Introducing Accelerate Docs
Streamline your give-up agreement processing! Accelerate Docs takes the industry’s golden source repository for give-up agreements, reference data and rate schedules to a new level. Like its predecessor, EGUS, it gives users access to recently updated templates for Standard, LME and EFP agreements and the reference data and rate schedules required for accurate brokerage fees across the trade lifecycle.
Leveraging our new Accelerate platform, you’ll see a new improved workflow, improved management of large numbers of rate schedules, agreements and trading relationships – all designed to move agreements at the fast pace your clients expect to trade.
Based on the Accelerate platform, Docs seamlessly syncs with Fees and eRecs for end-to-end management of brokerage relationships, payment, settlement and reconciliation.
Accelerate will entirely replace EGUS starting in December, 2017.
Features coming in 2018:
- Clearing account bulk management
- Product exclusions at the party level
- Improved rate schedule management tools
- Enhanced reporting focused on frequently requested reports
- Improved usability and design
Looking for help on Docs?
Visit our Docs Resources page for on-boarding requirements, FAQs and more.
Accelerate Docs Benefits
- Speedier workflow with easy tracking to know what’s left to get your docs executed.
- Integrates seamlessly with Accelerate Fees (Atlantis) for brokerage settlement and eRecs for fee reconciliations as well as other downstream systems
- Makes agreement amendments easy and straight-forward, with a streamlined approval processes based only on what’s changing
- Contains standard, current agreement templates that can be customized to fit individual firm needs
- Rate schedule library to allow a single rate schedule to be used across any number agreements.
- Customers and traders can use Docs to execute agreements at no charge
Managing the Process
Each system user has its own queue to manage documents. From 'my queue,' users view agreements in progress. The queue shows who has approved the agreement and who has not. The agreement is executed when all parties have approved it. The user can also view account numbers, the history of a document, the effective date, the date it was modified, and by whom. If an agreement sits in a queue for more than 90 days, it automatically moves to a 'stale' file. Users can reactivate agreements from the 'stale' file whenever they like. The initiator can also manually enter an effective date.
Searching the System
Agreements for brokers, customers or traders who choose to pay for storage, are stored on the system and users can search by counterparty, executing or clearing account number, effective date, agreement ID and status. All agreements can be printed or emailed.
Once a system user agreement is received, a firm administrator is given access to the system. The firm administrator determines who at the firm has access to the system and what type of access each user is given: processing, approval or view only. They can also desginate other users as administrators. The administrator fills in contact details for processors, approvers and billing. Customer and trader administrators’ also maintain their parties' list of approved brokers.
Docs makes available counterparty contact information, which includes firm address and billing information, in addition to trading and documentation contact names. Contact information for executing and clearing brokers is available to all users of the system; however, each firm has its own database of contact details for customers. Brokers cannot see customer and trader contact information unless the customer or trader has given permission for this information to be visible to a specific broker.
Getting Users Onboard
Users are required to sign an adherence agreement in order to gain access to the system. The user agreement spells out the terms by which participants can use the system. Additionally, it requires participants to acknowledge that all agreements executed by electronic signature on the Docs system are binding in the same way actual signatures on the paper give-up agreements bind the parties.
Onboarding Legacy Documents
PDFs of agreements executed outside Docs can be uploaded to the system and stored, but in order for users to obtain information from the system in the second phase, the documents need to be tagged. Rates must be inserted into the standard rate template in order to make the information available for use in external systems. Only one party to the agreement needs to upload a legacy agreement.
2017 Give-Up Agreement Templates
In conjunction with the launch of FIA Tech’s new platform for Docs in Q4 2017, FIA’s Law and Compliance Division will introduce updated agreement templates for Standard, LME and EFP agreements. These agreements have been created in order to take into account changes to the industry that have occurred since the last update in 2008. On August 28, FIA Tech and FIA’s Law & Compliance Division held a joint webinar to review the functional roll-out of the new agreements in Docs, as well as the updates that have been made to the text. To access a recording of this webinar and the presentation, please click here to go to the Law & Compliance page.
Give-In Limit Management Service (“GLM”)
FIA Tech’s Give-In Limit Management Service (“GLM”) is a comprehensive tool for clearing firms to manage limits and conditions on give-up agreements with communication & transparency for executing broker counterparties and clients.
GLM provides capability for establishing structured limits and conditions, as well as an open structure for each firms’ risk, legal and compliance teams to record any limit or condition as required.
In addition, it provides electronic capability in both the user interface and via APIs to take action on agreements to react quickly to various events in the market with far more agility than today’s manual processes.
GLM will be delivered per the Docs System User Terms and Adherence Agreement signed by each legal entity.
- Limit & Condition Management: GLM allows the Clearing Broker to define structured limits and conditions on individual give-up agreements. These limits and conditions will include:
- Daily Initial Margin Trading Limit
- Daily Max Contracts Limits for Futures & Options
- Review of Each Trade Before Claiming (Trade by trade review)
- Suspension or Reactivation of Trading under Agreement
- Supported/blocked products, product groups or exchanges (in future phase)
- Custom (free-text) conditions or limits
- Real-time notifications: When any changes are published by the clearing broker, all counterparties to each give-up agreement will receive notifications (i.e. Section 2 Notice) of the newly effective limits or conditions by e-mail and within the application.
- Standardized & custom legal language. For standard limits and conditions, the system will deliver legal notices (Section 2 Notices) on behalf of the clearing broker using standard legal language. In addition, the service allows each firm to draft custom conditions derived from their own legal language.
- API support: GLM will expose all capability via an API, which can be used by all parties
- Clearing Broker API. The CB API allows for establishing limits and conditions (inbound) as well as consuming limits and conditions into internal systems.
- Executing Broker API. The EB API allows brokers to consume limits and notifications of changes into any internal systems.
- REST & MQ API support. Both APIs will be available in a REST (polling/request response type of API) as well as an MQ real-time messaging API to allow for flexible integration into a wide range of internal systems.
- Dashboard & Bulk actioning: In future phases, we plan to introduce capability to bulk action some or all agreements along various dimensions – by client, by counterparty broker, for all agreements for a particular clearing legal entity, etc. These bulk actions will be supported in both the API as well as a Dashboard of limits.
- Reporting: GLM provides an Agreement Limits report which provides a hierarchical view of all limits and conditions for Executing Brokers (who can view their list of clients, and any limits from each clearer used by the client), Clearing Brokers (who can view their client list and limits which have been established for each Executing Broker they use) and Clients.