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BROKERAGE SOLUTIONS: AN ATLANTIS OVERVIEW
JULY 2017
Agenda
• Brokerage Settlement Challenges (10 min)• Atlantis Overview (5 min)• Trade Lifecycle – From Exchange to Settlement (5 min)• Atlantis Features and Interaction Methods (5 min)• Industry Participants and Market Coverage (5 min)• Demo (10 min) • Future Roadmap (5 min)
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Brokerage Settlement Challenges• Industry Infrastructure
– Multiple Settlement Platforms
– Reduced Market Coverage On Electronic Platforms
– No Client Participation
– Non Standard Invoice
– EGUS as Golden Source
• Issues / Disputes
– Identifying Third Party Brokers
– Execution Method and Trade Type Differences
– Incomplete Give Up Agreements
– Duplicate Billing
• Impact
– Ops Overhead
– Aged Brokerage3
Manish Shukla | Head Commercial Control| Derivatives Clearing Operations | J.P. Morgan
Gregory Thompson | Global Head of Fees and Commissions Operations | Goldman Sachs
Atlantis Overview
• Atlantis is the code name for FIA Tech’s brokerage settlement platform
• Designed based on community input and requirements – more than 40 firms
design product roadmap and priorities
• On‐line dispute management and resolution (trades can be managed and paid as
issues are resolved with payers)
• Support today’s best practices in brokerage invoicing, payment and management
• Provide range of tools designed for range of users ‐ EB, OPB, clients and FCMs
• Executing brokers have certainty of timely payment with complete transparency and audit trail
• Payers get certainty of final, accurate invoices to ensure client funds are properly managed
• Firms can keep trades in flight for 1 year + to resolve disputes in orderly manner
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Atlantis Diagram
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Atlantis
Exchange
EGUS
eRecs
Agreement Updates
Trade Feed
Recon
Receiver
Payer
Actions
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Trade Lifecycle
Receiver Review Payer Review
Source
Affirm
Reject
Amend & Affirm Approve
Hold
Review Completed
Cannot settle
Recon Recon
Receiver (XB)Receiver (XB)AffirmAffirm
AmendAmend
HoldHold
Payer (CB)Payer (CB)
ApproveApprove
RejectReject
Atlantis Features
• Real‐time System ‐ Changes are reflected in real‐time without waiting for batch processing
• UI/UX – Better user experience and workflow driven user interface to aid users and management
• Messaging‐driven and Excel upload mechanism – Secure real‐time API and Excel upload for trade fee actions
• Order Passing Broker – Allowing firms to identify OPB trades and for OPB to settle electronically on the platform
• Electronic Settlement – Trade fees rollover to next settlement cycle if not settled, to allow firms to resolve any dispute
• Reconciliation Integration – Inbound and outbound integration with eRecs and other third party reconciliation tools
• EGUS Integration – Atlantis is tightly integrated to EGUS for accounts, rate schedules and draft agreements
• Global Market Coverage – Atlantis supports electronic settlement of brokerage based on exchanges or bilaterally
trades submitted and approved by executing and clearing brokers
• Responsive Development and Bug fixes – Enhancement and bug fixes introduced every few weeks by FIA Tech’s
dedicated development staff
Copyright 2017 FIA Technology Services, Inc. Contents confidential and proprietary. 7
Interaction Methods
• User Interface– Action thousands of trades with one click– Create custom views based on operational use cases– Aggregate trades easily based on trade attributes and parties
• Excel Download / Upload– Download selected trades to review– Amend easily from within Excel– Upload back to the system for quick update
• API– Connect your internal system to Atlantis XML based API – Support of all action type and message notification– EOD SFTP or real time MQ connectivity options
Copyright 2016 FIA Technology Services, Inc. Contents confidential and proprietary. 8
Growing Participation From Industry• ABN Amro• ADM • Advantage Futures• BAML• Barclays• Bell Potter• BTIG• Citi• Coex Partners• Credit Suisse• Deutsche Bank• DQLD• ED&F Man• FC Stone• Goldman Sachs• HSBC• Interactive Brokers• ICAP/Tullet
• JB Drax• Jeffries• JP Morgan• Macquarie• Marex• Mizuho• Morgan Stanley• Nomura• Rand• RBC Capital Markets• RBS/NatWest• RJ O’Brien• Rosenthal Collins• Societe Generale/ NewEdge• Term Commodities• TJM• UBS• Wedbush Securities• Wells Fargo
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Expanding Global Coverage
In Production: 11 Exchanges• All ICE Exchanges• Eurex• ASX• SGX• TMX
July 1: Expanding to manual markets by CB trade submission
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Demo
Copyright 2017 FIA Technology Services, Inc. Contents confidential and proprietary. 11
2017‐2018 Roadmap
• Defining and implementing best practice• Functionality for exception analysis and resolution within
the platform• Rolling out to manual markets (July 1 – Q1 2018)• Tracking and publishing industry performance metrics –
every participant getting detailed analytics and MIS• Working with participating FCMs to reduce aged brokerage
– Coordinating industry efforts to address outstanding brokerage– Pre‐2016 reduced by 70% as of December 2016, H1 2016 by 40%
• Rolling out modernized EGUS (electronic give‐up system) in Q4 2017 based on user feedback and requirements
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THANK YOUFor more information, please contact info@fia‐tech.com or sales@fia‐tech.com
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Appendix
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BAC MembersCompany NameBAML Joe KesslerBarclays Liam BellBarclays Steve LuxtonBNP Paribas Thomas CastielCiti Eric DavidCiti Christina SmithCredit Suisse Auguste NunesCredit Suisse James McdonaldDeutsche Bank Bernard SapatoGoldman Sachs Gregory ThompsonGoldman Sachs Sean AdamsHSBC Brian PichicheroJP Morgan Iain MillerJP Morgan Manish ShuklaMorgan Stanley Chris ArmstrongMorgan Stanley Tom NevilleSocGen Abderrahim Ait‐el‐mahjoubSocGen Christine ShowUBS Riley HickmanUBS Andrew CastelloWells Fargo Jeffrey HallWells Fargo Iliana Dimitrova
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Atlantis Screens
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Atlantis Screens
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Atlantis Screens
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