Each month, Atlantis firms review their unsettled trades (from all previous months) and action them accordingly during the settlement cycle. Within each settlement cycle there is a deadline for Receiver actions (Receiver Lock) and a deadline for Payer actions (Payer Lock). Trades must be Affirmed by the Receiver Participant before the Receiver Lock and Approved by the Payer Participant before the Payer Lock. At the end of the settlement cycle, all trades that have been affirmed and approved before the respective deadlines will settle. 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 Payer Lock, at which point trades are marked as settled in Atlantis and settlement records are updated in the Daily Digest files. Final Settlement, Final Trade, and Banking Reports* are also created at this time, which Atlantis firms can use to confirm their total credits and debits for the settlement cycle and fund their bank accounts accordingly.
Once the settlement cycle closes, Payers have 3 business days to fund their accounts in preparation for their payments being debited. After the Payer accounts are debited, there are 5 additional business days before Receivers’ accounts are credited for the brokerage settled. Please note that any Banking Currency Holidays may cause some changes to these standard timelines. The crediting of Receiver accounts marks the completion of the current settlement cycle.
*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 Receiver and Payer Locks, there is a Settlement Cycle Countdown Counter visible in Atlantis. This Counter provides a countdown toward both the Receiver Lock and the Payer Lock. 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 Processing Schedule for the year (explained in next section).
2020 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– Actual month in which trades from previously listed Trade Month (and earlier) are eligible to settle
- Receiver Lock– 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
- Payer Lock– 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 Payment Summary Report available– FIA Tech provides report to each firm detailing what they settled in current Settlement Month (broken out by counter-party, exchange, credit and debit amounts) in Atlantis Notifications
- Payer Accounts Debited– Date on which Payer accounts are debited by FIA Tech for the amount they owe to Receivers for current Settlement Month.
- Receiver Accounts Credited – Date on which Receiver accounts are credited by FIA Tech for the amount owed to them by Payers for current Settlement Month.