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 2024 will show separate breakdowns for each trade year beginning with 2022 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 5 categories: Individual Firm Metrics, Rank vs Tier, Quarter over Quarter Rank Change, Industry Average & Peer Best. This allows each firm to compare themselves against the best in class for their peer group as well as the industry as a whole. Additionally, Receivables/Payables scorecards are reflected on separate tabs/pages.
Individual Firms are ranked against their peer group, which is also noted under the Individual Firm Metrics on the scorecard. Tiering is based on a combined total of a firms Atlantis EB & CB contract volumes for FY 2023. This is used to give each firm an accurate view of their performance compared to firms of a similar size.
Scorecard Metrics
| Metric | Description | Metric Target | Suggested Use | Further Notes |
| Front Month Settlement Rate | Percentage of settlement eligible contracts settled for the underlying trade year after the first settlement cycle | Firms should aim for this percentage to be as close to 100% as possible | Tracking of revenue collection through Atlantis | |
| Adj Front Month Settled |
Percentage of settlement eligible contracts settled for the underlying trade year based on trades in your queue to action after the first settlement cycle |
Firms should aim for this percentage to be as close to 100% as possible | Tracking of revenue collection through Atlantis | |
| 90 Day Settlement Rate |
Percentage of settlement eligible contracts settled for the underlying trade year after 3 settlement cycles |
Firms should aim for this percentage to be as close to 100% as possible | Tracking of revenue collection through Atlantis | For Q1 2024 scorecards only January trade month has been through 3 settlement cycles |
| Total Settlement Rate | Percentage of settlement eligible contracts settled for a given trade year | Firms should aim for this percentage to be as close to 100% as possible | Tracking of revenue collection through Atlantis | |
|
Settlement w/o Manual Adjustment |
Percentage of contracts which were priced on Atlantis by matching to an applicable GUA without manual adjustment | Firms should aim for this percentage to be as close to 100% as possible - best practice is for trades to be priced by matching to a GUA | To improve this metrics firms should review and keep their Docs GUAs updated with accurate clearing accounts, executing accounts and electronic rate schedules | |
|
Average Days to Affirm / Approve |
Days taken on average to affirm (Receivables) or approve (Payables) a contract |
Firms should ensure that trades are affirmed & approved within 5 days of that action being available | Firms should review internal processes to ensure that this target is met | The clock only starts on Approvals post affirmation; For 2023-2024 scorecards only |
| API Usage | Percentage of contracts which were affirmed & or approved for the given trade year via the API | Firms should aim for this percentage to be as close to 100% as possible | Firms should review internal processes to ensure that this target is met | For 2023-2024 scorecards only |
|
Bulk Settlement Rate |
Percentage of contracts which were settled through Bulk Settlement Functionality | Firms should aim for this percentage to be as close to 0% as possible - best practice is to settle at the trade level | Tracking of Brokerage collection through regular Atlantis settlement vs bulk settlement | For 2022 scorecards only |
| Backlog | Percentage of your outstanding contracts (> one month aged) as a percentage of your peer group total outstanding | Firms should aim for this percentage to be as close to 0% as possible | Tracking of your backlog against those in your peer group |
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