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Review the sections below for FAQs related to moving US trades from OASYS to CTM.

 

Review the sections below for FAQs related to moving US trades from OASYS to CTM.

 

General FAQs

 


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Due to a preference for the central matching workflow and ALERT enrichment available, we are currently working with the majority of our clients to begin moving their US trades from OASYS to CTM. Supporting US trades via CTM is the first step in an evolution to a more seamless, automated trade matching and confirmation platform and will be integral to helping you continue to connect with your counterparties.

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There are a few parity issues between OASYS and CTM.  For example, stepouts are not supported in CTM.  Development is currently underway to address parity items between OASYS and CTM.  We anticipate that all of these parity items will be addressed by mid-year 2019.

 

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CTM offers several different connection options including:

  1. Manual Entry User interface

  2. File-based Broker Batch solutions via Message Translation Interface (MTI)

  3. FIX messages

  4. XML messages via a Direct or MQ-based Push interface

All of the automated options listed above are supported by existing third party interfaces.

 

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CTM supports all of the asset classes that OASYS does with the exception of Options.  Development is currently underway to address parity items between OASYS and CTM.  We anticipate that all of these parity items will be addressed by mid-year 2019.

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Yes, we are currently maintaining a list of all buy and sell side clients who are actively supporting US trades on CTM. This list is posted to Service Central - Client Lists.

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For more information, or to sign up for CTM, please contact us directly via ServiceCentral.

 


Broker FAQs

 


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Depending on the interface option you choose, you can be up and running in under 2 weeks. We have established a dedicated team of resources to help you support US trades on CTM as quickly as possible. In addition to an expedited onboarding process, DTCC ITP is waiving the CTM domestic base fee and onboarding charges for clients migrating from OASYS to CTM and supporting US trades exclusively.

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Yes, there is a new schedule for OASYS-only brokers who are looking to take up CTM. If you already have access to CTM in your organization, you do not need to sign an additional schedule to support US trades.

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DTCC ITP is waiving the CTM domestic base fee and onboarding charges for brokers migrating from OASYS to CTM and supporting US trades exclusively. For brokers utilizing CTM for cross border trading, a standard base fee will be charge.

 

ITP will be harmonizing the rates between CTM and OASYS for both Brokers and Investment Managers and will issue new rate cards later this year. All clients will be given a 90 day advance notice of any rate changes.

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To reduce exceptions for US trades on CTM, we have produced a set of CTM Best Practices promoting the use of a USD Match Profile with tolerance matching on deal price and net amount. In addition, we are actively looking to reduce the number of investment managers who hide certain economic value fields on trades.

There are numerous other best practices which will be promoted as investment managers look to move US trades from OASYS to CTM. Primarily, the adoption of functionality aimed at enabling a no touch workflow including but not limited to: ALERT Key Auto Select (AKAS) SSI enrichment on the allocation in CTM, transferring maintenance of ALERT SSIs to the custodian via GC Direct, matching on PSET, and aggregating allocations under the block trade.

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Yes, almost all correspondent clearers already have access to CTM. DTCC is working very closely with correspondent clearers to support them as they look to move US trades to CTM.

If you access CTM via your clearer, they have the option to submit confirms directly to TradeSuite ID via CTM.

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We are committed to providing the same level transparency into block trades via CTM that a broker currently has on OASYS. We’re achieving this with a couple different initiatives:

  • The CTM View Instructing Party Alleged (VIPA) subscription option is available to Investment Managers and enables sell-side clients to query and/or view blocks alleged against them when an investment manager has utilized a Broker Matching Group (BRMG) identifier which contains a single active broker BIC. The VIPA subscription option creates full visibility earlier in the trade life cycle and provides greater transparency to help expedite the resolution of block shaping discrepancies.The VIPA subscription was been turned on for the majority of the CTM buy-side community in January 2019.

  • DTCC has created a new type of broker entity called a View Only Broker (VOB). The VOB entity grants a CTM broker view only access to unpaired investment manager alleged blocks, where the investment manager used a BRMG to identify the broker. The Investment Manager will need to add the VOB BIC to the applicable BRMG and this allows the VOB to view and monitor UNMATCHED trades alleged against them. The broker will use their normal CTM BIC to modify or process the trade to a MATCH AGREED state.

 

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Yes, CTM generates a Rule 10b10 compliant confirmation using information submitted by the broker as part of the central trade matching process. CTM has a full set of fields to support all the necessary disclosures brokers are required to make under this rule.

 

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As part of the ITP strategy we are focused on reducing and ultimately eliminating the need for a broker to interface with multiple systems. As such we have introduced a no touch workflow that allows confirms submitted to CTM to drop down into TradeSuite IDTM on behalf of the broker. This workflow is currently available.

 

If you choose not to implement this functionality and enable a no touch workflow then you will need to send confirms directly into both CTM and TradeSuite ID.


 

 

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