Payer Actions

Below is a breakdown of Payer Actions in Atlantis and their effect on trade settlement:

Payer Amend

Payer Participants have the ability to amend the Payer Participant Code on Atlantis trades.  This causes the trades to move to a new Payer.  Payer Amend can either be done directly in the Atlantis UI or through the Excel Upload functionality.

Payer Amend would be used in Third Party Payer situations or in one-off situations when the Payer needs to be amended due to incorrect give ups.  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.  When the trades arrive in Atlantis they appear as trades of the Atlantis Participant due to the broker codes used; however, they really belong to the TPP who needs to make payment either inside or outside of Atlantis.  Ongoing TPP relationships are typically handled through Rules, but Payer Amend can be used to fix one-offs as well as move past trades for submitted TPP Rules.

Atlantis UI Amend

To amend the Payer Participant Code directly in the Atlantis UI, the current Payer will need to locate and select the trades in the Summary Screen.  Choose the new Clearing Participant (Payer) from the dropdown in the Amend Section of the Actions tab and then click Amend.

Check the Notifications screen to confirm that amendment was successful.

Excel Upload Amend

To amend the Payer Participant Code through the Excel Upload, the current Payer will need to locate the trades and download the trade details.  In the Excel Trade Details, fill the Action column with Amend and change the Payer Participant Code accordingly.

Save the file, then upload in Atlantis. 

Check the Notifications screen to confirm that upload was successful.

Payer Hold

Payer Participants have the ability to put trades on hold.  This indicates to the Receiver that the Payer is reviewing the trade internally.  Payer Hold can either be done directly in the Atlantis UI or through the Excel Upload functionality.

Atlantis UI Hold

To amend the Payer Participant Code directly in Atlantis UI, the current Payer will need to locate and select the trades in the Summary Screen.  Choose the Hold Reason (according to the Payer Best Practices) from the dropdown in the Hold Section of the Actions tab, leave a comment (optional), and then click Hold.

Check the Notifications screen to confirm that Hold was successful.

Once investigation by the Payer is complete, they will need to either Approve or Reject the trades in order to move them out of Payer Hold. 

Excel Upload Hold

To place trades on Payer Hold through the Excel Upload, the current Payer will need to locate the trades and download the trade details.  In the Excel Trade Details, fill the Action column with Hold, add a Payer Comment (optional), and add a Payer Reason (mandatory).  The Reasons Code tab contains all valid Hold/Reject Reasons that can be used in the Payer Reason column. 

After filling out necessary columns, save the file, then upload to Atlantis.

Check the Notifications screen to confirm that upload was successful.

Once investigation by the Payer is complete, they will need to either Approve or Reject the trades in order to move them out of Payer Hold. 

Approve

Payer Participants must approve all trades in Atlantis in order to move trades towards settlement.  Approval is the final Participant action in the settlement workflow.  Approvals can either be done directly in the Atlantis UI or through the Excel Upload functionality.

Atlantis UI Approve

To approve trades directly in Atlantis UI, the current Payer will need to locate and select the trades in the Summary Screen.  Add a comment (optional) and then click Approve in the Actions tab.

Check the Notifications screen to confirm that Approval was successful.

Once trades have been approved, they are moved into Reviewer State – Complete.  This indicates the trades are ready to settle in the next eligible settlement cycle. 

Excel Upload Approve

To approve trades through the Excel Upload, the current Payer will need to locate the trades and download the trade details.  In the Excel Trade Details, fill the Action column with Approve and add a Payer Comment (optional).

Save the file, then upload to Atlantis.

Check the Notifications screen to confirm that upload was successful.

Once trades have been approved, they are moved into Reviewer State – Complete.  This indicates the trades are ready to settle in the next eligible settlement cycle.

Reject

Payer Participants have the ability to Reject trades in Atlantis and send them back to the Receiver.  Payers take this action when they do not agree to the fee amount affirmed by the Receiver and want the Receiver to review and amend.  Rejections can either be done directly in the Atlantis UI or through the Excel Upload functionality.

Atlantis UI Reject

To reject trades directly in Atlantis UI, the current Payer will need to locate and select the trades in the Summary Screen.  Choose the Reject Reason (according to the Payer Best Practices) from the dropdown in the Reject Section of the Actions tab, leave a comment (optional), and then click Reject.

Check the Notifications screen to confirm that Rejection was successful.

After a trade is rejected it is moved from Reviewer – Payer to Reviewer – Receiver.  The Payer State shows as Rejected and the Cannot Settle Reason shows as Fee Rejected.  The Receiver on the trade will need to make any necessary trade amendments, then re-affirm the trade.  This will move the trade back to Reviewer – Payer; however, the Cannot Settle Reason (Fee Rejected) and the Payer State (Rejected) will not change until the Payer approves the trade.

Excel Upload Reject

To reject trades through the Excel Upload, the current Payer will need to locate the trades and download the trade details.  In the Excel Trade Details, fill the Action column with Reject, add a Payer Comment (optional), and add a Payer Reason (mandatory).  The Reasons Code tab contains all valid Hold/Reject Reasons that can be used in the Payer Reason column.

Save the file, then upload to Atlantis.

Check the Notifications screen to confirm that upload was successful.

After a trade is rejected it is moved from Reviewer – Payer to Reviewer – Receiver.  The Payer State shows as Rejected and the Cannot Settle Reason shows as Fee Rejected.  The Receiver on the trade will need to make any necessary trade amendments, then re-affirm the trade.  This will move the trade back to Reviewer – Payer; however, the Cannot Settle Reason (Fee Rejected) and the Payer State (Rejected) will not change until the Payer approves the trade.