TRACE Production User Test Script for Remuneration and ATS ... · 7/9/2016 · FINRA TRACE –...

FINRA TRACE – Remuneration/ATS MPID 7/9/2016 UAT Test Script

TRACE

Production User Test Script for Remuneration and ATS MPID

(Securitized Products Securities)

July 9, 2016

Time: 9 a.m. – 12 p.m. ET

Dial-in: 800.519.4276

Pass code: 8584438

The following script can be used to test the entry and dissemination of Remuneration trades

and trades using an ATS MPID for TRACE Securitized Products securities. In addition, if

eligible, these transactions will appear in the specific TRACE data feed (SPDS, SPDS-144A)

and the TRAQS Time and Sales scan (for authorized users) for the relevant security

transactions. The test script allows users to enter Trades, Cancels and Corrections for SP sub-

products: Asset Backed Securities (ABS), Asset Backed Securities Exempt (ABSX),

Collateralized Mortgage Obligations (CMO), Mortgage Backed Securities (MBS) and To Be

Announced (TBA).

Please note that testing is open for all participants to input the following test cases, using the

listed securities, however firms are free to test “off-script” so transactional data not covered

in this script may appear in the feed(s) and in Time and Sales.

Other testing notes:

Test cases in this test script are suggested test cases only. Firms are free to use their

own test cases and use other valid security symbols to perform their test. Firms may submit trades via FIX, CTCI and TRAQS Web input.

The No Remuneration Indicator field should be used whenever a commission or

markup/markdown is not assessed on the trade at the time of execution. An entry of

“N” indicates the trade does not include remuneration of any kind. A blank value

indicates the trade does include remuneration.

The No Remuneration Indicator value of “N” may only be used on Secondary (S)

trades. Trades designated as Primary (P) which include the No Remuneration

Indicator as “N” will be rejected.

The No Remuneration value of “N” can also only be used on Customer or Affiliate

trades. Interdealer trades will be rejected if the No Remuneration value of “N” is

submitted on a transaction.


Firms can identify trades as an ATS execution. The “ATS Execution MPID” field

allows firms to specify the ATS platform of the execution by using the MPID

assigned to that ATS. A list of valid ATS Exec MPIDs is provided in the table

below.

ATS firms may report trades or be alleged (Contra Party) on trades or may not have

the ATS on either side.

On Contra Party ID field where “Enter Firm MPID” is stated, please enter any valid

broker-dealer MPID as your contra party.

Clearing Numbers are optional and may be entered if desired.

The Branch Sequence Number and Memo fields are optional and may be entered if

desired.

Firms can assign a Client Trade ID on each trade report and Cancel and Correct using

a either the Client Trade ID or the TRACE Control Number.

Unless a time is specified in the script, please use the current time as your Execution

Time.

For testing, the current business date will be 7/9/2016, which should be used as the

Execution Date where the field indicates “Current Date”.

Test cases in this test script are suggested test cases only. Firms are free to use their

own test cases and use other valid security symbols to perform their test.


Securities that will be used for testing in this script:

Symbol CUSIP Sub Product 144A Grade

GM4106817 03064LAF7 ABS NO Investment Grade

SMBA3602737 83162CTX1 ABS NO Investment Grade

BSNX3288000 12328MAL5 ABS YES High Yield

SPCR4165571 850228AC1 ABS YES High Yield

NBGL4184381 64128QAG0 ABSX YES Investment Grade

FMCC3515649 02R0426C7 TBA-GD NO Investment Grade

FMCC2263884 31337AGJ9 MBS NO Investment Grade

FMCC4222413 3128MJV64 MBS NO Investment Grade

FMCC3371737 3137A8PP7 CMO NO Investment Grade

ATS MPIDs:

ATS ID FIRM NAME

BGCX BGC Financial L.P.

BRLQ Brilliquid LLC

IEBC Brokertec Americas LLC

CSCA Creditex Securities Corporation

DLWB Dealerweb, Inc.

ELET Electronifie Securities LLC

FTBR FOLIOfn Investments, Inc.

GFIG GFI Securities LLC

LATG GFI Securities LLC

HTDX Hartfield, Titus & Donnelly, LLC

GARE ICAP Corporates LLC

IATS Interactive Brokers LLC

ITGP ITG Inc.

VABD KCG Americas LLC

LQNF Liquidnet, Inc.

BNDS MTS Markets International, Inc.

OTCR OTC Link LLC

TMCC TMC Bonds L.L.C.

TWDA

Tradeweb Direct LLC (f/k/a

BondDesk Trading LLC)

TMID TruMid Financial LLC

TPCD Tullet Prebon Financial Services LLC


TRADE ENTRY

Field TEST CASE 1 TEST CASE 2 TEST CASE 3

Sub-Product ABS ABS ABS Side (Buy/Sell) BUY SELL SELL CUSIP 03064LAF7 03064LAF7 03064LAF7 Symbol GM4106817 GM4106817 GM4106817 RDID Quantity 4,000,000.00 10,000,000.00 11,000,000.00 Contra Party ID A C A Capacity (P/A) P A P Price 100.375 100.363281 100.50 ATS Exec MPID Price Override Execution Time Within the past 15

min of current time Within the past 15 min

of current time Within the past 15 min

of current time Settlement Date 7/22/2016 7/22/2016 7/22/2016 As Of Indicator Execution Date Current date Current date Current date Commission 500.00 No Remuneration N RP Give Up RP Clearing # Special Price Indicator Special Price Reason Modifier 2 S S S Modifier 3 Modifier 4 Client Trade ID Branch Seq # Memo Factor .9876512 Special Processing A EXPECTED RESULT Trade disseminated

to SPDS Trade disseminated to

SPDS Trade NOT

disseminated to SPDS Control Number (if accepted) OR Reject Control Number (if rejected)

Comments

Remuneration field in SPDS for ABS trades should be blank.

Disseminated price = 100.368344. Remuneration field should be blank.

Affiliate trade with Special Processing of ‘A’ is not for dissemination.


TRADE ENTRY


Sub-Product ABS ABS ABS Side (Buy/Sell) SELL BUY BUY CUSIP 83162CTX1 83162CTX1 03064LAF7 Symbol SMBA3602737 SMBA3602737 GM4106817 RDID Quantity 5,000,000.00 700,000.00 1,250,000.00 Contra Party ID A A Enter Firm MPID Capacity (P/A) P A A Price 108.75 108.6875 100.25 ATS Exec MPID Price Override Execution Time 093000 Within the past 15

min of current time Current time

Settlement Date 7/22/2016 7/22/2016 7/22/2016 As Of Indicator Y Execution Date 6/23/2016 Current date Current date Commission No Remuneration N N RP Give Up RP Clearing # Special Price Indicator Special Price Reason Modifier 2 S P S Modifier 3 Modifier 4 Client Trade ID Branch Seq # Memo Factor Special Processing EXPECTED RESULT Mod 3 = Z

Trade disseminated with as-of date of execution to SPDS

Trade Rejected Trade Rejected

Control Number (if accepted) OR Reject Control Number (if rejected)

Comments

Remuneration field should be blank.

Primary market trade cannot be used with No Remuneration value of “N”.

Only “C” or “A” as Contra Party trades can be used with No Remuneration value of “N”.


TRADE ENTRY


Sub-Product ABS(144A) ABS(144A) ABS (144A) Side (Buy/Sell) SELL SELL BUY CUSIP 12328MAL5 12328MAL5 850228AC1 Symbol BSNX3288000 BSNX3288000 SPCR4165571 RDID Quantity 8,000,000.00 6,500,000.00 12,500,000.00 Contra Party ID A C A Capacity (P/A) P A P Price 75 78.50 99.000 ATS Exec MPID Price Override Execution Time Within the past 15

min of current time 163000 Within the past 15

min of current time Settlement Date 7/29/2016 7/29/2016 7/29/2016 As Of Indicator Y Execution Date Current date 6/23/2016 Current date Commission 500.00 No Remuneration N RP Give Up RP Clearing # Special Price Indicator Special Price Reason Modifier 2 S S S Modifier 3 Modifier 4 W Client Trade ID Branch Seq # Memo

Factor .9876512 Special Processing EXPECTED RESULT Trade is

disseminated to SPDS 144A

Trade is disseminated to

SPDS 144A

Trade disseminated with ‘W in Mod 4

field to SPDS 144A


Comments

Remuneration field in SPDS 144A for ABS trades should be blank.

Trade should be marked late and Remuneration field should be blank.

Disseminated amount will reflect estimated (capped) Quantity of 10MM+. Remuneration field should be blank.


TRADE ENTRY


Sub-Product ABS(144A) ABS(144A) ABS(144A) Side (Buy/Sell) SELL BUY SELL CUSIP 850228AC1 850228AC1 850228AC1

Symbol SPCR4165571 SPCR4165571 SPCR4165571 RDID Quantity 1,500,000.00 900 7,500,000.00 Contra Party ID Enter Firm MPID A C Capacity (P/A) P A P Price 100.4598 99.125 98.875 ATS Exec MPID Price Override Execution Time Current time Current time Current time Settlement Date 7/22/2016 7/29/2016 7/29/2016 As Of Indicator Y Execution Date Current date Current date 6/22/2016 Commission No Remuneration RP Give Up RP Clearing # Special Price Indicator Special Price Reason Modifier 2 S S S Modifier 3 Modifier 4 Client Trade ID Branch Seq # Memo Factor Special Processing EXPECTED RESULT Trade disseminated

on SPDS 144A Trade NOT

disseminated Trade disseminated

on SPDS 144A Control Number (if accepted) OR Reject Control Number (if rejected)

Comments

RP Type and CP Type, and Side should be blank for ABS trades in SPDS144A. No Remuneration field should also be blank.

Trades <1000 shares are not disseminated.

Trade should be marked late, and No Remuneration field blank.


TRADE ENTRY


Sub-Product ABSX ABSX ABSX Side (Buy/Sell) SELL BUY SELL CUSIP 64128QAG0 64128QAG0 64128QAG0

Symbol NBGL4184381 NBGL4184381 NBGL4184381 RDID Quantity 2,500,000.00 900,000.00 7,500,000.00 Contra Party ID A C C Capacity (P/A) P A A Price 100.4598 99.125 98.875 ATS Exec MPID Price Override Execution Time Current time Current time Current time Settlement Date 7/22/2016 7/29/2016 7/29/2016 As Of Indicator Y Execution Date Current date Current date 6/22/2016 Commission 100.00 No Remuneration N RP Give Up RP Clearing # Special Price Indicator Special Price Reason Modifier 2 Modifier 3 Modifier 4 Client Trade ID Branch Seq # Memo Factor .9876512 Special Processing EXPECTED RESULT Trade NOT

disseminated on SPDS 144A

Trade NOT disseminated on SPDS 144A

Trade NOT disseminated on

SPDS 144A Control Number (if accepted) OR Reject Control Number (if rejected)

Comments

ABSX trades are exempt from dissemination.



https://admin.finratraqs.org/web/Pages/TradeEntry.aspx?Facility=TRACE&Product=SP&Cusip=64128QAG0&BreadCrumb=0217



https://admin.finratraqs.org/Web/Pages/TradeEntry.aspx?Facility=TRACE&Product=SP&SecurityId=NBGL4184381&BreadCrumb=0217




TRADE ENTRY Field TEST CASE 16 TEST CASE 17 TEST CASE 18

Sub-Product TBA (GD) TBA (GD) TBA (GD) Side (Buy/Sell) SELL SELL BUY CUSIP 02R0426C7 02R0426C7 02R0426C7 Symbol FMCC3515649 FMCC3515649 FMCC3515649 RDID Quantity 1,500,000.00 15,000,000.00 26,000,000.00 Contra Party ID A C A Capacity (P/A) A A P Price 99.250 97.75 99.15523 ATS Exec MPID Price Override Execution Time Current time Current time Within the past 15 min of

current time Settlement Date 7/22/2016 7/29/2016 7/22/2016 As Of Indicator Execution Date Current date Current date Current date Commission 750 No Remuneration N RP Give Up RP Clearing # Special Price Indicator

Special Price Reason

Modifier 2 Modifier 3 Modifier 4 W Client Trade ID Branch Seq # Memo Factor .9875412 Special Processing

EXPECTED RESULT

Trade disseminated to SPDS

Trade is disseminated to SPDS

Modifier 4 = W Trade is disseminated to

SPDS Control Number (if accepted) OR Reject Control Number (if rejected)

Comments

Remuneration value of “C” should be

disseminated and price should factor in the

commission as per the commission to pricing

formula.

Disseminated amount will reflect actual quantity and Remuneration value of “M” should be disseminated.

Disseminated amount will reflect estimated (capped)

Quantity of 25MM+. Remuneration value of “N”

should be disseminated. ”Sale Condition W” should

be disseminated.


TRADE ENTRY


Sub-Product MBS MBS MBS Side (Buy/Sell) BUY SELL BUY CUSIP 31337AGJ9 31337AGJ9 31337AGJ9 Symbol FMCC2263884 FMCC2263884 FMCC2263884 RDID

MSA253C2G1428000A

MSA253C2G1428000A

MSA253C2G1428000A

Quantity 9,100,000.00 7,500,100 500,000.00 Contra Party ID A C A Capacity (P/A) A A P Price 101.75 102.25 104.546875 ATS Exec MPID

Price Override Execution Time Within the past 15 min

of current time 093000 Current time

Settlement Date 7/29/2016 7/29/2016 7/29/2016 As Of Indicator Y Execution Date Current date 6/22/2016 Current date Commission 350 No Remuneration RP Give Up RP Clearing # Special Price Indicator Special Price Reason Modifier 2 Modifier 3 Modifier 4 O Client Trade ID Branch Seq # Memo Factor .98765412 Special Processing A EXPECTED RESULT Trade disseminated

with RDID

Trade disseminated with RDID to SPDS

Trade Not disseminated


Comments

Remuneration value of “M” disseminated. Sale Condition 4 value is “O”.

Disseminated price = 102.254725. Sale Condition 3 value is “Z”. Remuneration value of “C” disseminated.

Affiliate trade with Special Processing of ‘A’ will not be disseminated.

https://qcmppweb1.nasdaqomx.com/web/Pages/TradeEntry.aspx?Facility=TRACE&Product=SP&SecurityId=FMCC2263884




TRADE ENTRY


Sub-Product MBS MBS MBS Side (Buy/Sell) SELL BUY BUY CUSIP 3128MJV64 3128MJV64 3128MJV64 Symbol FMCC4222413 FMCC4222413 FMCC4222413 RDID MSL3A3C423A022F0F MSL3A3C423A022F0F MSL3A3C423A022F0F Quantity 520,000.00 350,000.00 1,200,000.00 Contra Party ID Enter Firm MPID A A Capacity (P/A) P A A Price 104.546875 103.25 100.50 ATS Exec MPID Price Override Execution Time Current time Current time Current time Settlement Date 7/22/2016 7/22/2016 7/22/2016 As Of Indicator Execution Date Current date Current date Current date Commission 300.00 No Remuneration

N N

RP Give Up RP Clearing # Special Price Indicator


Modifier 2 Modifier 3 Modifier 4 Client Trade ID Branch Seq # Memo Factor .98765412 Special Processing

A

EXPECTED RESULT

Trade rejected

Trade rejected

Trade NOT disseminated


Comments

Interdealer trades marked with No

Remuneration value of “N” are not accepted.

Trades reported with commission and marked

with the No Remuneration value of “N” are not

accepted.

Special Process trades marked as “A” are not disseminated.


TRADE ENTRY


Sub-Product CMO CMO CMO Side (Buy/Sell) SELL BUY SELL CUSIP 3137A8PP7 3137A8PP7 3137A8PP7 Symbol FMCC3371737 FMCC3371737 FMCC3371737 RDID Quantity 5,250,000.00 1,200,000.00 5,500,000.00 Contra Party ID A C Enter Firm MPID

(Interdealer Trade) Capacity (P/A) A P A Price 100.613281 100.75 99.125 ATS Exec MPID Price Override Execution Time Current time 173500 Current time Settlement Date 7/29/2016 7/29/2016 7/29/2016 As Of Indicator Y Execution Date Current date 6/22/2016 Current date Commission 225.00 No Remuneration RP Give Up RP Clearing # Special Price Indicator Special Price Reason Modifier 2 Modifier 3 Modifier 4 Client Trade ID Branch Seq # Memo Factor 1.0 Special Processing EXPECTED RESULT Trade NOT

disseminated Trade NOT


disseminated Control Number (if accepted) OR Reject Control Number (if rejected)

Comments

CMO trade entry is exempted from dissemination.



https://admin.finratraqs.org/web/Pages/TradeEntry.aspx?Facility=TRACE&Product=SP&SecurityId=FMCC3371737&BreadCrumb=0217




TRADE ENTRY


Sub-Product ABS ABS ABS Side (Buy/Sell) SELL SELL SELL CUSIP 03064LAF7 03064LAF7 03064LAF7 Symbol GM4106817 GM4106817 GM4106817 RDID Quantity 5,000,000.00 10,000,000.00 11,000,000.00 Contra Party ID Enter Firm MPID Enter ATS MPID A Capacity (P/A) P A P Price 100 100.50 100.50 ATS Exec MPID Enter ATS MPID Enter ATS MPID Price Override Execution Time Within the past 15

min of current time 093000 Within the past 15 min

of current time Settlement Date 7/22/2016 7/22/2016 7/22/2016 As Of Indicator Y Execution Date Current date 6/23/2016 Current date Commission No Remuneration RP Give Up RP Clearing # Special Price Indicator Special Price Reason Modifier 2 S S S Modifier 3 Modifier 4 Client Trade ID Branch Seq # Memo Factor Special Processing A EXPECTED RESULT Trade disseminated

to SPDS Trade disseminated to

SPDS Trade should reject


Comments

ATS Indicator field on SPDS should be blank.

Trade should be marked late in Sale Condition 3. ATS Indicator field on SPDS should be blank. Contra Party Type value on SPDS should be blank.

Customer or affiliate trades with an ATS Exec ID should reject. Only an interdealer trade with an ATS Exec MPID is allowed.


TRADE ENTRY


Sub-Product ABS(144A) ABS(144A) ABS (144A) Side (Buy/Sell) SELL SELL BUY CUSIP 12328MAL5 12328MAL5 850228AC1 Symbol BSNX3288000 BSNX3288000 SPCR4165571 RDID Quantity 8,000,000.00 6,500,000.00 12,500,000.00 Contra Party ID Enter Firm MPID Enter ATS MPID Enter Firm MPID Capacity (P/A) P A P Price 75.75 78.50 99.000 ATS Exec MPID Enter ATS MPID Enter ATS MPID Price Override Execution Time Within the past 15

min of current time 163000 Within the past 15 min of

current time Settlement Date 7/22/2016 7/22/2016 7/29/2016 As Of Indicator Y Execution Date Current date 6/23/2016 Current date Commission 500.00 No Remuneration RP Give Up RP Clearing # Special Price Indicator Special Price Reason Modifier 2 S S S Modifier 3 Modifier 4 W Client Trade ID Branch Seq # Memo

Factor .9876512 Special Processing EXPECTED RESULT Trade is


Trade is disseminated to

SPDS 144A

Trade should not disseminate to SPDS 144A


Comments

ATS Indicator field on SPDS 144A should be blank.

Trade should be marked late and ATS Indicator should be blank. Price should factor in commission formula.

Only interdealer sells should be disseminated on SPDs 144A.


TRADE ENTRY


Sub-Product TBA (GD) TBA (GD) TBA (GD) Side (Buy/Sell) SELL SELL BUY CUSIP 02R0426C7 02R0426C7 02R0426C7 Symbol FMCC3515649 FMCC3515649 FMCC3515649 RDID Quantity 1,500,000.00 15,000,000.00 26,000,000.00 Contra Party ID Enter ATS MPID Enter Firm MPID Enter ATS MPID Capacity (P/A) A A P Price 99.250 97.75 99.15523 ATS Exec MPID Enter ATS MPID Price Override Execution Time Current time Current time Outside 15 min of

current time Settlement Date 7/22/2016 7/29/2016 7/22/2016 As Of Indicator Execution Date Current date Current date Current date Commission No Remuneration RP Give Up RP Clearing # Special Price Indicator


Modifier 2 Modifier 3 Modifier 4 Client Trade ID Branch Seq # Memo Factor Special Processing

EXPECTED RESULT

Trade disseminated to SPDS




Comments

Contra Party Type should be “D” on this trade and the ATS Indicator should be blank. TBD trades are denoted as Interdealer

trades when an ATS MPID is set as the contra party.

ATS Indicator should be blank.

Disseminated amount will reflect estimated (capped) Quantity of

25MM+. Trade should be marked late “Z” in Sale Condition

3 field. ATS Indicator should be blank.


TRADE ENTRY


Sub-Product MBS MBS MBS Side (Buy/Sell) SELL SELL BUY CUSIP 31337AGJ9 31337AGJ9 31337AGJ9 Symbol FMCC2263884 FMCC2263884 FMCC2263884 RDID

MSA253C2G1428000A

MSA253C2G1428000A

MSA253C2G1428000A

Quantity 9,100,000.00 7,500,100 500,000.00 Contra Party ID Enter ATS MPID Enter Firm MPID Enter ATS MPID Capacity (P/A) P A P Price 101.75 102.25 104.546875 ATS Exec MPID Enter ATS MPID

Price Override Execution Time Within the past 15 min

of current time 100000 Current time

Settlement Date 7/22/2016 7/29/2016 7/22/2016 As Of Indicator Y Execution Date Current date 6/21/2016 Current date Commission No Remuneration RP Give Up RP Clearing # Special Price Indicator Special Price Reason Modifier 2 Modifier 3 Modifier 4 Client Trade ID Branch Seq # Memo Factor Special Processing EXPECTED RESULT Trade disseminated

with RDID to SPDS

Trade disseminated with RDID to SPDS

Trade should not be disseminated to SPDS


Comments

ATS Indicator of “Y” should be disseminated on SPDS.

Trade should be marked late in Sale Condition 3 field. ATS Indicator of “Y” should be disseminated on SPDS.

Interdealer buy trades should not be

disseminated to SPDS.





TRADE ENTRY


Sub-Product CMO CMO CMO Side (Buy/Sell) SELL BUY SELL CUSIP 3137A8PP7 3137A8PP7 3137A8PP7 Symbol FMCC3371737 FMCC3371737 FMCC3371737 RDID Quantity 5,250,000.00 1,200,000.00 5,500,000.00 Contra Party ID Enter ATS MPID Enter Firm MPID C Capacity (P/A) A P A Price 100.613281 100.75 99.125 ATS Exec MPID Enter ATS MPID Enter ATS MPID Price Override Execution Time Current time 173500 Current time Settlement Date 7/29/2016 7/29/2016 7/29/2016 As Of Indicator Y Execution Date Current date 6/23/2016 Current date Commission No Remuneration RP Give Up RP Clearing # Special Price Indicator Special Price Reason Modifier 2 Modifier 3 Modifier 4 Client Trade ID Branch Seq # Memo Factor Special Processing EXPECTED RESULT Trade NOT


disseminated Trade should reject


Comments



Customer or affiliate trades with an ATS Exec ID should reject. Only an inter-dealer trade with an ATS Exec MPID is allowed.





CANCEL

Field TEST CASE 43 TEST CASE 44 TEST CASE 45 Cancel trade entered

in Test case 1 Cancel trade entered


in Test case 16 Sub-Product ABS ABS(144A) TBA

Side (Buy/Sell) CUSIP Symbol RDID Quantity

Contra Party ID Capacity (P/A) Price ATS Exec MPID Price Override Execution Time Settlement Date As Of Indicator Execution Date Commission No Remuneration RP Give Up RP Clearing # Special Price Indicator Special Price Reason Modifier 2 Modifier 3 Modifier 4 Client Trade ID Branch Seq # Memo Factor Special Processing EXPECTED RESULT Cancel disseminated

to SPDS Cancel disseminated

to SPDS 144A Cancel disseminated

to SPDS Control Number (if accepted) OR Reject Control Number (if rejected)

Comments

Remuneration field in SPDS for ABS trade cancellation should be blank.

Remuneration field in SPDS 144A for ABS

trades should be blank.


CANCEL




in Test case 28 Sub-Product MBS CMO ABS


Contra Party ID Capacity (P/A) Price ATS Exec MPID Price Override Execution Time

Settlement Date As Of Indicator Execution Date Commission No Remuneration RP Give Up RP Clearing # Special Price Indicator Special Price Reason Modifier 2 Modifier 3 Modifier 4 Client Trade ID Branch Seq # Memo Factor Special Processing EXPECTED RESULT Cancel disseminated

to SPDS Cancel Not

disseminated to SPDS Cancel disseminated


Comments

CMO trade cancellation is exempted from dissemination.



CANCEL




in Test case 37 Sub-Product ABS(144A) TBA MBS


Contra Party ID Capacity (P/A) Price ATS Exec MPID Price Override Execution Time

Settlement Date As Of Indicator Execution Date Commission No Remuneration RP Give Up RP Clearing # Special Price Indicator Special Price Reason Modifier 2 Modifier 3 Modifier 4 Client Trade ID Branch Seq # Memo Factor Special Processing EXPECTED RESULT Cancel disseminated




Comments




CORRECTION

Field TEST CASE 52 TEST CASE 53 TEST CASE 54 Correct trade entered

in Test Case 4 (Price and No Remuneration)

Correct trade entered in Test Case 9

(Quantity and Contra Party)


(Commission and Price)

Sub-Product ABS ABS (144A) TBA (GD) Side (Buy/Sell) CUSIP Symbol RDID Quantity 9,000,000.00

Contra Party ID C Capacity (P/A) Price 108.00 99.25 ATS Exec MPID Price Override Execution Time Settlement Date As Of Indicator Execution Date Commission 100.00 No Remuneration N RP Give Up RP Clearing # Special Price Indicator Special Price Reason Modifier 2 S S Modifier 3 Modifier 4 Client Trade ID Branch Seq # Memo Factor .9875412 Special Processing EXPECTED RESULT Correction

disseminated to SPDS Correction


Correction disseminated to SPDS


Comments

Remuneration field should be blank on correction message.

Quantity should be reflected as actual in the

correction message. Remuneration field

should be blank.

Remuneration value of “C” should be disseminated in correction message.


CORRECTION

Field TEST CASE 55 TEST CASE 56 TEST CASE 57 Correct trade entered

in Test Case 21 (Remove Special Processing Flag)


(Price and ATS MPID)


(Quantity, Contra, and ATS Exec MPID)

Sub-Product MBS ABS ABS 144A Side (Buy/Sell) CUSIP Symbol RDID Quantity 5,000,000.00

Contra Party ID Enter new ATS MPID Enter Firm MPID Capacity (P/A) Price 99.50 ATS Exec MPID Enter ATS MPID Price Override Execution Time Settlement Date As Of Indicator Execution Date Commission No Remuneration RP Give Up RP Clearing # Special Price Indicator Special Price Reason Modifier 2 S S Modifier 3 Modifier 4 Client Trade ID Branch Seq # Memo Factor Special Processing EXPECTED RESULT Correction




Comments

Correction to Affiliate trade with Special Processing of blank will be disseminated.

ATS Indicator field on SPDS correction should be blank. Contra Party Type value on SPDS correction should be blank.

ATS Indicator field on SPDS correction should be blank. Quantity value should be adjusted.


Field TEST CASE 58 Correct trade entered

in Test Case 38 (Change ATS Exec

MPID) Sub-Product MBS


Contra Party ID Capacity (P/A) Price ATS Exec MPID Enter new ATS MPID Price Override Execution Time Settlement Date As Of Indicator Execution Date Commission No Remuneration RP Give Up RP Clearing # Special Price Indicator Special Price Reason Modifier 2 Modifier 3 Modifier 4 Client Trade ID Branch Seq # Memo Factor Special Processing EXPECTED RESULT Correction


Comments

ATS Indicator of “Y” should be disseminated on SPDS correction message.

TRACE Production User Test Script for Remuneration and ATS ... · 7/9/2016 · FINRA TRACE –...

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Transcript of TRACE Production User Test Script for Remuneration and ATS ... · 7/9/2016 · FINRA TRACE –...