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
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.
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:
Please be aware that Eurex does not allow trading participants to offer Sponsored Access for clients.
Upcoming Changes envisioned with T7 Release 9.0
With the introduction of Eurex T7 Release 9.0 in November 2020 the entry of the Execution Source Code will be mandatory in case of agent business execution (Trading Capacity "A") combined with an additional valid value check on the set values as proposed by FIA. If no value is entered to an order, the order will not be rejected but a default value ("D") for the Execution Source Code will be added automatically instead.
The automatic enhancement of the default value is a temporal functionality on exchange side to smoothen the introduction of the mandatory usage – it is envisioned that with T7 Release 9.1, all orders with Trading Capacity "A" will be rejected in case tag 1031 is left blank – hence, making an entry mandatory.
For further details, please refer to the more comprehensive document Guidelines for the simplified FIA Execution Source Code Schema as well as the Guidelines for the simplified FIA Execution Source Code Schema – Summary Version.
