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Search Home	/	Products & Services	/	Equities Clearing	/	Universal Trade Capture (UTC)	/	Trading Relationship Management (TRM)	Trading Relationship Management Details	Last Updated: 14 October 2016	Equities Clearing About TRM
The Trading Relationship Management (TRM) web-based application allows eligible NSCC Members to manage both their Qualified Special Representative (QSR) and Correspondent Clearing relationships online.
How The UTC Trade Editing Process Uses QSR And Correspondent Clearing Relationships
The Universal Trade Capture system uses the relationship between clearing members and their executing broker IDs as part of its trade validation process.
UTC will always edit QSR and Correspondent Clearing trades at the clearing member level. When the two clearing members in a relationship agree, the UTC system will require at least one executing broker ID on each side of the trade. By maintaining the executing broker IDs via the Trading Relationship Management system, you will be able to successfully minimize trade rejections from UTC due to missing or inaccurate executing broker IDs.
Trading Relationship Management Roles
Special Representative (SR)
A member or a registered clearing agency that designates members for which it will act.
Correspondent An NSCC full service member who has been granted status to enter the details for a particular relationship.
Qualified Special Representative (QSR)
An NSCC full service member who has been granted status for the purpose of locking-in trades for other NSCC members and/or their correspondent.
Qualified Special Representative (QSR) Agreement
An NSCC agreement and only establishes that one party can send a trade to clearing on behalf of the other party.
Correspondent Clearing Service
A trade reporting service that processes equity and corporate bond trades executed by the special representative.
For relationships involving non-U.S.-participants, the non-U.S.-participant must be sponsored. An example of a sponsor is CDS Clearing and Depository Services Inc. (CDS), the Canadian national depository service. CDS serves as a sponsor for all Canadian participants.
The Trading Relationship Management Process
oEither the correspondent or the qualified special representative/special representative (QSR/SR) can enter the details for a particular relationship into the Trading Relationship Management system, via the online web interface or via spreadsheet upload.
Approving or Rejecting a Relationship
After one side of the relationship has entered the details for that relationship, that relationship appears in pending status, waiting to be approved or rejected by the counterparty. The counterparty can approve or reject the entire relationship, or approve or reject specific executing brokers within the relationship.
Once the relationship is approved, the relationship becomes active on the first business day equal to or after the requested effective date. The QSRs and SRs can now send trades to NSCC containing the new relationship.
For relationships where one or both participants are sponsored participants, the sponsor(s) must approve new relationships.
Deleting Active Relationships
You can delete relationships in which your firm participates that are in active status. No action is required by your counterparty.
You can delete the entire relationship or delete any of the executing broker IDs within the relationship.
Deletion of active trading relationships and executing brokers for active trading relationships must be approved by an individual with supervisor-level privileges within your firm.
When an existing relationship is deleted and approved by the QSR/SR or correspondent, the relationship becomes inactive and any trades submitted with the deleted relationship will be pended until end of the day.
Deleting Pending Relationships
You cannot delete relationships you have created that are in "Pending Approval" status. You can ask the counterparty to reject the relationship or ask DTCC Account Administration to delete the relationship.
You can update any of the information for relationships that you have saved, but not yet submitted. Once data has been submitted, you can change the executing broker requirement and add executing brokers with appropriate effective dates.
Updates must be approved by your counterparty in order to be applied to the trading relationship.
For relationships where one or both participants are sponsored participants, the sponsor(s) must approve changes to the relationship. In This Section Equities Clearing
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