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RTRS Dealer Data Quality-Summary
Report Guide
Understanding RTRS Dealer Data Quality Summary Report
The Dealer Data Quality Summary report cover trades submitted from February 1, 2005 to the
present. This report consists of two sections:

The Trade Report Summary section of the Dealer Data Quality – Summary counts
submissions with regard to status (satisfactory/questionable or unsatisfactory), lateness or
timeliness of reporting, number of changes to reported data, etc.

The Lateness Breakout section provides additional detail on transaction reports that were
received before or after the appropriate deadline (15 minutes, end of day, etc.).
Trade Report Summary
Each section of the Trade Report Summary has a total count of transaction reports submitted by
the dealer, and a count of transaction reports that meet a particular Rule G-14 compliance
criterion.
The dealer's “rate” is the number of reports meeting the criterion divided by the total count. For
example, the “unmatched rate” for inter-dealer trades is the number of unmatched inter-dealer
trades divided by all inter-dealer trades. (There are adjustments, described below). Throughout
the Trade Report Summary, “Satisfactory” and “Questionable” transactions appear under a single
column heading. “Satisfactory” trade reports are those that have passed all RTRS edits.
“Questionable” reports are those where RTRS edits have detected a possible deficiency. Dealers
must report trades accurately in the initial submission. Dealers must review “questionable” reports;
if a “questionable” report is, in fact, correct, it is acceptable to RTRS. Although “questionable”
reports are listed together with “satisfactory” ones for information purposes, if they are, in fact,
inaccurate, then they represent non-compliance with Rule G-14.
Rule G-14 requires dealers to report transactions within a deadline, usually within 15 minutes after
the time of trade. Reports received after the deadline are marked late and their regulatory status is
“questionable.” Dealers should review their systems and procedures to minimize the number of
late reports. Transaction reports that receive RTRS error messages labeled “UNSAT” are
considered unsatisfactory for purposes of G-14 regulatory reporting. These messages have error
codes beginning with “U” or “X”. The dealer must correct these reports, or cancel them and, if
necessary, resubmit them correctly. See “Specifications for Real-time Reporting of Municipal
Securities Transactions,” section 2.9.
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Basic Terms
Dealer: A broker, dealer or municipal securities dealer, identified by the MSRB ID shown at the
top of the report (example: A1234).
Dealer's inter-dealer reports: A dealer's inter-dealer reports are those with any Clearing Number
(i.e., NSCC participant number) that belongs to the dealer. These are the trades that the dealer
cleared for itself and for other dealers. These trades were reported with the dealer's own EBS or
any EBS for which it clears.
Dealer's customer reports: A dealer's customer reports are those with any Executing Broker
Symbol (EBS) that belongs to the dealer. These are the dealer's transactions with customers,
which the dealer reported with its own EBS.
Month being reported: A calendar month. A transaction report is counted if it was first processed
by RTRS during the month – that is, if the first Web input or MT515 “Instruct” was processed
during the month. Changes and cancellations are counted if they were processed by RTRS during
the month or within the 15 calendar days that followed.
Current status: If RTRS found a transaction report to be questionable or unsatisfactory when first
reported, and the dealer has corrected or cancelled it within the month plus 15 days, the side is
shown here in its corrected or cancelled status. Example: For March, the report counts sides that
were first reported in March, and shows the effect of Matches, Amends and Cancellations through
April 15.
Side: A “side” is the set of all messages with the same control number. For example, an Instruct,
an Amend and a Match message, all with the same control number, are all data about one side.
Periods Reported
Current Period Activity: The current period is the month being reported. The MSRB plans to
make data quality reports available on the Monday following the 15th of each month, covering the
trades reported during the preceding month, with changes through the 15 th of the next month.
This Dealer Prior Period: These are the counts for the dealer for the previous month. They are
the same numbers shown as “current period” during the previous month. The “% change”
represents the dealer's current counts compared to its previous month's counts.
Industry, Current Period: These are the rates for the industry for the current period.
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Current Period Activity
Total trade reports: The number of inter-dealer Instruct messages that were first processed
during the month being reported. The total includes both uncancelled and cancelled reports. It
includes reports with any regulatory status (i.e., satisfactory, questionable or unsatisfactory).
 Inter-dealer: The total includes reversed trades (i.e., matched trades that were later
reversed by both parties). It excludes reversals (submissions by both parties to reverse,
i.e., offset an earlier trade) and excludes submissions marked “unapplied” on RTRS Web.
 Customer: The total excludes submissions marked “unapplied” on RTRS Web. Total trade
reports: Total, inter-dealer plus customer.
Satisfactory/questionable count: Sides that were counted in total transaction reports and that
have regulatory status of satisfactory or questionable. For inter-dealer trades, this includes
only matched satisfactory/questionable sides. For customer trades, this total includes only
uncancelled sides.
 Inter-dealer: As noted, the total includes matched satisfactory or questionable sides. The
total excludes matched unsatisfactory inter-dealer sides, which are discussed below.
 Customer: This total includes sides that were counted in Total Customer Trade Reports
and that are not cancelled and that have regulatory status of satisfactory or questionable.
Satisfactory/questionable total count: Satisfactory/questionable count, inter-dealer plus
customer.
Satisfactory/questionable rate: Satisfactory/Questionable Count divided by Total Trade
Reports. The rate is shown as percent.
Unmatched Rate
Matched satisfactory/questionable: Same as Satisfactory/Questionable Count, Inter-dealer,
defined above. This statistic is shown again because it is part of the denominator used for the
unmatched rate shown in this section.
Matched unsatisfactory: Inter-dealer sides that are counted in total reports and are matched and
have regulatory status of unsatisfactory. (The most common conditions that make a matched
trade unsatisfactory are the absence of the EBS or absence of dealer capacity.)
Unmatched: Inter-dealer sides that are counted in total reports and that are unmatched. This
includes both cancelled and uncancelled sides. Note: A side may be unmatched for several
reasons, such as: (a) it has been cancelled before matching; (b) the contra party has not yet
submitted matching data or does not know (DK) the trade; or (c) a matching side has been
submitted to RTTM but it was not directed to RTRS. Cancelled sides are broken out below.
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Total reports: The sum of matched satisfactory/questionable, matched unsatisfactory and
unmatched sides.
Unmatched rate: Unmatched divided by total reports. The rate is shown as percent.
Late Reports
Trade count: Satisfactory or questionable trade reports, whether late or not late.
 Inter-dealer satisfactory/questionable matched reports: Same as
satisfactory/questionable count, inter-dealer, defined above.
 Less syndicate buy and contra locked-in reports: Sides where the dealer is the buyer in
a syndicate takedown submission or is the contra-side of a locked-in (QSR) submission.
These sides are deducted from the total satisfactory/ questionable count for computing
lateness. Buy-side submissions against RTTM Syndicate Takedown sales are optional. If a
buy-side submission is made, it must be indicated as a Target Syndicate to RTTM. (Note:
This dealer cannot affect the timely or late reporting of such trades, which are reported
unilaterally by the contra-party. When rates other than lateness are computed, this
dealer is responsible for the accuracy of the data reported about it by the seller in a
syndicate takedown or locked-in trade. Rule G-14 requires the dealer to monitor such
submissions to ensure that data representing its side of the trade is correct and to use
NSCC procedures to correct the trade data if it is not.)
 Inter-dealer matched reports submitted: Inter-dealer Satisfactory/Questionable Matched
Reports minus Syndicate Buy and Contra Locked-in Reports. Note: This statistic is the
number of inter-dealer reports for which this dealer can affect the timeliness.
 Customer satisfactory/questionable reports: Same as satisfactory/questionable count,
customer, defined above.
 Total trade reports submitted: The sum of the two numbers immediately above.
Late count: The number of satisfactory or questionable reports submitted that were not submitted
by the appropriate deadline (i.e., 15 minutes after trade time, 3 hours after trade time, or end of
trade date). As noted above, cancelled sides are excluded from “satisfactory/questionable.”
However, if a side is cancelled and the same trade is reported a second time, RTRS counts the
second report as a different side, and it may be counted as late.
 Late matched inter-dealer reports: Late inter-dealer matched reports submitted (excludes
syndicate buy and contra-locked-in reports).
 Late customer reports: Late customer satisfactory/questionable reports submitted.
 Total late reports with valid execution time: The sum of the two numbers immediately
above. (Note: Trade reports with invalid execution time are not considered “late.” They are
broken out below.)
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Dealer rate: Late satisfactory/questionable reports submitted divided by total
satisfactory/questionable reports submitted. The rates are shown as percents.
 Late matched inter-dealer reports: Late Matched Inter-dealer Reports divided by Interdealer Matched Reports Submitted. The rate is shown as percent.
 Late customer reports: Late Satisfactory/Questionable customer reports divided by Late
Customer Reports.
 Total late reports with valid execution time: Total Late Reports divided by Total Trade
Reports Submitted.
Trade Reporting Analysis
Trade counts
 Inter-dealer satisfactory/questionable matched reports: Same as above
 Customer satisfactory/questionable reports: Same as above.
 Total satisfactory/questionable and matched trades: Inter-dealer Satisfactory/
Questionable Matched Reports plus Customer Satisfactory/Questionable Reports. (Same
as satisfactory/questionable total count above.)
 Invalid execution time count (00:00 etc.): Number of reports where the reported time of
trade is 00:00 or is before 06:00 or after 21:00. This count includes both customer and
inter-dealer reports. Note: (1) RTRS does not score the same side as both “invalid” and
“late.” If the reported time is invalid, the side is scored invalid, not late. (2) Time of trade
must be specified as military time. A dealer reporting, for example, the invalid time
“03:00:00” probably intended to report 3 p.m. (15:00:00). Invalid times are broken out by
trade type:
► Inter-dealer bilateral (inter-dealer reports submitted by both parties)
► Syndicate buy/contra locked-in (trades where the dealer is responsible for the
accuracy of the data reported about it by the seller)
► Customer trades
 Commission shown on principal trade count: The number of reports where the dealer's
capacity is reported as “principal” and a commission (other than zero) is also reported.
This count includes both customer and inter-dealer reports.
Dealer rate: Two rates are shown based on the above counts: Reports with invalid execution time
divided by total satisfactory/questionable and matched trades; and number of reports with
commission reported on principal trades divided by total trades. These statistics take both interdealer and customer trades into account. They are shown as percent.
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Changes to Inter-dealer Trades
A trade that has been amended after the reporting deadline is not counted as late, unless it
was initially reported after its deadline.
Trade Count
 Total inter-dealer reports: Same as “Total trade reports – inter-dealer” at the top of the
Compliance Data Report. This includes cancelled and reversed inter-dealer reports and
unsatisfactory inter-dealer reports, as well as matched satisfactory/questionable reports.
 Cancelled: Number of inter-dealer reports that were cancelled. This includes those that
were cancelled by the dealer and those that were cancelled by RTTM after remaining
unmatched for the period allowed by RTTM.
 Amended by dealer: Number of inter-dealer reports for which the dealer modified price,
yield, par, capacity, time of trade, etc. Note: A report that is modified is counted as
“amended” if it is not cancelled after the modification. A report that is amended and then
cancelled is counted as “cancelled” if the cancel message does not make additional
changes to price, yield, buy/sell indicator, etc. If the report is cancelled and if the
cancellation also makes other modifications to the report, it is counted as both “amended”
and “cancelled.”
 Reversals (not counted in total reports): Number of matched reversals submitted by the
dealer and contra party. (Note: Matched reversals exactly offset a previously matched trade
in RTTM.) Reversals are not counted in any of the other statistics on this report. They are
counted here as a “memo” for the user.
 Reversed reports: Matched trades that were reversed by the dealer and the contra party.
Note: the number of reversals and the number of reversed reports may be different if the
trade and its reversal were processed in different months, or if the dealer did not identify
the trade being reversed (RTTM does not verify that an underlying trade exists in RTTM
when processing a reversal. See “RTTM Business Requirements” (July 2002), p. 23).
Dealer Rate
The rate of each of the above is the count divided by the total, expressed as percent. Note: The
rate of reversals is the number of reversals divided by the total satisfactory/questionable count
plus the number of reversals. The rate of reversed reports is not calculated, since reversal rate is
more reliable.
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Changes to Customer trades
Trade Count
 Total customer reports: Same as “Total trade reports – Customer” as shown in the
“Activity Totals by Dealer” section described above. This includes cancelled and
uncancelled customer reports with any Regulatory Status, i.e., Satisfactory/questionable/
Unsatisfactory.
 Cancelled: Number of customer reports that were cancelled by the dealer.
 Amended by dealer: Number of customer reports for which the dealer modified price,
yield, par, capacity, time of trade, etc. Note: The method of counting trades that are
cancelled and modified, described above for inter-dealer trades, also applies to customer
trades.
Dealer Rate
The rate of each of the above is the count divided by the total, expressed as percent.
Unidentified/Misidentified Dealer
Trade Count
 Total matched inter-dealer reports: Same as Satisfactory/Questionable inter-dealer
count, plus Matched unsatisfactory, above.
 Dealer symbol missing or not known: Number of inter-dealer reports for which the
executing dealer symbol (EBS or MPID) is missing or is not known to the MSRB. This
includes reports for which the dealer received the following error messages from RTRS:
► U41B - Dealer symbol missing
► U41D- Dealer symbol not known to MSRB
Note: Inter-dealer sides without an EBS are counted here and also as unsatisfactory reports.
Dealer Rate
Dealer symbol missing or unknown divided by total matched reports, expressed as percent.
Trades at Other than Market Price
Trade Count
 Total satisfactory/questionable and matched trades: This is the same as the “total
reported trades” above (total inter-dealer matched satisfactory/questionable trades plus
customer uncancelled satisfactory/questionable trades).
 Trades at other than market price due to settlement not RW: The number of reports
(inter-dealer plus customer) for which the dealer indicated that the price was other than the
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market price because settlement was not regular way. Note: The “special condition code”
(previously “special price reason”) is used to report a price other than the market price.
Trades at other than market price due to other reason: The number of reports (interdealer plus customer) for which the dealer indicated that the price was other than the
market price for reason different than “settlement was not regular way,” or for more than
one reason.
Trades at weighted average price: Number of reports (inter-dealer plus customer) for
which the dealer indicated that the price was a weighted average price of previous
transactions.
Dealer Rate
The above counts divided by total trades, expressed as a per cent.
Lateness Breakout
This report provides detail about the transactions reported as late on the Trade Report Summary.
Like the latter, it includes data about only satisfactory and questionable trades. It does not cover
unsatisfactory trades or unmatched inter-dealer trades. It covers the current period.
For inter-dealer and customer trades separately, this report gives counts of all
satisfactory/questionable transaction reports at the top. For each deadline, the report breaks out
timely reports, late reports, and rates of late reports. The deadlines broken out are:
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15 minute deadline: Rule G-14 requires that any transaction that is not eligible for an
extended reporting deadline must be reported within 15 minutes of the time of trade.
Timely and late reports against the 15 minute deadline are counted here and the rate is
shown.
End of day (EOD) deadline (variable, CP, etc.): Dealers may report trades in variable
rate instruments (including auction rate products) and commercial paper by the end of the
day in which the trades are effected. Timely and late reports against the EOD – variable
deadline are counted here and the rate is shown.
End of day (EOD) deadline (syndicate/list price/1st day): Trades in new issues at the
list offering price, executed by syndicate managers, syndicate members and selling group
members on the first day of trading, and trades by a sole underwriter or syndicate manager
to a syndicate or selling group member at a discount from the published list offering price
for the security may be reported by the end of the trade date. Timely and late reports
against the EOD – syndicate/list deadline are counted here and the rate is shown.
3 hour deadline (not EOD, not traded in last year): On a temporary basis, a dealer could
report trades within three hours of the time of trade if the CUSIP number and indicative
data of the issue traded were not in the dealer's securities master file, the dealer did not
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trade the issue in the previous year, and the dealer was not a syndicate manager or
syndicate member for the issue. Timely and late reports against the 3 hour deadline are
counted here and the rate is shown. These provisions became unavailable in stages in
December 2006 and June 2008. If a dealer submits a trade and indicates it qualifies for this
deadline after the deadline had sunset, the trade is scored timely or late as though it had a
15-minute deadline (not EOD), but the trade is tabulated in this category of the lateness
breakout.
End of day (EOD) deadline (ineligible on trade date): Certain inter-dealer transactions
are not able to be submitted to RTTM on trade date or with the accurate trade date either
because all information necessary for comparison is not available or because the trade
date is not a “valid” trade date in RTTM. Dealers must report trades that are “inter-dealer
ineligible on trade date” by the appropriate deadline: “VRDO ineligible on trade date” must
be reported by the end of the day on which the interest rate reset occurs, and “invalid
RTTM trade date” no later than 15 minutes after the start of the next RTRS business day.
Timely and late reports against this EOD deadline are counted here and the rate is shown.
See Specifications for Real-Time Reporting of Municipal Securities Transactions, sections
1.2.2 and 4.3.2 (“Specifications”).
End of day (EOD) deadline (resubmission of RTTM cancel): Uncompared inter-dealer
trades are cancelled by RTTM on T+2 and the dealer originally submitting the trade must
resubmit the transaction in a second attempt to obtain comparison with the contra-party.
The dealer that originally submitted information to RTTM must use the appropriate Special
Condition Indicator when resubmitting to avoid being scored late; however, the dealer may
only use this indicator if it resubmits identical information about the transaction by the end
of the RTRS business day following the day the trade was cancelled. Timely and late
reports against this EOD deadline are counted here and the rate is shown. See
“Specifications.”
End of day (EOD) deadline (away from market, extraordinary settlement):
Transactions in which the price is away from the market price because (a) settlement is not
regular way (T+3) or, (b) for a when-issued transaction, because the settlement date is not
the issue’s initial settlement date, must be reported with the appropriate Special Condition
Indicator by the end of trade date. This category should not be used for extended
settlement trades that are at the market price or cash/next-day trades that are at the market
price, nor should it be used routinely for trades done on a when-issued basis. Timely and
late reports against this EOD deadline are counted here and the rate is shown. See
“Specifications.”
End of day (EOD) deadline (away from market, other reason): Transactions in which
the price is away from the market price in certain trading scenarios listed in the
“Specifications” or in which the price differs substantially from the market price for multiple
reasons or for a reason not covered by another Special Condition Indicator, must be
reported with the appropriate Special Condition Indicator by the end of trade date. This
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category applies to both inter-dealer and customer trades. Timely and late reports against
this EOD deadline are counted here and the rate is shown. After the inter-dealer breakouts
by deadline, the following are shown:
► Total inter-dealer trade reports, timely (total reports submitted before deadline)
► Late reports submitted (total reports submitted late)
► Invalid inter-dealer bilateral time (invalid time submitted by the dealer against a
non-syndicate/non-locked-in report by the contra party)
Subtotal: This is number of reports submitted (late plus invalid times submitted), and is the
same as the “inter-dealer matched reports submitted” count shown on the Compliance Data
Report.
Invalid syndicate buy/contra locked-in time: This count plus the subtotal submitted
equals the count of all inter-dealer satisfactory/questionable transaction reports at the top of
the Lateness Report. After the customer breakouts by deadline, the following are shown:
► Timely reports: Total customer reports submitted before deadline
► Late reports submitted: Total customer reports submitted late
► Invalid execution time: Invalid time submitted on customer trades
► Total: Timely plus late plus invalid customer reports submitted, which equals the
total count at the top of the lateness report.
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