End of Settlement Cycle Banking Report

Banking Report Content

At the end of each brokerage settlement cycle, FIA Tech distributes a banking report to each Atlantis Participant. The Banking Report is available in each Participant's Notifications on the first business day following the Payer Lock of the current settlement cycle. 

This banking report contains the final receivable and payable amounts that will be debited and credited to your firm’s bank accounts for the current settlement cycle.  The total amounts in this report will match your final, end-of-cycle legacy csv reports, but the banking report provides this information at the summary level. Participants receive both an Excel version (useful for reconciliation) and a PDF version (useful for audit purposes) of the report.  The following is an example of the file name of this banking report:

[PARTICIPANT]_FINAL_Banking_[Settlement Cycle Month]-[Settlement Cycle Year]_[Date of Settlement Cycle Close].xlsx

The below grid provides explanations for each of the columns included in the Banking Report for Atlantis Participants:

Banking Report Use Cases

The Banking Report can be used by Atlantis Participants for a variety of purposes: 

• End of Cycle Reconciliation – Firms can use the Banking Report to reconcile their internal books to the final settlement numbers in Atlantis.   The Banking Report specifically highlights total brokerage to be paid by currency and counterparty making it easier to use than the Final Trade or Final Settlement reports.
• Fund Bank Accounts – Subsequent to firms completing reconciliation, they can use the Banking Report to determine how much they need to fund each of their Bank Accounts. It is very important that firms fund their bank accounts properly before they are debited by FIA Tech.
• Internal Review or Audit Purposes – The PDF version of the Banking Report is non-editable and can be distributed to any necessary parties who would need to archive, review, or audit the included data.

Banking Report FAQs

The Banking Report can be a very useful tool when read properly.  Below are the most common queries that typically arise when users are not clear on how to read the report.

How much will be debited from my firm’s bank account for this settlement cycle?

For a selected currency, a firm will be debited the total brokerage amount listed in the NetPayable column across all counterparties.

How much will I be credited for this settlement cycle?

For a selected currency, a firm will be credited the total brokerage amount listed in the NetReceivable column across all counterparties.

What are cash adjustments?

A cash adjustment is a direct payment made in Atlantis between two brokers.  It is not linked to a specific Atlantis trade, but it can be linked to a specific Docs Agreement and clearing account. 

For a detailed look into cash adjustments, please see the Zendesk Article titled “Cash Adjustments”.

What is a negative cash adjustment?

Cash adjustments can only be entered by the Executing Broker.  As such, a positive cash adjustment indicates that the Executing Broker will receive payment from the Clearing Broker, and a negative cash adjustment indicates that the Executing Broker will make a payment to the Clearing Broker.

How does a cash adjustment affect my brokerage settlement as an Executing Broker?

Cash adjustments occur at the participant level and are netted directly against the brokerage amount (in that currency) of the involved counterparty. 

For the receiver participant, a positive cash adjustment receivable amount will be added to their brokerage receivable amount for a larger net receivable.  A negative cash adjustment receivable amount will be netted against their brokerage receivable amount for a lower net receivable. 

IMPORTANT NOTE – if the negative cash adjustment receivable amount is greater than the brokerage receivable amount, in that currency with that counterparty, the difference will be listed as Net Payable.  This is why it is important that all Atlantis participants set up any settling currencies with both credit and debit accounts.

How does a cash adjustment affect my brokerage settlement as a Clearing Broker?

Cash adjustments occur at the participant level and are netted directly against the brokerage amount (in that currency) of the involved counterparty. 

For the Payer Participant, a positive cash adjustment amount will be added to their brokerage payable for a larger net payable.  A negative cash adjustment amount will be netted against the Payer’s brokerage payable for a lower net payable.

IMPORTANT NOTE – if the negative cash adjustment payable amount is greater than the brokerage payable amount in that currency with that counterparty, the difference will be listed as Net Receivable.  This is why it is important that all Atlantis participants set up any settling currencies with both credit and debit accounts.