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Eurex supports FIA Atlantis service and the usage of the Execution Source Code

Release date: 04 Feb 2019 | Eurex Exchange, Eurex Clearing

Eurex supports FIA Atlantis service and the usage of the Execution Source Code

Eurex & Eurex Clearing support the Atlantis service from the FIA Technology Services, Inc, a wholly-owned subsidiary of FIA (Futures Industry Association). The Atlantis service (formerly known as eGAINS) is aimed to address inefficiencies in the brokerage, billing and payment process related to the processing of give-ups to allow for an electronic handling, reconciliation and break-management between executing and clearing brokers.

To improve the efficiency in the billing process for all members as well as for Atlantis users, FIA developed the simplified Execution Source Code Schema (also known as Rate Identifier). The identifier allows the clear tagging of the execution method used for Exchange Traded Derivative trades at point of origin. This will enable any executing and clearing broker to reference the appropriate brokerage rate easily in relation to the respective execution method used. The Execution Source Code can be entered via Eurex T7 and is subsequently reported via Eurex Clearing.

How to use Execution Source Code at Eurex

Each transaction can optionally carry a – one character long – Execution Source Code rate identifier. The identifier is reported in C7 as entered on T7 and can be changed or deleted via transaction adjustment.

The Execution Source Code is incorporated in Eurex T7 via Enhanced Trading Interface and Eurex FIX Gateway as tag 1031 (field "CustOrderHandlingInst"). 

Via Eurex GUI Interface, the Execution Source Code is incorporated as field "RateID". For on-book as well as TES order entry, this field is only visible if the order entry compact mode or TES simple mode is disabled. This can be achieved either temporarily in the order entry screen directly (button "disable compact mode") or permanently via the GUI application preferences.

  • In a first step, a field validation will be introduced where the entry of valid values will be supported only. Nevertheless, the field remains optional supporting a neutral default value. 
  • In a second step (most likely 2020), the field will become conditionally mandatory. Conditionally, since it would be mandatory for agent business only. Valid value validation would remain in place. For proprietary business, the field would remain optional.

How to use the Execution Source Code in accordance with the FIA recommendation

The following table shows the rationalized set of Execution Source Code values for use in tag 1031 set by FIA:

"High touch" execution reflects intermediation by an executing broker’s desk and may be identified through the desk's use of the executing broker’s own order routing systems, their use of third-party software provider's systems, or the use of an exchange's own trading interface. In all cases the Execution Source Code would be "W".

  1. All client self-executed order flow using a premium algorithmic trading provider, Execution Source Code value = “H”; 
  2. All client self-executed order flow using a third-party software provider, Execution Source Code value = “C”; 
  3. All client self-executed order flow using sponsored access, Execution Source Code value = “G”;
  4. For any other client self-executed order flow use Execution Source Code value = “Y” (for example using the executing broker’s infrastructure). 

How to use Atlantis service

In order to participate in this automated billing service, interested firms need to initiate an Atlantis agreement with the FIA Technology Service, Inc. Following this agreement between the participant and the FIA Technology Services, Inc., Eurex Clearing will set up the members accordingly.