Every quarter, FIA Tech distributes scorecards to firms showing a snapshot of statistics for the firm versus the industry and their peer group. These stats provide a high level overview of the firm's performance for that quarter. This article helps explain how to interpret the metrics noted on the quarterly scorecards.
Overview
The quarterly scorecards are split by trade year. For example, the scorecards shared in 2023 will show separate breakdowns for each trade year beginning with 2021 and ending with 2023. The underlying data for each yearly analysis shows the status of trades from that time period as of the current quarter's cycle close. Every time a new scorecard is created, an additional quarter of data is added to the analysis. The scorecards are created and sent after the months' cycle close:
| Quarter | Settlement Cycle | Score Cards Distributed |
| Q1 (Jan-March Trades) | April | May |
| Q2 (April-June Trades) | July | August |
| Q3 (July-Sept Trades) | October | November |
| Q4 (October-Dec Trades) | January | February |
The scorecard is split into 3 categories: Individual Firm Metrics, Best in Category, and Industry. This allows each firm to compare themselves against the best in class for their peer group as well as the industry as a whole. Individual Firms are ranked against their peer group, which is also noted under the Individual Firm Metrics on the scorecard.
Scorecard Metrics
| Metric | Description | Metric Explanation | Suggested Use |
| % Receivables Settled | Percentage of Receivables contracts which were both invoiced and paid for the underlying trade year. Trades were both Affirmed by the Receiver and Approved by the Payer in Atlantis in order to settle | Firms should aim for this percentage to be as close to 100% as possible | Tracking of revenue collection through Atlantis |
| % Receivables Bulk Settled | Percentage of Receivables contracts which were settled through Bulk Settlement Functionality | Firms should aim for this percentage to be as close to 0% as possible, as the best practice is to settle at the trade level | Tracking of Receivables Collection through regular Atlantis settlement vs bulk settlement |
| % Receivables with Fees | Percentage of Receivables contracts which are priced on Atlantis for billing (either automatically through GUA matching or manually by Receiver) | Firms should aim for this percentage to be as close to 100% as possible | Tracking of Receivables with fees |
| % Receivables Invoiced | Percentage of Receivables contracts which are priced on Atlantis for billing and invoiced by the Executing Broker. Trades were Affirmed by the Receiver in Atlantis | Firms should aim for this percentage to be as close to 100% as possible | Monitoring performance of Receivables billing |
| % Payables Settled | Percentage of Payables contracts which were both invoiced and paid for the underlying trade year. Trades were both Affirmed by the Receiver and Approved by the Payer in Atlantis in order to settle | Firms should aim for this percentage to be as close to 100% as possible | Tracking of Payables payments through Atlantis |
| % Payables Bulk Settled | Percentage of Payables contracts which were settled through Bulk Settlement Functionality | Firms should aim for this percentage to be as close to 0% as possible, as the best practice is to settle at the trade level | Tracking of Payables Payments through regular settlement vs bulk settlement |
| % Payables w/o Manual Adjustment | Percentage of Payables contracts which were priced on Atlantis by matching to an applicable GUA showing necessary rates for billing. This percentage excludes those trades where an Executing Broker manually applied a fee amount. | Firms should aim for this percentage to be as close to 100% as possible, as the best practice is for trades to be priced by matching to a GUA | Tracking of Payables without Receiver's manual pricing. To improve this metrics firms should review and keep their Docs GUAs updated with accurate clearing accounts, executing accounts and electronic rate schedules. |
| % Payables Actioned | Percentage of Payables contracts which are actioned by Payer. Trades were Affirmed by the Receiver in Atlantis and were either Approved or Rejected by the Payer | Firms should aim for this percentage to be as close to 100% as possible | Monitor performance of Payables reconciliation |
| # Exchanges in Production | Number of exchanges being electronically settled in Atlantis | Firms should aim for this percentage to be as close to the industry number as possible | Brokerage volume electronically settled on Atlantis. To increase this number firms can participate in Clearing Broker Trade Submission which allows brokers to submit and settle trades on markets where FIA Tech does not get a direct data feed of trades |
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