Atlantis Trade Submission User Guide

Overview of CBTS Initiative

CBTS stands for Clearing Broker Trade Submission.  The purpose of this initiative is to allow Atlantis Participants to submit and settle trades in Atlantis for exchanges that do not send trade files to FIA Tech.  Previously, the solution for settlement on non-Atlantis exchanges was simply to manually invoice each counterparty. 

CBTS provides benefits in two ways – it removes the need to send manual invoices and it centralizes firms’ trades into one electronic platform for simpler settlement.  Firms who take part in CBTS are able to settle trades with each other for these manual markets just like any current electronic market in Atlantis and receive quicker payment through electronic settlement.

CBTS is optional functionality within Atlantis that allows trades to be settled in Atlantis in the same manner as trades received directly from exchanges.  It is NOT a separate product or platform of FIA Tech Accelerate.

CBTS Workflow

As indicated by the name, CBTS trades for manual markets are submitted directly into Atlantis by the Clearing Broker (Payer) on the trade.  The following workflow list and diagram show the CBTS process from submission to settlement:

1. Paying Participant submits trades using XML functionality*
   1. Note – It is important that firms interested in joining the CBTS initiative have proper IT resources in house to handle daily XML submissions (details provided in Onboarding Process Section) to Atlantis. This is a prerequisite for being involved in CBTS. 
   2. The latest version of the XML Specifications are available for firms to download at the bottom of the Atlantis Summary Screen as "API Specifications".
2. Trades are uploaded into Atlantis and enter the brokerage calculation process the same way trades submitted from exchange do.
3. Based on fee calc results, trades either match agreements and rate, or they produce a fee calc failure reason.
4. Receivers (Executing Brokers) work through CBTS trades just like exchange-provided trades – troubleshoot unmatched/unrated trades, amend trades, and/or affirm trades before Receiver Lock.
   1. Reminder – For eRecs firms, best practice is to action trades through eRecs platform and not directly in Atlantis.
5. Once affirmed, Payers (Clearing Brokers) work through CBTS trades just like exchange-provided trades – review/investigate disputes, reject incorrect trades, or approve trades before Payer Lock.
   1. Reminder – For eRecs firms, best practice is to action trades through eRecs platform and not directly in Atlantis.
6. Trades that have been affirmed and approved with no other hindrances to settlement (draft agreements, currency setup, late actions etc.) will settle at end of cycle.
7. CBTS trades will be included in end of day/cycle reports just like exchange-provided trades.
8. CBTS trades that have settled are treated just like exchange-provided trades as it pertains to fees and caps. Pricing information can be found here: https://fia-tech.com/pricing/.

CBTS submitted trades are handled and settled just like exchange-provided trades once in Atlantis.  The only real difference is the source and submission method to get them on-platform.

*Clearing Brokers who are also eRecs Users differ for Step 1.  CBTS trades are submitted as part of their internal file into eRecs.  The trades are then loaded directly into Atlantis from eRecs.  The rest of the workflow remains the same.

CBTS Onboarding Process

CBTS is open to all existing Atlantis Participants who wish to electronically settle their brokerage from manual markets.  Firms that decide to onboard will follow the below process:

1. Outreach and Communication
   1. Have call w/ FIA Tech to review purpose and function of CBTS
   2. Establish tentative start dates and needed timeline
      1. There are two important dates to establish.
         1. Go-live date – date that the firm as Payer will begin submitting trades to Atlantis.
         2. First trade date – oldest trade date that the firm as Payer can submit when going live.
      2. Both dates have to be reviewed and confirmed by current CBTS counterparties.  Changes can be made based on counterparty feedback during testing phase.
   3. Download the API Specifications from the Atlantis Summary Screen
   4. Request Banking Forms from FIA Tech if your firm wishes to settle in additional currencies 
   5. Designate a CBTS Project Coordinator and CBTS Technology points of contact (to be involved in future calls) for the project and share information with FIA Tech.

1. Banking
   1. Complete banking forms for all manual currencies to be settled through CBTS
   2. Return banking forms to FIA Tech (bankingoperations@fia-tech.com). Once forms completed, FIA Tech will set up debit/credit accounts with bank.
   3. FIA Tech will test each currency, debit and credit. Firm should be proactive in communicating both successful and failed tests with FIA Tech.
   4. Once testing is complete, FIA Tech will activate currency in Atlantis.
   5. Note – FIA Tech is able to convert certain currencies traded on CBTS markets to USD. For more information about this option please contact bankingoperations@fia-tech.com.
2. XML Submission
   1. Firm tech team and Project Coordinator review XML specifications with FIA Tech Dev Team
   2. Test XML submissions and remediate any issues raised by FIA Tech
   3. Confirm ability and resources to send valid XML on a daily basis
   4. Note – In order to go-live, firm must demonstrate ability to consistently send cancel/amend messages on CBTS submitted trades
3. PSIM Testing
   1. Once XML validated, begin submitting data to PSIM for testing w/ current CBTS firms
   2. Complete *CBTS Testing Plan*. Plan must be signed-off prior to go-live.
   3. Review stats distributed by FIA Tech and remediate Docs Agreements where necessary
   4. Have weekly (or more frequently as needed) call with FIA Tech to discuss stats and testing progress.
4. Sign-off and Prod Go-Live
   1. FIA Tech will solicit sign-off from current CBTS firms for go-live in Prod. Onboarding firms should proactively engage with firms who have questions/concerns about submissions.
   2. Go-live in Prod; firm will be included in Production CBTS Stats distributed as part of bi-weekly meetings

If you have any questions about starting to submit trades into Atlantis, please reach out to Client Services at atlantis.support@fia-tech.com.

Execution-only Brokers

Brokers who only have execution brokerage on manual markets with current CBTS members can also participate in CBTS.  To have their trades uploaded to Atlantis, Execution-only brokers will follow the below process:

1. Determine which manual markets they would like to settle electronically.
2. Onboard any new, necessary currencies (Complete Banking portion of Onboarding Process listed above)
3. Identify all broker/firm codes and/or agent broker relationships for desired markets.
4. Current CBTS members will submit data into PSIM for testing.
5. Test in PSIM and compare to internal books.
6. Provide sign-off for submission to Production.

Once data is being submitted into Production, Execution-only brokers will follow the same workflow as they would for all other Atlantis trades.

Please reach out with any questions about CBTS to Atlantis Support at atlantis.support@fia-tech.com or call at 202-772-3000.

Appendix 

Appendix Item 1:  List of CBTS Exchanges

Appendix Item 2:  List of Currencies Firms Often Need to Add to Settle CBTS Exchanges