This website sets cookies on your device. By continuing to use our site, you consent to our use of cookies in accordance with our Privacy Policy.
Menu Learning Center
0.00 ( 0 votes )

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

 

 


0.00 ( 0 votes )

To learn more about the benefits and details of moving US trade flows to CTM, please visit the DTCC Learning Center, Supporting US Trades on CTM page.

0.00 ( 0 votes )

No, TradeSuite ID is not being decommissioned. DTCC confirms will continue to be created, matched and/or affirmed. Having said that, as part of the Match to Instruct (M2i) initiative dealers will begin to rely upon CTM for the creation of the TS ID confirm as opposed to sending confirms into TS ID directly.

0.00 ( 0 votes )

OASYS-TradeMatch is being replaced by equivalent functionality on CTM. In the CTM workflow, a version of the match agreed trade details is passed down from CTM to TradeSuite ID for the purposes of auto-affirmation. This allows investment managers to maintain their affirmation rates as they move US trades from OASYS to CTM. Although TradeSuite ID will continue to exist, it will transition from a matching platform to a distribution utility.

0.00 ( 0 votes )
  • Clients are encouraged to reach out to their OASYS trading systems vendor for questions on CTM connectivity through their platforms
  • All CTM Partners already support BASIC US flows today (no step out, option, auto-affirmation requirement)
  • Most Partners are educated, engaged and scoping or developing NEW CTM US Flows functionality
  • List of all certified CTM partners, can be found here: Supporting US Trades 
0.00 ( 0 votes )

All clients using a Partner’s OASYS interface should follow these steps:

  1. Work with DTCC to understand overall migration story, CTM benefits, newest CTM for US Flows features/functionality and CTM pricing
  2. Contact their OASYS interface provider (Partner) to request CTM connectivity along with US Flows parity features, if required (step outs, options, auto-affirmation)
  3. Contact OASYS brokers and confirm CTM readiness on their side
  4. Contact DTCC and enter into a project to migrate OASYS flows over to CTM
0.00 ( 0 votes )

All of the most popular trading systems vendors already support an interface to CTM. You can view the list of all the certified OMS partners and outsourcers here

0.00 ( 0 votes )

Clients with a legacy FIX or MTI interface and no functionality dependencies on stepouts or options can move their US trades from OASYS to CTM on their existing interface. Clients using a legacy version of FIX or MTI and having a functional dependency will need to upgrade to the current versions of FIX and MTI. The OASYS parity items are not supported on the legacy interfaces. 

0.00 ( 0 votes )

75% of clients and 90% of OASYS volume can be migrated to CTM without any change to proprietary or third-party interfaces. Some clients do step outs or equity options on OASYS. This functionality was recently made available in CTM. Clients with this functionality will need to make changes to their proprietary interface to CTM and/or work with their partner who will have to make these changes, in order to take advantage of this new functionality.

0.00 ( 0 votes )

Investment managers who have both OASYS and CTM today will be able to eliminate their OASYS base fee when they consolidate US trades on CTM. Ultimately all OASYS clients will be able to eliminate their OASYS interface and related third-party support and maintenance costs.

0.00 ( 0 votes )

We have a series of segment specific roadmaps and onboarding guides available on the DTCC Learning Center, Supporting US Trades on CTM page.


For most clients, the best, first step is to place a call into our client contact center or raise a case through our Service Central site. These cases will be routed to the OASYS Migration Team. From there we will answer any questions and setup an integration project as needed.

0.00 ( 0 votes )

No, integration fees will be waived during the migration period.

0.00 ( 0 votes )

Many clients with access to CTM can begin using it for their US flows today. For those that don’t have CTM and require assistance, our integration professionals are prepared work with you and/or your partners at no cost to ensure a seamless migration. To kick off your migration project, please contact us via ServiceCentral or contact your Relationship Manager directly.

0.00 ( 0 votes )

DTCC seeks to enable and incent client migration within the designated retirement period. During the retirement period, no enhancements or upgrades to OASYS, other than regulatory-mandated requirements, will be made. After April 2021 DTCC will work to finalize all OASYS terminations to fully decommission the OASYS system. Any further incentives or penalties are still being determined.

0.00 ( 0 votes )

The end-of-life date is October 2021.

0.00 ( 0 votes )

As part of a multi-year ITP Strategy, DTCC is looking to eliminate redundant and duplicative platforms and interfaces for clients. Ultimately creating a single integrated platform which will allow clients to access post trade confirmation status and resolve exceptions from matching through to settlement finality.

Supporting US trades via CTM and retiring usage of OASYS, enhances a firm’s ability to leverage the central matching workflow, settlement notification functionality, and ALERT® enrichment available through CTM and is the first step in the evolution to a more seamless, automated trade matching and confirmation platform.

0.00 ( 0 votes )

Many buy side clients prefer the central matching workflow, ALERT enrichment, and settlement notification functionality available in CTM. We are currently working with the majority of our buy side 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 dealers continue to connect with buy side counterparties.

0.00 ( 0 votes )

There were a few functional parity issues between OASYS and CTM. For example, step outs, listed options, and the OTM workflow were not historically supported in CTM. Development was completed in August 2019 to address parity items between OASYS and CTM.

5.00 ( 1 votes )

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 available through existing third-party partner interfaces. Many of our partners support both OASYS and CTM already so, migrating traffic from one interface to the other should be a light lift for the underlying client.

0.00 ( 0 votes )

CTM supports all of the asset classes that OASYS does.

0.00 ( 0 votes )

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.

0.00 ( 0 votes )

Today in OASYSTM, short sale/buy cover is indicated as a transaction type choice in addition to Buy or Sell. However, in CTM clients reference how a transaction was traded in the BuySellIndicator field which only supports values of BUYI or SELL. Since all allocations (TradeDetails) within a block are executed the same way, the most efficient way for clients to communicate whether a trade is executed as a short sale/buy cover is to provide this information at the block level.

Taking into account these considerations, the recommended best practice is for clients to communicate a short sale/buy cover by populating SSTI/BUTC in the TradeLevel fieldTradeTransactionConditionIndicator. For clients who also use the CTM Settlement Notification/Third Party Notification functionality, this value also maps to the SWIFT and .csv settlement notifications.

Note: an investment manager can optionally match on this field, however this is not recommended unless they get the agreement of all of their broker/dealers.

Some clients may also choose to populate the TradeDetailSettlementTransactionConditionIndicator field with SHOR/BUTC (Short Sale Indicator / Buy Cover Indicator), however this should only be done after populating SSTI/BUTC in the TradeLevel TradeTransactionConditionIndicator field.

0.00 ( 0 votes )

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

 


 


0.00 ( 0 votes )

Part of the institutional post trade flow for DTC-eligible products (Equities, Corporate Bonds, Municipal Bonds) includes trade affirmation. Trade affirmation is supported by DTCC Institutional Trade Processing’s (ITP) TradeSuite IDTM      service which enables institutions to affirm Broker confirmations. TradeSuite ID processes approximately 400 million broker confirmations annually.

For more information please read  Automatic Trade Affirmation: Reducing Risk and Cost for Institutional Trades in the US Market.

0.00 ( 0 votes )

The role and value of an Affirmed TradeSuite ID Confirm is unchanged regardless of whether the US trade goes over CTM or OASYS-TradeMatch (OTM). DTCC promotes the value of an Affirmed Confirm as a best practice to leverage the Continuous Net Settlement process (CNS), ID Net, and Predetermined Quantity (PDQ) at the DTCC. OTM clients who move from OASYS to CTM will have their allocations drop automatically from CTM to TradeSuite ID to maintain the automatic matching and Confirm Affirmation process in place today. As clients move from OASYS to CTM we are working to ensure that a client’s affirmation rate is maintained or improved.

0.00 ( 0 votes )

Affirmation is an important part of a no touch workflow for DTC-eligible trades. An affirmed confirm triggers an automated settlement process at the DTC. If a confirm is unaffirmed, both the broker and the custodian need to take independent manual steps to effect settlement. If the IM is currently auto-affirming, there are two features which will support high affirmation rates as clients look to move US trades to CTM:

 

  • No Touch Workflow: When the broker supports a no touch workflow they send confirms only into CTM and suppress the submission of confirms into TradeSuite ID. These confirms are propagated out to TradeSuite ID by CTM on behalf of the broker and the status of the confirm reflects the match status of the trade in CTM and user preferences.  
     

  • CTM Auto-Affirmation Workflow: For brokers who do not support a no touch workflow, there is new functionality that would allow the IMs allocations to drop from CTM into TradeSuite ID after matching in CTM. This is similar to how OASYS passes allocations to TradeSuite ID today. This second match in TradeSuite ID will allow the confirms to promote to affirmed. If the allocation mismatched in TradeSuite ID, the IM could use TradeSuite ID Web to identify the problem and address it upstream in CTM.

 

 

 

 

0.00 ( 0 votes )

Yes, OASYS-only Investment Managers will need to sign a CTM schedule.  If you already have access to CTM in your organization, you do not need to sign an additional schedule to support US trades on CTM.

 

0.00 ( 0 votes )

Over 300 brokers support US trades on CTM. View a list of all the brokers via Service Central - Client lists.  We are actively working with OASYS brokers who do not use CTM for US trades.  It should be noted that if you continue to trade US securities with a non-CTM OASYS broker, you will continue to send allocations through OASYS for that broker counterparty until they implement CTM .  ITP recommends talking to your brokers to ensure they are taking steps to support US trades on CTM.  Once all your brokers support CTM, you can discontinue using OASYS and leverage the full benefits of a single global platform.

Service Central - Client Lists.

0.00 ( 0 votes )

The list of brokers supporting CTM includes details on the asset classes they support.

 

0.00 ( 0 votes )

Implementation times depend on which interface you decide to use. View a list of onboarding guides here.

 

 

0.00 ( 0 votes )

Brokers on CTM are identified with a BIC, not an OASYS Acronym.  As you look to route trades to a CTM vs OASYS broker, you need to identify both yourself and your counterparty using a BIC.  You can view a list of all the dealers who are currently supporting US trades on CTM and their identifiers on Service Central - Client Lists.

 

0.00 ( 0 votes )

US trades on CTM will follow the same workflow for trade submission and matching as non-US trades in CTM.  There are however several best practices to support high quality data and straight through processing for US trades on CTM.  For example, the use of broker matching groups for US trades is discouraged.  More information on how to do this is available here.

 

0.00 ( 0 votes )

Yes, the same US Settlement Instructions from ALERT will be enriched on allocations in CTM. For OTM clients moving to CTM, US SSIs in ALERT will be leveraged to send the trade from CTM into TradeSuite ID. The investment manager, or preferably their Global Custodian, needs to provide US SSIs following the ALERT Best Practices for US. Likewise, the broker must setup broker delivery instructions in ALERT following best practices.  If they aren’t currently leveraging ALERT enrichment in CTM, they should review how ALERT Key Auto Select(AKAS) can facilitate the process

0.00 ( 0 votes )

In order to sustain high affirmation rates for IMs as they move US trades to CTM, ITP has rolled out CTM auto-affirmation functionality which, like OTM, will allow allocations in CTM to flow down into TradeSuite ID after the trade is Match Agreed in CTM. This is an interim step while brokers move to an optimal no touch workflow. When utilizing an optimal no touch workflow, CTM will pass the confirm into TradeSuite ID on behalf of the broker rather than requiring the broker to send it directly via a second interface.

0.00 ( 0 votes )

To support and encourage our investment manager community in moving their US domestic trade volume from OASYS into CTM, ITP is waiving onboarding charges and implementing harmonized pricing across our OASYS and CTM products. The harmonized rates for investment managers and brokers will be rolled out July 1, 2019.

 


 


0.00 ( 0 votes )

All OASYS-only brokers are being asked to support US trades. DTCC has reached out proactively to each OASYS-only dealer to inform them of this initiative and to simplify and reduce the cost to support US trades on CTM. 

0.00 ( 0 votes )

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.

0.00 ( 0 votes )

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.

0.00 ( 0 votes )

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 has harmonized the rates between CTM and OASYS for both Brokers and Investment Managers, the harmonized rates have been rolled out as of July 1, 2019.

0.00 ( 0 votes )

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.

0.00 ( 0 votes )

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.

0.00 ( 0 votes )

We are committed to providing the same level of transparency into block trades via CTM that a broker currently has on OASYS. As IMs migrate traffic from OASYS we are strongly encouraging them to allege these trades against a specific broker BIC as opposed to using a broker matching group (BRMG) as this will facilitate full transparency. Additionally, in cases where this is not technically possible for the IM based on their CTM implementation, we’ve launched the following 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 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.

Additionally, ITP is exploring opportunities to align the way brokers arrange their BICs in CTM (via parent/child relationships) to the way IMs create and maintain BRMGs. This would build upon and enhance the VOB functionality mentioned above.

 

0.00 ( 0 votes )

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.

 

0.00 ( 0 votes )

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.


 


5.00 ( 1 votes )

Please review the block shaping decision tree to consider options specific to your setup.

 

Block Transparency Decision Tree

0.00 ( 0 votes )

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

0.00 ( 0 votes )

The broker needs to engage DTCC Integration and sign a CTM Schedule Addendum to obtain an additional BIC. The broker will then need to setup the View Only Broker (VOB) on their CTM client interface. In addition to achieving transparency, the broker will need to shape their own blocks to match the investment manager.

VOB requires the investment manager or the DTCC Service Bureau on behalf of the client to insert the VOB into the investment managers Broker Matching Group (BRMG).

5.00 ( 1 votes )

The broker needs to engage with DTCC integration to setup Match Advisor. The Match Advisor solution requires brokers to proactively submit blocks into CTM as opposed to passively receiving alleged trades. Match Advisor provides actionable pairing recommendations (Match Advice) which would otherwise have to be locally developed. Match Advisor regularly returns Match Advice for unpaired broker blocks irrespective of quantity and with full block transparency irrespective of Broker Matching Group (BRMG) usage. For more information please refer to the Match Advisor Implementation Guide.  

0.00 ( 0 votes )

Investment Managers who add their Broker’s View Only Broker (VOB) to their Broker Matching Groups (BRMG’s) will be enabling their broker’s to view and respond to STP breaks more quickly. You can add a VOB to any BRMG in the BRMG Tool by editing the BRMG and adding the new VOB. For the broker to see trades where the investment managers used a BRMG, the broker’s VOB needs to be inserted into the BRMG. This can be done either by the client or by the DTCC Service Bureau on their behalf.

 

0.00 ( 0 votes )

When utilizing Match Advisor, it is important for the investment manager to ensure:

  1. Each Broker Matching Group (BRMG) contain only a single broker
  2. All the available broker View Only Brokers (VOBs) have been added to the appropriate Broker Matching Group (BRMG)
0.00 ( 0 votes )

There is a list of all the brokers who have a View Only Broker (VOB) in the buy side Client Facing Dashboard Broker Matching Group (BRMG) tool.

0.00 ( 0 votes )

Many brokers did not code their CTM interface to view unmatched blocks sent by an investment manager. As a workaround, some investment managers sent files away from CTM, duplicating data already present in CTM, creating redundancies and additional manual effort. Once the CTM Broker has setup a View Only Broker (VOB), an investment manager, or the ITP Service Bureau on their behalf, needs to add the VOB to the relevant Broker Matching Group (BRMG). As soon as the VOB is added, the broker can view unmatched alleged blocks. This transparency brings greater efficiency to trade confirmation, especially when the investment manager is splitting their blocks.

 

Learn more about block splitting in this guide: CTM: FAQs: What is Block Splitting?

5.00 ( 1 votes )

A View Only Broker (VOB) is a broker BIC that allows a broker to view unmatched blocks alleged against them when an investment manager uses a Broker Matching Group (BRMG) with more than one broker BIC. The VOB is only used to view trades. CTM Brokers continue to confirm trades as they do today with a non-VOB BIC.

0.00 ( 0 votes )

When an investment manager uses a Broker Matching Group (BRMG) with more than one BIC, brokers can only view trades when they are matched or mismatched. Without visibility into unmatched blocks, brokers are not able to proactively address STP breaks. Instead, such breaks require manual intervention and communication outside of CTM thus slowing trade confirmation and introducing risk.

0.00 ( 0 votes )

Investment Managers who add their broker’s View Only Broker (VOB) to their Broker Matching Group's (BRMG’s) will be enabling their broker’s to view and respond to STP breaks more quickly.

0.00 ( 0 votes )

The list of View Only Brokers (VOBs) is viewable in the Client-Facing Dashboard

0.00 ( 0 votes )

You can add a View Only Broker (VOB) to any Broker Matching Group (BRMG) in the BRMG Toolby editing the BRMG and adding the new VOB.  Please refer to the CTM: View Only Broker Implementation Guide and Procedures  for more information.


 
0.00 ( 0 votes )

ITP recommends any CTM Broker with more than one BIC setup a View Only Broker (VOB) BIC. DTCC is exploring ways to ease the requirement to have investment managers manually add a VOB to each Broker Matching Group (BRMG). For example, ITP is reviewing options to automatically add VOBs to BRMGs.

 

 


0.00 ( 0 votes )

CTM enabled stepouts & options in the fall of 2019. This functionality is accessible to all clients without coding via manual entry in the CTM 4.0 UI.

For clients with significant volumes, manual entry is not the best long-term solution: automation streamlines and simplifies the post-trade process. Clients and partners have been working to automate this functionality which is supported in all interface types: XML, Push, FIX and MTI.

As of November 16, 2020, 14 clients have completed projects to support stepouts on CTM: two investment managers, six brokers, and four OMS partners. These four OMS partners collectively represent over 400 clients. An additional 146 clients are currently engaged in integration projects to support stepouts on CTM.

Furthermore, as of November 16, 2020, nine clients have completed projects to support options on CTM: four investment managers, one broker, and four OMS partners. An additional 67 clients are currently engaged in integration projects to support options on CTM.

0.00 ( 0 votes )

See chart below:

 

Stepouts

Options

SS&C Eze

Y

Y

CRD

Y

Y

SS&C Advent

Y

Y

ION Fidessa

Y

Y

Pershing

Y

N

Indata

Y

Y

Lightspeed

Y

Y

Linedata

Y

Y

0.00 ( 0 votes )

Very little work is required to support stepouts or options. Any broker who wishes to code to this new functionality must reach out to DTCC and engage with the Integration Team to enable and test stepouts and/or options. Brokers may also need to coordinate with their partner.

For investment managers, the same data that is currently being sent to OASYS for stepouts and options can be directed to CTM. The investment manager must also work with DTCC Integration to implement stepouts or options.

For more information on CTM stepouts, please review the Stepout Implementation Guide on DTCC Learning.

For more information on CTM options please review the Options Implementation Guide on DTCC Learning.

0.00 ( 0 votes )

For brokers who haven’t yet coded to support stepouts or options, DTCC is planning an update in Q2 of 2021 that will enable all clients to send and respond to these trades via the CTM 4.0 UI.

Currently, when a CTM investment manager sends a stepout or option to a broker who hasn’t made the coding changes, they will receive an error. When the proposed change goes into effect in Q2 of 2021, the investment manager will no longer receive this error message. The stepout or option will flow into the brokers messaging interface but will not contain additional fields. Brokers will know the trade contains stepouts if the account ID equals STEPOUT. Brokers will know the trade contains options if the security type equals OPTS or OPTC.

If they haven’t yet coded to receive these messages in their CTM interface, they will need to respond to them in the CTM UI.

0.00 ( 0 votes )

Brokers who have not coded to receive stepouts or options via their CTM interface will need to monitor the CTM UI for these trades. A broker can copy the block and regular allocations and accept stepout allocations without having to manually enter values. A video describing the stepout workflow is available here.

0.00 ( 0 votes )

The functionality for stepouts and options on CTM very closely follows OASYS.

In the CTM stepout workflow, the investment manager sends in one trade with regular and stepped out allocations. After the block is match agreed, CTM automatically creates the stepin trades. CTM requires the central matching of stepouts and options. A video describing the stepout workflow is available here.

In the options on CTM, the investment manager sends in a regular equity trade with an additional composite of option attributes.

0.00 ( 0 votes )

In 2020, DTCC introduced a program to work with stepout early adopters. This involves end-to-end testing across all possible counterparties and all possible interface types. Prior to entering the program, the client completed stepout conformance testing with their integration consultant.

0.00 ( 0 votes )

In response to broker feedback, DTCC is working to create a solution that will enrich MPIDs (Market Participant IDs) on allocations. MPIDs identify the executing and brokers for street side settlement. Brokers will identify which MPID they want to use for each asset class. DTCC will store this information centrally and use this data to enrich stepout trades.

0.00 ( 0 votes )

You can request a customized report of your stepout and/or option counterparties on OASYS by emailing the This email address is being protected from spambots. You need JavaScript enabled to view it.. This report will detail the status of the broker’s readiness to support these new features.

0.00 ( 0 votes )

Please refer to the client list published on Service Central.


 

Recommended for You