DTCC’s New Issue Information Dissemination Data Service (NIIDS) is an automated system designed to improve the trade reporting and price transparency of transactions for new issues of municipal securities through near-real-time dissemination.

Description

NIIDS, developed by DTC at the request of the Securities Industry and Financial Markets Association (SIFMA), is designed to expedite the dissemination of new-issue information for municipal securities by underwriters to information vendors. NIIDS collects information about a new issue from underwriters or their representatives in an electronic format. That data is then immediately available to vendors that provide such information to market participants.

NIIDS also serves as the centralized and automated hub for the collection and dissemination of the required information to satisfy the Municipal Securities Rulemaking Board’s (MSRB) reporting standards as outlined in its Rule G-34.

Features & Benefits

  • Features
    Benefits
  • Consolidated Source Save time by receiving all new issues from a single data source.
  • Near real-time delivery Enhance price transparency and make trade reporting more efficient for municipal securities through timely dissemination of new issues.

Offering

  • Near-real time and end-of-day XML messages of new-issue municipal securities

Coverage

NIIDS data covers 100% of the U.S municipal bond market and consists of all newly issued municipal securities as it is received by DTCC’s authorized NIIDS data providers. All data elements are included per requirements set by the Securities Industry and Financial Markets Association (SIFMA) members. These data elements, collectively "the NIIDS Data Elements," are required by DTC to mark the issue as "trade eligible" and are submitted by the lead underwriter or its agent (e.g. book runner or data vendor) on municipal offerings to DTC for depository eligibility.

How It Works

  • Lead underwriters or other authorized representatives submit data elements for eligibility with DTC for settlement and closing.

  • NIIDS centralizes the information and collects the data in a uniform format.

  • Submissions are accepted or rejected, and DTC timestamps and records the source of the information.

  • NIIDS distributes the data based on user's individual subscription preference.

Delivery

  • Near-Real Time: Delivered during hours of 7:00AM ET to 7:00PM ET. 
  • Daily End of Day Messages: 9:00PM ET - Cumulative NIIDS file for the business day.

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  • Networks: SMART (DTCC Dedicated Network), AT&T Network-Based IP VPN (ANIRA), or Over the Internet i
  • Protocols: SFTP, FTPS, Connect:Direct (NDM), MQ

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