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Island and Instinet Delay Migration Testing; Random Walk supplies real-time matching consulting services; NeoNet connects with SunGard Transaction Network; PHLX seat owners approve demutualization plan

Random Walk supplies real-time matching consulting

Random Walk Computing, Inc. plans to offer real-time matching consulting services to municipal securities dealers. In connection with a Securities and Exchange Commission (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 (RTTRS). It will be able to accept, process and validate messages from the Fixed Income Clearing Corporation in real-time and provide reports and a data feed back to the FICC and participant firms. The MSRB is requiring all dealers to be connected to its RTRS by January 2005 and will give dealers a six-month beta-testing period just prior to launch.

Random Walk, which helped the MSRB to build its RTRS, will help municipal-securities dealers comply with the deadline by assisting firms with the protocols and tools they need to submit messages populated with trades and regulatory data to the FICC.

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