Advantages

Broker Work

Limitations

View only broker (VOB)

Broker creates a new BIC. When investment manager adds to Broker Matching Group (BRMG), provides full transparency into client block allegements

Currently Available

•   Full transparency into allegements when investment manager uses a BRMG

•   Sends all allegements to a single location at the dealer

•   Broker is not required to submit their block

•   Broker must implement poller or receive pushed events for allegements

•   Only XML poller can be filtered by Security Type

•   All allegements are delivered to one dealer interface

•   Broker must pair off 1:1 against investment manager block shapes

•   Requires updates to investement manager BRMG to add VOB

Match Advisor

CTM compares broker’s block against counterparty blocks and advises on potential matches

In client test on November 12th 2020 and production on December 5th 2020

•   Each broker’s CTM connection receives block shape advises for their book—regardless of whether investment manager uses Broker Matching Group (BRMG)

•   Broker must implement a new MultiInfoResponse or a FIX AE message to receive Match Advice.

•   Broker must shape blocks to match 1:1 against investment manager blocks

•   Broker is required to submit their block first

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