FIA Tech has opened up its Atlantis brokerage settlement platform to buy-side participants, now allowing clients to manage execution brokerage payments directly.
Before this extension, the Atlantis settlement platform facilitated brokerage payments from clearing brokers to executing brokers.
The first buy-side participant on Atlantis has been confirmed to be a multi-strategy, multi-billion dollar hedge fund.
The Atlantis brokerage payment platform processes more than 170 million trades a year, with its offering set up as a standardised central hub “with high rates of automation with integrated workflows for reconciling fees and resolving disputes”.
Atlantis consumes data from sources including clearing houses and interdealer brokers. Currently, the platform has 45 institutions which settle across 34 clearing houses (with all global ETD markets enabled for settlement).
Read more – FIA Tech expands Atlantis brokerage platform with US listed options
Nick Solinger, president and chief executive 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.”