Municipal Securities Rulemaking Board
Introduction to the Short-Term Obligation
Rate Transparency System
October 2009
SHORT System Overview
•
The SHORT System is a facility of the MSRB for the collection and dissemination of
information about securities bearing interest at short-term rates and making such
information publicly available through a dissemination service. There are two methods of
submission, a computer-to-computer process and a web user interface. This presentation
will focus on the web interface
•
SHORT is governed by MSRB Rules G-34, G-8 and G-9
•
Program dealers, re-marketing agents, auction agents or any designated agent may report
the newly set interest rates on VRDO and ARS securities
•
Users must register for the SHORT system through the MSRB Gateway
•
Resets must be reported by 6:30PM eastern on the day of the reset
Access The System
Access the system cont’d
Submission Management Screen
New VRDO Submission Screen
VRDO Required Fields
•
•
•
•
•
•
•
•
•
•
•
CUSIP number
Interest rate for the next reset period
Identity of Remarketing Agent
Date of interest rate reset
Length of the interest rate reset period
Length of Notification Period
Indication of whether interest rate is “set by formula,” “set by Remarketing Agent” or a
“maximum rate”
Minimum and maximum rates, if any, applicable at the time of the interest rate reset
or, if not calculable as of the time of the interest rate reset, indication that such rate or
rates are not calculable
Minimum denomination
Type of liquidity facility
Expiration date of each liquidity facility
New ARS Submission Screen
ARS Required Fields
CUSIP number
Interest rate for the next reset period
Identity of Program Dealer(s)
Number of days of the reset period
Minimum denomination
Date and time of the auction
Date and time of posting of auction results by an Auction Agent
Indication of whether the interest rate represents a “maximum rate,” an “all
hold rate,” or a rate that was “set by auction”
• Minimum and maximum rates, if any, applicable at the time of the auction or,
if not calculable as of the time of auction, indication that such rate or rates are
not calculable
• Par amount auctioned, not including hold orders effective at any rate
•
•
•
•
•
•
•
•
• After completing the “Add New Submission” form you will be redirected to the submission management screen
• This screen will indicate whether or not your submission has
been processed successfully
• You can view your submission simply by clicking
on it in the submission management screen
Modifying Submissions
• Fields in light grey cannot be modified
Cancelling Submissions
• Submissions may be cancelled by clicking the orange icon at the top left
• Choosing yes will send you back to the submission management screen
where you will see the status icon to the left is now a grey ‘x’
Error Messages
• Error Messages are displayed at the bottom left of the screen
Adding a new reset to a previous submission
• As most users will submit resets for the same securities, there is an
option to use the previous submission as a base for your new
submission
Satisfactory Icons
Status Icons
The following icons are displayed for those submissions that are successfully
processed and that did not receive an error code that would prevent a submission from
being disseminated:
•
Instruct – An initial submission of data.
•
Modification – A submission that modified an existing submission.
•
Cancel – A submission that has been cancelled.
Error Code Alerts
The following icons are displayed for those submissions that receive error codes:
• This icon is displayed when an error code is applied to a submission, but the error code does not prevent
the submission from being disseminated (for example, a submission that receives a “late” error code will
have this icon displayed)
• This icon is displayed when an error code is applied to a submission that prevents the submission from
being disseminated (for example, if the submission receives an error code noting that the CUSIP check
digit is erroneous, this icon will be displayed). Submissions receiving this icon have not been successfully
submitted and further action is required.
Note: If more than one error code has been applied to a submission, the icon reflecting the most
egregious error will be displayed.
Other Resources
Variable Rate Security Market Information
http://www.msrb.org/msrb1/SHORT/default.asp
Short System Specification
http://www.msrb.org/msrb1/SHORT/SHORTSystemXMLInterfaceSpecification-DataElements.pdf
Short User Manual
http://www.msrb.org/msrb1/SHORT/SHORTSystemWebUserInterfaceManual.pdf
• Questions?