First buyside institution is multi-billion dollar, multi-strategy hedge fund
London / New York, 4 October 2023 – FIA Tech, a leading futures industry technology provider, today announced that it has opened its settlement platform Atlantis to buyside market participants for the first time. The first buyside participant on Atlantis is a multi-billion dollar, multi-strategy hedge fund.
Atlantis is FIA Tech’s settlement platform that facilitates the calculation, invoicing and payment of brokerage fees to executing brokers. It is the industry standard brokerage payment platform 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.
Atlantis consumes data from various trade sources (clearing houses, interdealer brokers & other participants) and provides a standardized 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.
“Buyside firms and end-users in ETD face many of the challenges sellside 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,” said Nick Solinger, President and CEO of FIA Tech. “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.”
About FIA Tech
FIA Tech is the leading technology provider to the exchange traded derivatives industry. Owned by a consortium of eleven leading clearing firms and the Futures Industry Association (FIA), FIA Tech is committed to serving the industry and launching innovative solutions to improve market infrastructure across the listed and cleared derivatives industry. FIA Tech works in close partnership with the broader industry, including exchanges, clearinghouses, clearing firms and other intermediaries, as well as independent software vendors, buyside firms and end users to bring efficiency to the exchange traded and cleared derivatives industry.
