FIA Tech has opened its settlement platform Atlantis to buy side market participants for the first time, with the first participant a multi-billion dollar, multi-strategy hedge fund.
The Atlantis settlement platform facilitates the calculation, invoicing and payment of brokerage fees to executing brokers and processes more than 170 million trades per year. Historically, Atlantis facilitated brokerage payments from clearing brokers to executing brokers, but now offers clients the ability to manage execution brokerage payments directly.
Nick Solinger, president and CEO of FIA Tech, said: “Buy side firms and end-users in ETD face many of the challenges sell side firms face in managing fees, commissions and brokerage. We are pleased whenever we can help streamline operations and remove costs for clients and their brokers. Firms using Atlantis enjoy automated settlement rates up to 99% and often have 2-3x productivity of their brokerage payables and receivables teams vs firms not using Atlantis.”
Atlantis draws data from various trade sources, such as clearing houses and interdealer brokers, to provide a standardised central means of processing brokerage invoicing, with high rates of automation with integrated workflows for reconciling fees and resolving disputes.
Atlantis has 45 institutions settling across 34 clearing houses with all global exchange traded derivative (ETD) markets enabled for settlement.
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