RTRS Dealer Data Quality-Summary of
Correspondent’s Trades Report Guide
Understanding RTRS Dealer Data Quality Summary of
Correspondent’s Trade Report
The RTRS Dealer Data Quality – Summary of Correspondent’s Trades Report describes a firm’s
transaction reporting data with regards to status, match rate, lateness and timeliness of reporting,
and number of changes to reported data. Unlike the RTRS Dealer Data Quality – Summary
Report, the Summary of Correspondent’s Trades Report displays statistics about inter-dealer
trades effected by a correspondent dealer, regardless of which dealer cleared the trades, and also
about customer trades effected by the correspondent. The Summary Report can be viewed in a
one-month version. To obtain the one-month report, select the month desired from the drop-down
and click Run Report.
The Dealer Data Quality – Summary of Correspondent’s Trades (DDQ-SC) complements the
Dealer Data Quality – Summary (DDQS). The DDQ-SC provides information to correspondent
dealers that parallels the information the DDQS provides to clearing dealers. The DDQ-SC has
the same categories of data quality information as the DDQS, but it attributes trades to dealers
differently. In both reports, the dealer that is the subject of the report is identified by its MSRB
Number (e.g., A1234 or B1234). The DDQS counts inter-dealer trades and customer trades
cleared by the dealer, but does not count inter-dealer trades that were cleared through another
dealer. In contrast, a dealer’s DDQ-SC counts:
 Inter-dealer trades effected by the dealer, whether the trades were self-cleared or were
cleared by any other dealer,
 Customer trades effected by the dealer, and
 Any inter-dealer trades cleared by the dealer but which do not have an executing broker
symbol (EBS) known to the MSRB.
The DDQ-SC also includes a “Lateness Breakout – Correspondent’s Trades,” which provides
detailed lateness information about the trades.
Trade Grouped by EBS-Clearing Combinations
A dealer may use more than one EBS for trade reporting, or may clear trades through more than
one clearing dealer. The trades are grouped together on the DDQ-SC according to each EBSclearing ID combination that was reported by the dealer during the month by the dealer. If a dealer
reports trades with more than one EBS or through more than one clearing dealer, each
combination is tabulated separately. Any inter-dealer trades reported without an EBS, or with an
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EBS not known to the MSRB, are on the DDQ-SC report for the dealer that cleared the trades,
because RTRS cannot determine who effected the trades.
Formats of the Report
The report is available to dealers via RTRS Web. A dealer may view or print its report from its
browser, or may download the report as a spreadsheet. In either format, separate “tabs” will show
combinations of clearing ID and EBS reported by the dealer. In the example below, the dealer has
used both “ABCD” and “OTHR” to report trades through clearing broker 0221. Tabs at the bottom
distinguish ABCD (0221) from OTHR (0221).
Exceptional Reporting Scenarios
The DDQ-SC reports certain exceptional scenarios as follows:
 Inter-dealer trades that do not have any EBS are counted on a tab labeled “No EBS.” As
stated above, this tab is part of the clearing dealer’s DDQ-SC report.
 If a clearing dealer erroneously puts the correspondent’s EBS on a trade submitted for
comparison, the correspondent’s report will show this fact. If the correspondent did not
effect the trade, the correspondent should notify the clearing dealer and the clearing dealer
should correct the error.
 If a dealer submits customer trade reports through more than one clearing dealer, the
DDQ-SC breaks out the trades by each combination. For example, if dealer ABCD reports
customer trades through dealer 0123 and also through 9876, there are tabs for ABCD
(0123) and ABCD (9876). This distinction may be useful to the dealer for information
purposes, but is not important for regulatory purposes.
 If a firm does not report any trades during a month, the DDQ-SC is available based on its
MSRB Number, but instead of the clearing ID and EBS, the report displays “NO EBS
FOUND” and shows that zero trades were found.
Period Covered by DDQ-SC
Each DDQ-SC report covers trades processed by RTRS during one month. DDQ-SC reports are
available from October 2007 and forward. The MSRB plans to make the report available each
month on or shortly after the 15th day of the month, covering the preceding month.
Availability of DDQS and DDQ-SC Reports
Both the DDQ-SC and the DDQS reports are available to all dealers. A dealer may obtain either or
both reports through RTRS Web.
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