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The CTM service supports the matching of certificates of deposit and commerical papers. Below are the most commonly asked questions about the implementation and matching of these securities.



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You can use any CTM interface to create, view, and amend CDs and commercial paper trades.

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Yes. Your counterparty msut submit its trade side information using the CTM service in order for matching to occur.

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No. The CTM service treats CDs and commercial paper as debt instruments (fixed income). For investment managers:

  • If you currently submit debt products, you can also submit CDs and commercial paper trades.
  • If you only use the CTM service for equity products, you will have to configure your system to populate and process the applicable fields for debt instruments, including appropriate matching profiles.
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Yes-and more. The CTM platform enforces L2 matching rules on the same fields for CDs and commercial paper trades as for other types of debt trades. The investment manager's debt matching profile determines the matching criteria. Investment managers can also include Type of Financial Instrument as additional matching criteria.

Use the Maintain Matching Profile (MMP) tool, available in the CTM Client-Facing Dashboard, to create and administer matching profiles:

For more information on using the Dashboard, go to the CTM Client-Facing Dashboard menu.

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Both sides of the trade have to provide the following values in the Type of Financial Instrument field:

  • CDEP - Certificate of Deposit (CD)
  • CPAP - Commercial Paper


UI 3.0 Quick Trade Entry Screen - The next figure shows where to select CDEP or CPAP in the quick trade entry screen for block-level trades.

cds block create trades











UI 3.0 Full Trade Entry Screen - The next figure shows where to supply CDEP and CPAP in the full trade entry screen for block-level trades.

cds block info





UI 4.0 Create Block Screen - The next figure shows where to supply CDEP and CPAP in the create block screen.

cds ui40 block



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Investment managers and broker/dealers submit CDEP or CPAP in the TradeLevelInformation composite of the TradeLevel and TradeDetail message.

The bold value in the following partial TradeLevel shows where, as an example, you designate a CD.












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Yes. The CTM service provides CD and commercial paper security cross-referencing where one counterparty represents as a SEDOL and the other as an ISIN. If the underlying security is the same, the CTM service matches on the field.


The security identifier is not always available in the cross-reference database. In this case, both counterparties must provide the same explicit instrument code and type for the trade to pair/match

In other words, for investment managers, your options are as follows:

  • Wait to receive your broker/dealer's alleged trade
  • Book a trade using the matching code
  • Amend the trade later in its lifecycle to match on the security code provided by your counterparty
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Yes. You can process trade exceptions using the CTM service for CDs and commercial paper trades as you do for all othe trades.


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