FIA Tech is now offering trade close out functionality within Atlantis to help firms clear their unsettled backlog. At this time, trade close out is offered for 2017 unsettled trades only.
Trade Close Out Steps
- Firms pair off to agree on which trades to include in their Trade Close Out.
- The two firms fill out an Atlantis Trade Close Out Template (attached at the bottom of this help article) and a Receiver/Payer Participant Signatory at each firm must sign the template. Then the firms should email the final version to email@example.com.
- Please note: no cash adjustments are accepted by FIA Tech as part of these close outs.
- Firms must submit one template for each direction of the close out for audit purposes.
- If firms require assistance coordinating electronic signatures on the Atlantis Trade Close Out Templates during COVID-19 work from home situations, please reach out to Atlantis Support.
- FIA Tech reviews the template and works with firms to resolve any questions or issues.
- Once each template is finalized, FIA Tech pulls applicable trades from the Brokerage System and marks them to be closed out as part of the next eligible settlement cycle.
- FIA Tech emails trade counts and confirmation of close out processing for requested time period to both firms.
- The trades included in the Close Out will be marked as settled with a zero fee amount at the end of the cycle. The trades will also reflect an "Adjustment Type" of "Closed.
Please note: Trade Close Out requests must be received no later than 5 Business Days prior to Receiver Lock of current settlement cycle in order to allow proper processing by FIA Tech in current settlement cycle. Any Trade Close Out requests received post this date will be processed in the next eligible settlement cycle.
Trade Close Out Pricing
Pricing terms for performing Trade Close Outs will begin with the October 2020 Settlement Cycle which is the first cycle when Trade Close Outs can be processed. The Payer and Receiver will not be charged settlement fees on trades that are marked for Atlantis Trade Close Out by FIA Tech.
If Participants want to process payments on Atlantis as part of the close out of trades, they must instead submit a Bulk Settlement request to FIA Tech.
Information regarding FIA Tech pricing of Atlantis Bulk Settlement Fees and other billed charges can be found here.