eRecs uses an Entity set up, specific to the application, to identify broker code details submitted from the firm’s Internal system as well as in matching and association to externally sourced trades.
The entity hierarchy uses the 3 types of Entities below -
1. Parent Entity
Parent entities bind Internal and External trades to an Entity association.
2. Legal Entity
Legal entities define the Legal Company used in Invoicing, often referred to as Billed Entity on eRecs. Legal Entities are set up with Contacts, Addresses and Payment instructions.
The Legal Entity is mapped to a Parent Entity
3. Code Entity
There are 2 types of Code Entities, TC Codes sourced from Internal trades and Atlantis/GPS Broker Codes sourced from External trades. Code entities define the entity to which the trades belong.
- TC Codes are from client’s internal trade record and are mapped to a Parent Entity
- AtlantisEO/Atlantis CO are from the external source, Atlantis. GAINSEO/ GAINSCO are from the external source, GPS. These codes are mapped to Legal Entity
Note: Parent and Legal Entities are created and linked by eRecs users. Whereas the TC Codes and Atlantis/GPS Broker Codes are populated in the system as trades are loaded into eRecs with the given codes.