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FIA Tech Extends Platform To US Listed Options - Atlantis Brokerage Service Launches Support For US Listed Options

Date 21/07/2021

FIA Tech, the leading technology provider to the exchange traded derivative industry, announced today that it has added US listed options support to its Atlantis service, and gone live with brokerage processing for two major banks. The functionality was developed with the assistance of OCC (Options Clearing Corporation) and is now available for all existing and future FIA Tech customers.

 

FIA Tech’s Atlantis is a service for trade processing, brokerage calculation and settlement, managing payments to executing brokers of fees related to trading activity between brokers. Atlantis currently processes trades and fees from over 100 million derivatives contracts per month on behalf of clearing and executing brokers globally.

Adding US listed options to Atlantis delivers much needed automation and a common invoice format and process to the US listed options market and will create operational synergies for clients. This product line will share the same workflow, reporting, formats and metrics with the other exchange traded derivatives already available on Atlantis, including futures, options on futures and non-US listed options.

Nick Solinger, CEO of FIA Tech said: “This is the first step in FIA Tech’s strategy of bringing the innovative solutions we have developed for futures to the wider derivatives industry. Having all products on a single global platform creates efficiencies and synergies for operations and accounts payable/receivable teams.”

John Davidson, CEO of OCC said: “We are pleased with the industry collaboration on this project. OCC is committed to supporting industry initiatives that help achieve operational efficiencies for market participants and the broader listed options market.”    

Tom Neville, global head of Listed Derivatives brokerage from Morgan Stanley said: “In addition to creating efficiencies, having US listed options on Atlantis will increase straight-through processing for brokerage and drive additional benefits for our customers on the buy side. We are delighted to be the first of a growing network of brokers.”

FIA Tech recently announced the investment of $44 million by ten leading clearing firms to fund the strategic growth of FIA Tech. The newly capitalized FIA Tech will be investing to further the development of existing products that have successfully served the industry and launch innovative new solutions to improve market infrastructure across the listed and cleared derivatives industry. Under its new structure, FIA Tech will continue to work in partnership with the broader industry, including exchanges, clearinghouses, clearing firms and other intermediaries, independent software vendors, buyside firms and end users to bring efficiency to the exchange traded and cleared derivatives industry.

Current FIA Tech services include digitally managing give-up agreements, meeting regulatory compliance requirements arising from CFTC, MIFID II and exchange regulatory compliance, reconciling and settling brokerage fees and providing reference data products that are required across the pre- and post-trade space in futures and equity options.