CTM®

Welcome! In this section of the Learning Center you will find the resources you need to maximize your use CTM, our strategic central matching platform. To find the content you need either use the Search field or navigate to your area of interest to learn more about how to integrate CTM into your back/middle-office infrastructure or use the CTM UI to manage your matching exceptions. 

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At its core, CTM is a central matching platform used by both buy-side and sell-side clients to centrally match their cross-border and domestic transactions, automating the trade confirmation process across multiple asset classes and facilitating downsteam settlement processes.

There are many different components to CTM that can be used to maximize your use of the service. Further information on each topic can be found below.

 

Implementation and Connectivity Options

There are a number of different connectivity options available that allow you to easily integrate the CTM solution into your existing trade processing environment, leveraging your existing infrastructure.

Connectivity Options  Message Formats
Direct XML 
Internet FIX
Leased Line CSV
MQ  
sFTP  
HTTPs  

 

Further information: visit ITP Technical Resources for information on the different connectivity options; visit CTM Technical Resources for information on the message formats.

 

Workflows 

The standard workflow used by CTM is the Block Allocation Confirmation Workflow (BACW) which requires both the buy-side and sell-side to submit both block and allocation/confirmation messages to CTM for matching. However there are a number of variations to this workflow to accommodate different market and/or asset-class requirements.

Further information: visit Workflows to learn more about the Block Allocation Confirmation Workflow and all other variations.

 

Enrichment

Whilst most data provided on the trades that you send to CTM comes from your middle/back office systems, your trades can be enriched with supplemental data. This includes the SSI, LEI and account information from the ALERT platform.

Further information: to understand more about the data that can be enriched and how this process works, visit Enrichment. To understand more about ALERT, visit ALERT.

 

Matching Process

CTM uses a standardized 2-level matching process to match all block and allocation messages, however there are elements of this process that can be configurable, depending on your own business requirements. 

Further information: Matching Process explains the overall process; Client-Facing Dashboard provides detailed information about how to configure the matching process; Block Shaping explains what steps can be taken to increase transparency into counterparty alleged trades.

 

User Interface

The CTM User Interface (UI) is available to all clients and enables you to instantly modify and repair trade exceptions to facilitate matching. For smaller buy-side clients, it also offers functionality to manually enter trades.

Further information: visit User Interface to access all resources to support your use of the UI, including specific materials to guide you on the manual entry of trades.

 

Asset Class Specific

CTM supports a variety of asset classes and in most instances the workflow and matching process is the same across all asset classes. For some asset classes, there are variations which might include a change in the information that you need to send to CTM, different matching requirements or a change in the workflow. This includes TBAs, Certificates of Deposit and Commercial Papers, and Repurchase Ageements.

Further information: full details of these asset class variations can be found at Asset Class Specific.  

 

Settlements Management

Once a trade has successfully matched in CTM, buy-side clients can use the Settlements Management service to send settlement notifications to custodians and third parties to inform them of a trade intended for settlement.

Further information: visit Notifications to access all resources on the Settlements Management process. 

 

Performance Measurement and Analysis

CTM clients can also subscribe to our ITP Trade Analytics (formerly Benchmarks) service which provides powerful analytical tools for researching and optimizing the timeliness and accuracy of your trade processing through the CTM service.

Further information: visit ITP Data Analytics.

 

Product Release Information

The below documents outline the most recent enhancements to the core capabilites of CTM:

CTM Product Release Information: Release 1 (2022)

CTM Product Release Information: Release 4 (2021)

CTM Product Release Information: Release 3 (2021)

CTM Product Release Information: Release 2 (2021)

Describes new and updated optional functionality for debt and equity trades.
Modified 29 March 2022

CTM Product Release Information: Release 1 (2021)

CTM Product Release Information: Release 3 (2020)

Describes new and updated functionality for debt and equity asset class clients.
Modified 29 March 2022

CTM Product Release Information: Release 2 (2020)

Describes new and updated optional functionality for debt and equity trades.
Modified 29 March 2022

CTM Product Release Information: Release 1 (2020)

Describes new and updated optional functionality for all asset classes.
Modified 29 March 2022

CTM Product Release Information: Release 2 (2022)

CTM 4.0: Match Your Trades

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CTM 4.0: Match Your Trades

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CTM 4.0: Manually Enter Your Trades

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Maximizing your Use of the CTM UI

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CTM 4.0: Match Your Trades

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CTM 4.0: Manually Enter Your Trades

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Role of SSIs in the CTM Workflow

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CTM 4.0: Match Your Trades

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

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CTM: XML Message Specification: Debt and Equity

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CTM: Asset Class Overview: Repurchase Agreements (Repos)

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