In Atlantis, Order Passing Broker (OPB) trades are trades that were executed by a third-party broker using the exchange membership of an Atlantis Participant. In Atlantis, Third Party Payer (TPP) trades are trades that were cleared by a third-party broker using the exchange membership of an Atlantis Participant. Firms looking to submit third party rules (OPB or TPP) to Atlantis Support need to follow the below process.
1. Determine type of rule to be submitted
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- Order Passing Broker – Firm is requesting that the Receiver (Executing Broker) be changed to a new Participant
- Third Party Payer – Firm is requesting that the Payer (Clearing Broker) be changed to a new Participant
- Reminder– if a firm is looking to make the trades Bill Direct Trades, this is done by updating the applicable Docs Agreements with the correct Bill to Party and NOT by applying translation rules in Atlantis
2. Fill out proper rules template that corresponds to desired rule type
- Order Passing Broker (OPB) - Instructions regarding how to fill out the OPB Rules template and a blank template can be found in the article on Order Passing Broker Trades in Atlantis.
- Required information:
- Current Executing Broker (Receiver)
- Exchange(s)
- Current Executing Broker Code
- OPB Participant Code (if created)
- OPB Firm Name
- Executing Account Information (Prefix, Suffix, Exact Match)
- Clearing Broker Code (if rules are specific to counterparty)
- Clearing Account (if rules are specific to counterparty)
- Required information:
- Third Party Payer (TPP) - Instructions regarding how to fill out the TPP Rules template and a blank template can be found in the article on Third Party Payer Trades in Atlantis.
- Required information:
- Current Clearing Broker (Payer)
- Exchange(s)
- Current Clearing Broker Code
- TPP Participant Code (if created)
- TPP Firm Name
- Clearing Account Information (Prefix, Suffix, Exact Match)
- Executing Broker Code (if rules are specific to counterparty)
- Executing Account (if rules are specific to counterparty)
- Required information:
- Note – Rules can also be based on Give-Up Reference for either OPB or TPP
3. Confirm rules with current Receiver/Payer and new Receiver/Payer
- OPB Rules need to be confirmed by both the current Receiver Participant and the New Receiver Participant (if on-platform). If the rule will apply to trades with a specific Payer Participant, confirmation should be obtained by the Payer Participant as well.
- TPP Rules need to be confirmed by both the current Payer Participant and the New Payer Participant (if on-platform), as well as the Receiver Participant.
- Tip – when reaching out to firms with rules request, it helps to also provide trade details that would be affected by rules
4. Send rules request to Atlantis Support (atlantis.support@fia-tech.com)
- Request should include the following:
- Completed template
- Confirmation/Approval in writing from all necessary Participants as stated in point 3 above
- If past trades need to be moved in the current cycle, requests need to be made before the Receiver Lock
- OPB Rules – past trades can be moved by either current Receiver or FIA Tech. If request is for FIA Tech to move past trades, please allow 1-2 weeks for completion.
- TPP Rules – past trades can be moved by either current Payer or FIA Tech. If request is for FIA Tech to move past trades, please allow 1-2 weeks for completion.
5. Atlantis Support to provide progress updates
- Atlantis Support will first notify firm when rules have been entered. Once rules are entered, any trades that apply to the rules coming into the system will be moved to new participant
- Atlantis Support will then notify firm when past trades have been moved
- Atlantis Support will close ticket
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