New York, Boston, San Francisco – November 20 –Random Walk Computing, Inc., a leading provider of advanced technology solutions to the financial services industry, today announced today its plans to offer real-time matching consulting services to municipal securities dealers. Further to a SEC mandate to the Municipal Securities Rulemaking Board [MSRB] to improve price transparency in the municipal securities market, the MSRB has developed a Real-Time Transaction Reporting System [RTRS] which will be able to accept, process, and validate messages from the FICC in real-time and provide reports and a data feed back to the FICC and participant firms. The MSRB has announced that all dealers will be required to be connected to its RTRS by January 2005 will give dealers a six month beta testing period just prior the launch. Please note diagram at bottom of release.

Announced earlier this year, Random Walk was chosen by the MSRB to build its RTRS, therefore, giving Random Walk unmatched experience with the RTRS and its messaging requirements. For institutions developing a municipal bond feed, Random Walk is uniquely positioned to ensure rapid deployment of a robust solution integrated into firms existing trading workflows as well as expertise to assist with testing messaging formats for municipal trades.

Random Walk will help municipal securities dealers comply with the deadline by assisting firms with the protocols and tools needed to enable dealers to populate messages with both trade and regulatory data using standards and work flows provided by FICC, MSRB and common financial industry standards. Member firms submit trades to the FICC’s Real-time Trade Matching System [RTTM] using a MT515 (introduction) message which the FICC turns forward to the MSRB. Dealers must submit a single message that satisfies both clearing and regulatory requirements. This eliminates the need to send duplicate messages and ensures that transaction reports are consistent with internal trade records.

"Non-compliance is not an option. Dealer firms that haven’t already started need to define, plan, and cost out the changes that they need to make to their infrastructure and workflow in order to comply with the established timetables", says Lloyd Altman, SVP and Director of Consulting at Random Walk Computing. "The service offering that we are announcing today will ease the burden of dealer firms having to mobilize teams to perform capability, workflow, and infrastructure analysis. We are uniquely positioned, as the firm that is implementing RTRS, to apply our proven development methodology to assist firms throughout the full implementation lifecycle".

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