Supported Rate Attributes - Maintaining additional rules for rate schedules

FIA Tech recently expanded the ability for brokers to automate the removal of rate lines from rate schedules to include additional rate attributes beyond the Product on the rate line. The Supported Rate Attributes features allows for the automatic removal of rate lines based on Trade Types, Spread Types, Rate Types, Currencies, and Execution Methods.

Managing Supported Rate Attribute Settings

The Supported Rate Attribute settings' page can be found from the Products & Rates menu alongside the Supported Products menu. Like Supported Products, Supported Rate Attributes are setup by party and party role and can only be created for parties that act as Clearing Brokers or Executing Brokers. A party user must have the 'Rates Library Maintainer' permission in order to update these settings. 

To toggle between the different rate attribute settings, use the "Support Rate Lines by" menu item. Use the Party dropdown to select a party for which to view or edit the settings. Once these selections have been made, the EB, CB toggle can be used to manage settings for each specific party role.

The Unsupported Attributes section displays a summary of unsupported rate attributes by type for an easy overview. 

Setting Up Trade Type Preferences

The Trade Type settings allow brokers to indicate if they want to remove certain trade types on agreements based on agreement type. Any Trade Type can be unsupported specifically for Standard, LME, and EFRP/Block agreement types. If a Trade Type is unsupported for a specific group of agreements, it will be automatically removed whenever a rate schedule is added to an agreement of the selected type while it is in composition.

Specific Clearing Broker Settings

For the Rate Type, Spread Type, Currency, and Execution Method settings Clearing Brokers have the option to Unsupport these rate attributes only where they are designated as the Bill To Party. They can also unsupport these attributes across all agreements they are party to. If the Clearing Broker chooses to unsupport one of these attributes only on agreements where they are the Bill To Party, anytime the Customer or Trader party to an agreement is designated as the Bill To party the rate rules will not be applied.

To unsupport a rate attribute value only where a clearer acts as the Bill to Party, use the checkboxes in the "Bill to CB" column. Clearing Brokers also have the option to unsupport a rate attribute across all agreements.

Rate Rule Application to Agreements

Once a firm has set up their list of unsupported rate attributes, these will start reflecting on all agreements in Composition, having no approvals on their Rate Schedule workstreams. Agreements in Execution, or that have been executed, are not impacted. On a given agreement, the Supported Product and Supported Rate Attribute settings of all broker parties are taken into account.  

Rate lines with unsupported products or rate attributes are reflected as "Removed Rate Lines" in the UI representation of the rate schedule, as well as the PDF and the API output. These are also displayed on the Rate schedule reports available from the Agreement Search page

*Please note that these product removals do not display within the eModule. 

Wherever a rate rule has been applied to an agreement, the party who set up the automatic rate line removal can always use the Custom Rate Line Removal feature to re-include it in the agreement.