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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|
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.
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.
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.
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.
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: