Firms submit trades to eRecs on a daily basis in their internal client file. Erecs provides functionality to submit a copy of these trades to Atlantis in the CBTS process, Clearing Broker Trade Submission (or EBTS, Executing Broker Trade Submission).
The purpose of EBTS/CBTS is to allow Atlantis Participants to submit and settle trades in Atlantis for exchanges that do not send trade files to FIA Tech.
Erecs will submit the firm’s internal trade for CBTS eligible markets and CBTS participating firms based on a starting submission date. These trades will then follow Atlantis workflow for electronic settlement.
Erecs Support manages the set up for exchanges, brokers and starting submission dates for the CBTS process.
The below is required set up from the firm for trades to be considered in CBTS-
- Trades to be provided in eRecs format, included in daily trade file sent to eRecs
- Executing broker submitted in srcExecBroker, eRecs resolves this field to the Atlantis participant code based on entity mapping in the entity maintenance window in eRecs.
- If the firm is submitting trades from an EBTS perspective, the clearing broker is submitted in the destClearingBroker field, eRecs then resolves this field to the Atlantis participant code based on entity mapping in the entity maintenance window in eRecs.
- The Exchange is provided in the mdExchange field which is resolved to an Atlantis MIC code by eRecs exchange aliases. These aliases are provided by the firm, typically during the onboarding process.
- The product code is submitted in the exContractCode field. The firm is required to submit the exchange clearing code which is directly submitted to Atlantis.
- Firms have the option to provide a mapping table for internal product codes submitted in their eRecs trade file to the exchange clearing code. Erecs will use this mapping table to resolve the code sent to Atlantis.