Atlantis: FIA Tech brings derivatives settlement platform to the buyside

Rick Steves

“Buyside firms and end-users in ETD face many of the same challenges sellside firms encounter in managing fees, commissions, and brokerage. We are pleased whenever we can help streamline operations and remove costs for clients and their brokers.”

FIA Tech has expanded the reach of its Atlantis settlement platform to include buyside market participants for the first time. Atlantis is an industry standard platform designed to facilitate the intricate process of calculating, invoicing, and paying brokerage fees. The first entrant from the buyside is a multi-billion dollar, multi-strategy hedge fund, marking a significant shift in the platform’s user base.

Historically, Atlantis has been instrumental in managing brokerage payments from clearing brokers to executing brokers. The platform processes over 170 million trades annually and is now augmenting its scope to enable clients to manage execution brokerage payments directly.

Addressing ETD challenges: managing fees, commissions, and brokerage

Atlantis pulls in data from a myriad of trade sources including clearing houses, interdealer brokers, and other market participants. It offers a unified, automated method for handling brokerage invoicing, boasting high levels of integrated workflows for fee reconciliation and dispute resolution. Currently, Atlantis supports 45 institutions that settle across 34 clearing houses, encompassing all global exchange-traded derivative (ETD) markets.

Nick Solinger, President and CEO of FIA Tech, commented on the expansion, “Buyside firms and end-users in ETD face many of the same challenges sellside firms encounter in managing fees, commissions, and brokerage. We are pleased whenever we can help streamline operations and remove costs for clients and their brokers.” He added that firms utilizing Atlantis have enjoyed automated settlement rates of up to 99% and typically boast two to three times the productivity in their brokerage payables and receivables teams compared to firms not using the platform.

The opening of Atlantis to buyside participants marks a pivotal moment in the futures industry. By extending its services to a new category of market players, Atlantis is setting the stage for greater efficiency and automation in the settlement of brokerage fees. This could potentially ripple through the entire ecosystem, benefitting not just individual firms but also the industry at large, as it grapples with the complexities and costs associated with trade settlements.

The move also underscores the growing trend of technology platforms adapting and evolving to meet the nuanced demands of an increasingly diverse set of market participants. As the first buyside firm joins Atlantis, the industry will be keenly watching how this expansion impacts both the platform and the broader landscape of futures trading.

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