Basic Atlantis Workflow – From Exchange to Settlement
All Atlantis trades that are settled on platform follow the same overall workflow. Basic steps are as follows:
- Atlantis receives trade from either the exchange or Clearing Broker Trade Submission
- Receiver reviews trade. They have the option to Amend the trade with any necessary changes and to then Affirm it to pass it on to the Payer for review. If no changes are necessary, the Receiver can Affirm the trade to pass it on to the Payer for review.
- Note: Once the Receiver Affirms the trade, the trade is locked from further system recalculations and amendments (ie. Changes to Docs agreements) unless the Payer Rejects the trade
- Payer reviews trade. They have the option to Reject the trade if they disagree with any criteria and/or the fee on the trade, at which point the trade is sent back to the Receiver for review. If the Receiver firm agrees with the fee, they need to Approve the trade to push it towards Settlement.
- Trade is Ready to Settle in Atlantis once the Receiver Affirms and the Payer Approves the trade. Affirmation and Approvals are final in Atlantis, thus once a trade is Ready to Settle it will settle in the next open settlement cycle.
Below is a visual representation of the Atlantis workflow. Do note that trades can go back and forth between Steps 2 and 3, depending on the actions taken by Receivers and Payers.
Receiver and Payer Actions
In Atlantis, both the Receiver and the Payer must action every trade that they wish to settle in the system. The action taken in Atlantis is dependent on two main factors:
- Reviewer – the firm who the trade currently sits with and who needs to take the next action (Receiver or Payer)
- Cannot Settle Reason – current status of the trade that indicates its place in the workflow as well as action needed to move toward settlement
Below you will find a table that breaks down the various workflow states of trades in Atlantis. Do note that this is based on trades that already have fees and therefore the “Cannot Settle Reasons” are simply related to workflow. For help with troubleshooting more complicated “Cannot Settle Reasons”, please see our Troubleshoot Cannot Settle Reasons in Atlantis article.