Erecs will automatically amend the Execution Method on the Atlantis Receivable trade based on the Execution Method provided on the Internal trade by the firm.
When trades match at a Fee Diff match level, the Atlantis Receivable trade has no execution method, and the firm’s internal trade has an Execution Method, then eRecs will Auto- Amend the trade.
Erecs will amend the Atlantis trade with the Execution Method provided on the Internal trade. Atlantis will then recalculate based on provided Execution Method and the updates will reflect in eRecs in real time. The change in the Fee will cause the trades to automatically unmatch from the Fee Diff match level allowing the trades to match again in the next matching process.
Firms using auto-amend of the Execution Method should only provide valid Execution Methods that are listed on Docs rate schedules and available in the eRecs file spec.
- Match Level: Fee Diff, Fee + Ccy, Fee + Price Diff, Fee + Ccy + Price
- External Atlantis Rcv Trade with no execution method
- Internal Trade with execution method
- If fee amount was updated, trades will re-match at appropriate Match Level
- If trades re-match at Exact Match, eRecs will Auto-Affirm
Erecs also has the following Auto Amend functionality available based on firm's preference-
When Atlantis trade has no Agreement ID and the firm provided an Agreement ID, eRecs applies firm’s internal Agreement ID to the Atlantis trade. This causes the Atlantis trade to recalculate based on the Agreement ID adjustment, eRecs then re-matches the trades. If trades result in an Exact Match, eRecs will Affirm the Atlantis trade. If trade results in a Fee Difference again, eRecs will attempt the next adjustment.
- The eRecs firm provides a rule set for Fee adjustment based on internal match trade.
- Tax Rate
- When eRecs matches the Atlantis and Internal trade at a Tax Diff match level, where the internal trade has a Tax Rate, eRecs applies the firm's internal Tax Rate to the Atlantis trade. This causes the Atlantis trade to recalculate based on the Tax adjustment, eRecs then re-matches the trades. If trades result in an Exact Match, eRecs will Affirm the Atlantis trade.
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