Overview
Each month, Atlantis firms review their unsettled trades (from all previous months) and action them accordingly during the settlement cycle (aka settlement month). Within each settlement cycle there is a deadline for Receiver actions (Receiving Party's Deadline) and a deadline for Payer actions (Paying Party's Deadline). Trades must be Affirmed by the Receiver Participant before the Receiving Party's Deadline and Approved by the Payer Participant before the Paying Party's Deadline. At the end of the settlement cycle, all trades that have been affirmed, approved & funded before the respective deadlines will settle. Any unfunded trades or trades actioned after their respective deadlines (either Receiver or Payer) will be pushed to the next settlement cycle.
The settlement cycle close occurs the first business day after the Paying Party's Deadline. End-of-Cycle Invoices/reports will then be issued which can be used to determine the amount of payment or funding of bank accounts accordingly.
The End-of-Cycle Invoices/Reports issued will be:
- PART_LEGACY_EOC_SETTLEMENT_YYYYMMDD.csv
- PART_LEGACY_EOC_TRADE_YYYYMMDD.csv
- PART_EOC_Banking_YYYYMMDD.csv
- PART_EOC_StorageBillingDetail_YYYYMMDD.csv
Upon creation of the Final reports, trades are then marked as settled in Atlantis and settlement records are updated in the Daily Digest [ATL_OUT file]. Final Settlement, Final Trade, and Banking Reports* are issued at this time, which Atlantis firms can use to confirm their total Paying Party's payment amount and Receiving Party's credit amount for the settlement cycle.
The Final Reports issued will be:
- PART_LEGACY_FINAL_SETTLEMENT_YYYYMMDD.csv
- PART_LEGACY_FINAL_TRADE_YYYYMMDD.csv
- PART_ FINAL_Banking_YYYYMMDD.csv
- PART_FINAL_StorageBillingDetail_YYYYMMDD.csv
Each Paying Party has 3 business days after Settlement Cycle Close to fund their accounts with their total payable amounts for the current settlement cycle. On the Paying Party's Payment Date, FIA Tech initiates payment processing for the current settlement cycle. A settlement cycle completes 7 business days later when Receiving Party’s credit amounts are processed. Please note that any Banking Currency Holidays may cause some slight variation to this standard timeline.
*For a full list of Atlantis Reports please see the Reports section of our Atlantis Help Desk website
Settlement Cycle Countdown Counter
To assist firms in meeting the Receiving and Paying Party's Deadline, there is a Settlement Cycle Countdown Counter visible in Atlantis. This Counter provides a countdown toward both the Receiving Party's Deadline and the Paying Party's Deadline. As the deadline nears, the Counter changes color to reflect urgency (refer below screenshot and table). By clicking on the Counter, firms can view the full Brokerage Settlement Processing Schedule for the year (explained in next section).
2025 Brokerage Settlement Processing Schedule
- Trade Month– Trades made in listed month (or earlier) are eligible to settle in the subsequently listed Settlement Month.
- Settlement Month– Also known as Settlement Cycle, the actual month in which trades from previously listed Trade Month (and earlier) are eligible to settle.
- Receiving Party's Deadline – Receiver has until 10 PM EST/EDT (UTC-5/UTC-4) of listed date to affirm all trades that they desire to settle in current Settlement Month.
- Paying Party's Deadline – Payer has until 10 PM EST/EDT (UTC-5/UTC-4) of listed date to approve all trades that they desire to settle in current Settlement Month.
- End-of-Cycle Invoices/Reports Issued – FIA Tech provides report to each firm detailing what is eligible to be settled in current Settlement Month (broken out by counter-party, exchange, Payer Party's Payment Amount and Receive Party's Payment Amount) in Atlantis Notifications, prior to all funding being received. Payers are expected to fund off this invoice/report.
- Paying Parties Payment Value Date – Date by when Payer accounts must submit amounts owed to FIA Tech for the amount they owe to Receivers for current Settlement Month.
- Final Reports Issued – FIA Tech provides a final report (post all funding being received) to each firm detailing what they settled in the current Settlement Month (broken out by counter-party, exchange, Payer Party's Payment Amount and Receive Party's Payment Amount). This is published in the Atlantis Notifications screen and also available via the SFTP. Receivers/Payers should look to update any internal accruals/records off this report.
- Settlement Cycle Close - Settlement Cycle close processing runs in Atlantis starting at 10pm EST.
- ATL_OUT Close Out Messages - Settlement close messages present in Daily Digest (ATL_OUT_PART_YYYYMMDD.zip) files.
- Receiving Party's Credit Date – Date by when FIA Tech processes credits to Receivers for the amount owed to them by Payers for current Settlement Month.
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