4.3.  Trade Reporting and Settlement

Once a trade is completed, the broker or dealer on either end of the transaction has 15 minutes to report it to the MSRB’s automated matching and reporting system, called the Real-Time Transaction Reporting System (RTRS), developed in coordination with the National Securities Clearing Corporation (NSCC).

The RTRS is an electronic facility for the collection and dissemination of information about municipal transactions. It operates in coordination with the Real-Time Trade Matching (RTTM) System, a trade comparison system operated by an NSCC subsidiary called the Fixed Income Clearing Corporation (FICC). Both systems use a common format to prevent the need for setting up separate telecommunication links or portals specifically for trade reporting to the MSRB.

Transaction information collected by the RTRS is used to provide trading activity and price information to the public and to assess transaction fees. The RTRS