NSCC Greenlights Trade Gossip Tool: Members Share Secrets Safely
Published Date: 4/22/2026
Notice
Summary
The National Securities Clearing Corporation (NSCC) is rolling out a new feature that lets members share transaction info with other members they work with, but only if they say it’s okay. This change helps members who clear trades together get better info faster, with no extra fees or delays announced. The Securities and Exchange Commission gave the green light in April 2026, so members can start using this soon.
Analyzed Economic Effects
2 provisions identified: 1 benefits, 1 costs, 0 mixed.
Members Can Share Clearing Data via MPID
NSCC will allow a Member to authorize NSCC to share that Member's Clearing Data with another Member with whom it has a clearing relationship, identified by Market Participant Identifier (MPID). The change (approved April 20, 2026) lets Members who clear through another Member receive near real-time UTC trade-capture output in the same format, using each Member's four-character alphanumeric MPID.
Written Authorization and Addendum M Requirements
To receive MPID Transaction Reporting, the Disclosing Member must provide written authorization that permits NSCC to share specific Clearing Data, and for ongoing reporting both the Disclosing and Receiving Member must execute and deliver required authorization agreements under the newly added Addendum M. Addendum M requires (1) a clearing relationship between the Members, (2) that disclosed data relate only to NSCC-processed transactions by the Disclosing Member on behalf of the Receiving Member, and (3) executed authorization agreements.
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Key Dates
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