In an effort to promote system efficiencies, FIA Tech implemented a Non-STP (Straight Through Processing) upcharge beginning in Q32019, to agreements with certain characteristics. The upcharge is assessed on any executed agreement that has at least one of the below characteristics:
- A non-conformed broker party,
- Contains a PDF rate schedule absent an eRate,
- Is an uploaded agreement other than a CLSA,
Identifying Non-STP Agreements
In order to assist firms in remediating these Non-STP agreements, FIA Tech has outlined the steps involved in identifying those agreements, and amending them to support Straight Through Processing.
- Go to Documents > Search Agreements
- Leave all filters blank to run a full agreement report for your firm
- Click “Search” and all agreements will display in the Search Results section
- Download Search Results to Excel
- Non-conformed broker party – Each broker role (XB, CB, OPB, etc.) in the downloaded report includes a corresponding “Is Conf” column. The value of “N” indicates that the broker party in that role is “non-conformed”.
- PDF Rate Schedule absent an eRate – eRate Count is zero (0) and PDF RS Count is one (1) or greater (Columns AY & BB)
Amending Non-STP agreements
To amend a Docs agreement, update the workstream by clicking the “Lock and Edit” button. This will allow the user to edit the workstream, update the Non-STP characteristics, and then Send for Approval. When the agreement is Sent for Approval, a new agreement ID will be generated, and all of the counterparties would need to approve, first within the Composition stage, and then in the Execution stage.
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