Atlantis Blocks Settlement FAQs

1. What are reported blocks?

Answer: This block activity is cleared but “alleged” to an end account.  These blocks are not given up, and historically were not present in the existing ETD exchange/CCP feeds to FIA Tech.

2. When did Atlantis start supporting block trade brokerage settlement?

Answer: Blocks testing (in Atlantis PSIM) became available in 2023. The first pair of firms went live settling blocks in May 2024 and as of March 2025 we have 8 firms live.

3. Which block exchanges can be settled in Atlantis?

Answer: All global exchanges with blocks can be settled in Atlantis.  FIA Tech receives a direct trade feed from ICE Block.  All other exchanges (Eurex, CME Clearport, EEX, etc.) can be submitted directly by the Receiving Broker (EBTS) to Atlantis. 

As with ETD onboarding, firms can elect to go live with a certain exchange(s) initially, but thus far all live firms have chosen to settle all blocks exchanges in Atlantis.

4. Are there workflow differences between ETD and blocks in Atlantis?

Answer: Currently, the affirmation, approval, rejection and hold workflow is the same for all asset classes (ETD, USLO and Blocks) in Atlantis.  The monthly deadlines and settlement cycles are the same for all asset classes as well.

NOTE: In 2025, a blocks Client Approval Workflow Model will be introduced within the FIA Tech platform. Please reach out to FIA Tech for more information.

5. What are the Atlantis Participant Code setup options for block trades?

Answer: Participant Code setup is flexible in Atlantis.  Firms can choose either to feed block trades under their current ETD Atlantis Participant Code or instead to set up one or more new Atlantis Participant Codes.

If a firm wants separate bank accounts, users, or reports for block trades vs ETD trades then they will need to opt for a new Atlantis Participant Code for block trades.

6. How can one identify reported block trades from ETD trades in Atlantis?

Answer: Reported blocks can be identified by the Sub Asset Class BLOCKS in Atlantis. In addition, block trades have a unique Trading Venue populated as well.  Please read the following article for additional information: Identifying Block Trades in Atlantis.

FIA Tech is happy to schedule a call with firms and their technology teams to review this topic and exactly which reports/ fields should be used and coded to. Note that we’re updating the Atlantis API and reports through Q2 2025 to better support the client approval workflow, and we can speak to this as well.  Please reach out to Atlantis.Support@fia-tech.com to schedule a detailed call on this topic.

7. Are there any additional fields added to Atlantis to better support block reconciliation and settlement?

Answer: FIA Tech has added the following new fields in Atlantis to better support blocks:

 {SubAssetClass; EodReferencePrice; UnitOfMeasureQty; UnitOfMeasure; PayerAccrualAmount; PayerAccrualRate; StrategyGroupId; StrategyType; InitialBroker; TES Initiator; ProfitCtr; CCPAccountCode; CCPAccountType}]

FIA Tech has versioned the Atlantis XML Schema and the changes are currently in Atlantis Production. However, all Atlantis Participants are currently opted out of the updated API and reports.  The updated API schema spec is available to download in the footer of Atlantis today. Firms are requested to prepare dev teams for development in Q2/Q3 2025.

Note: Firms submiting trades should take note that both Quantity and Unit of Measure Qty can both be submitted on block trades.  Atlantis Quantity refers to the contract quantity while Unit of Measure Qty refers to the unit of measure quantity amount.

8. Should block trades be added to EFRP or standard GUAs in Docs?

Answer: FIA Tech is unable to advise on the use of specific legal templates and firms should work with their legal teams to review available agreements and determine which documents to use.

From a technical perspective, Atlantis will use rates from either agreement template, first looking to rates on EFRP agreements and then referring to standard GUAs (with block rate lines) if no applicable EFRP agreement is available. 

More information about the 2021 EFRP Agreements is available here.

9. How are fees populated on block trades?

Answer: Exchange submitted trades (ICE Block) try to match Docs agreements and calculate fees according to the criteria detailed here. Where this fails (due to missing agreements, accounts or rates) the Receiving Broker amends the fee amount on the trade.  (Note: eRecs can automate fee amendments into Atlantis for those EBs who utilize eRecs.)

For non-connected block exchanges (CME, Eurex, EEX, etc.), Executing Brokers submit these block trades along with brokerage fees already associated to them.  Atlantis does not look to Docs agreements to calculate and override fees on EB submitted trades.

10. I have block trades with complex rates that are not currently available in Docs eRates or Atlantis fee calculation, how are these handled?

Answer: As with ETD trades, EBs can directly amend the rate, fee, strategy, etc on block trades.  They should provide as much rate information as possible so that counterparties can reconcile fee amounts.

To aid in future system development, please send examples of unsupported rate types to Atlantis.support@fia-tech.com and Docs.support@fia-tech.com, so we may evaluate and prioritize inclusion of additional types of rates and calculations.

11. Does FIA Tech eRecs support blocks reconciliation and automation of Atlantis actions (Affirmation/Approval)?

Answer: Yes, eRecs supports blocks.  If a firm already uses eRecs for ETD and/or USLO we can work with them to configure eRecs to accomidate blocks as well.

12. I already settle ETD (and USLO) brokerage on Atlantis, how do I add blocks?

Answer: Please reach out to hello@fia-tech.com and Atlantis.Support@fia-tech.com and we'll setup a call to review your questions and discuss onboarding next steps. 

13. Can I test and review my block trades and fees before going live?

Answer: Yes, firms will have the ability to test with their counterparties and review blocks in Atlantis PSIM (Production Simulation) before they go live and start settling the brokerage in Atlantis.  ICE Block trades are available in Atlantis PSIM for review by firms today.  FIA Tech recommends anywhere for a couple of weeks to a couple of months of testing in PSIM prior to going live and settling a new asset class in Atlantis.

14: Is there a fee to settle blocks on Atlantis?

Answer: For payers, blocks settlement is included in the ETD Clearing Broker Settlement Fee Cap. The price is $0.015 per contract settled (same as ETD) up to the CB fee cap.

There are two tiers of pricing for receivers (IDBs & EBs), and full Atlantis blocks pricing is available for review on our website: https://fia-tech.com/pricing/