TDN

Trade Data Network

Pricing – 2022

  • Sell Side pricing is a flat fee for access to the Transparency Dashboard through December 31st, 2022. 
  • Sell Side Flat Fee: $175,000 for early adopters  
  • Buy Side has free access to the Transparency Dashboard through June 30th, 2023
    • Requires a signed TDN Commitment Letter

Pricing – 2023

Sell Side 2023 Annual Subscription

  • Customers select a tier based on expected volume use and pay quarterly in arrears for the tier.
  • Any overage charges incurred are charged quarterly
  • Customers may upgrade to a higher tier at any time to reduce overage charges if desired.
    • Tier upgrades apply at the beginning of the subsequent quarter
    • Tier upgrades requested within 15 days of invoice will apply to current quarter
    • Tier downgrades apply at the beginning of the following calendar year
  • Current tier selection carries over each calendar year unless customer notices Company
  • Minimum contract term of 1 year with auto renewal for additional 1 year terms unless customer cancels

Min Quarterly Volume (Contracts)

Max Quarterly Volume (Contracts)

Quarterly Fee 2023

Quarterly Fee 2024

Small Broker 1,000,000 $12,000 $12,000
Medium Broker 1,000,001 10,000,000 $36,000 $60,000
Large Broker 10,000,001 20,000,000 $60,000 $75,000
X Large Broker 20,000,001 $75,000 $105,000

 

Per Contract Overage Fee

Small Broker $0.01
Medium Broker $0.005
Large Broker $0.0025
X Large Broker

Buy Side Pricing

  • No fees for a buy side firm providing their trade data (allocations and/or confirmations) to TDN in 2023
  • Fees start July 01, 2023
  • Invoiced quarterly in arrears at $0.01 per contract, up to a quarterly cap of $16,500
  • Use of the Transparency service without providing data is subject to the per contract fee

 

Atlantis Pricing

2023 Per Contract Fees

Starting with January Settlement Cycle, the per-contract settlement fee will increase from USD $0.01438 to $0.015 and applies to both executing and clearing sides based on the number of Billable Contracts. Billable Contracts is the number of contracts included in each trade processed in the system and settles in each monthly processing cycle, with the following exceptions:

  • Trades that match agreements where either executing broker or clearing broker are not a participant in the system
  • Zero Fees contracts are free for executing brokers if settled within the first three months of their trade month and the trades are unadjusted. Executing brokers are not charged for trades that match and settle if the executing broker affirms that zero fees are due to them or another party.

Contract Settlement Fee Cap – New for 2022 and going forward

  • Settlement Caps are annual based on January – December settlement volume and reset each calendar year
  • Fees still have an individual Contract Settlement Fee Cap “Settlement Cap” or “Settlement Caps” for executing and clearing business separately.
  • For 2022 Settlement Caps on Atlantis per global participating firm are: Clearing business, USD $200,000 and Executing business, USD $230,000
  • For 2023 Settlement Caps on Atlantis per global participating firm are: Clearing business, USD $230,000 and Executing business, USD $240,000

Introductory Pricing

To encourage broader adoption by brokers, introducing brokers and order passing brokers, customers with less than a six-month trailing average of 50,000 Billable Contracts per month are not subject to fees until they exceed the minimum average volume threshold. The minimum threshold will include both clearing and executing volume. This pricing does not apply to US Listed Options.

US Listed Options Brokerage Settlement on Atlantis

FIA Tech offers the ability to settle OCC Options/US Listed Options on Atlantis subject to the following standalone pricing:

  • Separate and exclusive fees for USLO participants
  • USLO fees charge 1.5% of USD brokerage settled up to the annual fee cap
  • Includes unlimited settlement each month for both execution and clearing activity
  • The 2022 USLO annual fee cap is $150,000 per each global participating firm
  • The 2023 USLO annual fee cap is $225,000 per each global participating firm

Additional Payment Terms Specific to Atlantis

  • Firms receive invoices monthly in arrears for all Billable Contracts settled, with the exception of those that pay annual in advance
  • Firms that exceeded the annual Contract Settlement Fee Cap and project to exceed the cap in the next year will receive annual invoices in advance rather than monthly in arrears
  • Payments are due 30 days from receipt of their invoice
  • Firms that are more than 90 days behind in payments are excluded from future settlement cycles until their account is current

ETD Maintenance & Bulk Settlement Fees

ETD Maintenance and Bulk Settlement Fee Cap:

  • ETD Maintenance and Bulk Settlement Fee Cap is $120,000 per calendar year and is separate from the annual Contract Settlement Fee Cap
  • ETD Maintenance and Bulk Settlement Fee Cap have two components, ETD Maintenance Fees and Responsible Party Fees charged for Bulk Settlement
  • The ETD Maintenance and Bulk Settlement Fee Cap resets at the beginning of each calendar year

Pricing terms for Atlantis ETD Maintenance Fees:

  • ETD Maintenance Fees are charged monthly until all applicable contracts settle to the Responsible Party determined by the Responsible Party Matrix
  • ETD Maintenance Fees have separate pricing tiers for unsettled contracts over six months
  • Each pricing tier is determined by the age of unsettled, eligible to settle contracts outstanding at the end of each monthly settlement cycle

New for 2023 – Large Backlog Surcharge

  • Firms who have over 10 million aged unsettled contracts in aggregate will incur a surcharge of USD $3,000 at the end of each monthly settlement cycle until their aged backlog falls below the threshold.
  • Aged unsettled contracts is defined as outstanding eligible to settle contracts that have been 6+ months in the backlog. The Responsible Party Matrix determines which firm is the responsible party for each aged unsettled contract at the end of each monthly settlement cycle.
  • The Large Backlog Surcharge is exclusive of the ETD Maintenance and Bulk Settlement Fee Cap.

Bulk Settlement Fees:

FIA Tech offers a Bulk Settlement Service to help firms in clearing the rest of the aged, unsettled backlog in Atlantis.

  • Both clearing and executing brokers receive charges of current per-contract settlement fee up to each firm’s annual applicable Contract Settlement Fee Cap
  • Separately, the Responsible Party will pay an additional $0.005 per contract as determined by the Responsible Party Matrix
  • The Responsible Party is determined at the point of the Bulk Settlement Template submission to FIA Tech and considered final

You can Download the Responsible Party Matrix here

Trade Close Out

FIA Tech is now offering trade close out functionality within Atlantis to help firms clear their unsettled backlog.

Trade Close Out Steps

  1. Firms pair off to agree on which trades to include in their Trade Close Out.
  2. The two firms fill out an Atlantis Trade Close Out Template (attached at the bottom of this help article) and a Receiver/Payer Participant Signatory at each firm must sign the template. Then the firms should email the final version to atlantis.support@fia-tech.com
    • Please note: no cash adjustments are accepted by FIA Tech as part of these close outs.
    • Firms must submit one template for each direction of the close out for audit purposes.
    • If firms require assistance coordinating electronic signatures on the Atlantis Trade Close Out Templates during COVID-19 work from home situations, please reach out to Atlantis Support.
  3. FIA Tech reviews the template and works with firms to resolve any questions or issues.
  4. Once each template is finalized, FIA Tech pulls applicable trades from the Brokerage System and marks them to be closed out as part of the next eligible settlement cycle.
  5. FIA Tech emails trade counts and confirmation of close out processing for the requested time period to both firms.
  6. The trades included in the Close Out will be marked as settled with a zero fee amount at the end of the cycle. The trades will also reflect an “Adjustment Type” of “Closed.

 

Please note: Trade Close Out requests must be received no later than 5 Business Days prior to Receiver Lock of the current settlement cycle in order to allow proper processing by FIA Tech in the current settlement cycle. Any Trade Close Out requests received to post this date will be processed in the next eligible settlement cycle. 

Trade Close Out Pricing

Pricing terms for performing Trade Close Outs will begin with the October 2020 Settlement Cycle which is the first cycle when Trade Close Outs can be processed. The Payer and Receiver will not be charged settlement fees on trades that are marked for Atlantis Trade Close Out by FIA Tech.

If Participants want to process payments on Atlantis as part of the close out of trades, they must instead submit a Bulk Settlement request to FIA Tech.

Information regarding FIA Tech pricing of Atlantis Bulk Settlement Fees and other billed charges can be found here.

Trade Closeout Template.pdf

*All pricing does not include any applicable Federal, State, or Local use taxes. Any tax obligations of non-US entities resulting from this service remain the sole responsibility of the customer to ensure they comply with their tax authority.

Docs Pricing

The Docs pricing system consists of four components:

  • A Per Agreement Fee for each agreement executed in Docs
  • A quarterly Storage Fee for supporting all past executed agreements in the system
  • An upcharge applies to the Per-Agreement and Storage Fee for agreements that are not wholly electronic
  • Give-In Limit Repository fees apply if subscribed to this service

Storage is required for all institutions that have at least one broker party. The Per-Agreement Fee is assessed to the conformed executing broker; however, if there is no conformed executing broker, then the conformed clearing broker will pay the Per-Agreement Fee. Institutions containing only customer/trader parties have the option of maintaining storage of Docs agreements at their respective tier rate. Customers/traders that choose not to store documents in Docs will have execution only access at absolutely no cost and will have seven days after execution to print agreements.

Storage Fees

Number of Agreements Stored  Fee per Quarter 
0-50 $175.00
51-500 $450.00
501-1,000 $800.00
1,001-2,000 $1,350.00
2,001-5,000 $2000.00
5,001-10,000 $5,000.00
10,001-20,000 $6,250.00
20,001-40,000 $7,500.00
40,001-60,000 $9,000.00
More than 60,000 $11,000.00
Non-STP Agreement Upcharge $1.25 per agreement

Per-Agreement Fee

Number of Agreements Executed 2022 Per-Agreement Fee
0-500 $50.00
501-1,000 $40.00
1,001-2,000 $30.00
More than 2,000 $25.00
Non-STP Agreement Upcharge $5.00 per agreement

New for 2023 – Flat Per-Agreement Fee

  • A flat fee of $30 will be charged per agreement executed, regardless of the total number of agreements executed.
  • The $5.00 upcharge for Non-STP agreements will remain in place.

Pricing for Other Agreement Types

  • Uploaded Legacy Give-Up Agreements: Legacy uploaded agreements are charged the Per-Agreement Fee to the Institution that uploaded the agreement regardless of its role on the agreement. All institutions that wish to initiate agreements and/or upload Legacy agreements are required to have storage.
  • Give-Up Screening Agreement (GUSA): The Per-Agreement Fee of the Institution is charged to both brokers that are party to the agreement.
  • Customer Limit Screening Agreement (CLSA): There is a $20.00 fee charged to the broker that uploads this agreement.
  • Amended Agreement: Amendments follow the same rules as the Per-Agreement Fee for executing Standard Give-Up agreements.
  • Transitioned Agreement: There is a $20.00 fee charged, regardless of agreement types, to each broker that is a party to the agreement created as a result of a transition.

Non-STP Upcharge is on executed agreements that do not support straight-through processing. To promote more STP agreements across the industry, any executed agreement that has a non-conformed broker party, contains a PDF rate schedule absent an eRate, or is an uploaded agreement other than a CLSA will incur an upcharge to the Per–Agreement Fee for execution and a quarterly upcharge to store the Non-STP Agreement.

Please reach out to Docs.Support@fia-tech.com with any questions.

Give–In Limit Repository (GLR)

Current GLR Fees are posted below with all other fees, billing, and legal provisions of the Docs Service will remain unchanged, as specified in the Docs System User Agreement.

  • Access to the User Interface as Executing Broker: Free of Charge
  • Access to the User Interface as Clearing Broker: $.50 per executed agreement/quarter (or $2/year)
  • Access to the API as Executing Broker: $1.25 per executed agreement/quarter (or $5/year)
  • Access to the API as Clearing Broker: $1.25 per executed agreement/quarter (or $5/year) and requires a subscription to the Clearing Broker Interface

Implementation Fees:

  • Email notifications: Free of Charge
  • REST API: $2,500 per 60 calendar days work
  • FIX API: $15,000 per 60 calendar days work

Implementation fees are invoiced upon execution of the GLR Opt-In agreement. FIA Tech will invoice System User for other fees quarterly in arrears based on the then-current number of executed agreements in the system multiplied by the relevant fee per contract for 2022.

*All pricing does not include any applicable Federal, State, or Local use taxes. Any tax obligations of non-US entities resulting from this service remain the sole responsibility of the customer to ensure they comply with their tax authority.

eRecs Pricing

Tier I-II FCMs

  • $36,000 – Accounts Receivable only
  • $48,000 – Accounts Payable only
  • $84,000 – “Full Service” Reconciliation and Invoicing
  • Firms with exceptional volume that require larger processing (e.g., 1 year of reconciled data for manual invoices, additional environments for staging/testing) can opt for a high-capacity AWS environment for $25,000 per calendar year.

Tier III FCMs

  • $24,000 – Accounts Receivable only
  • $32,000 – Accounts Payable only
  • $56,000 – “Full Service” Reconciliation and Invoicing

Additional Payment Terms

  • All license fees are subject to a 25% implementation fee per 90 project days
  • Service period is annually based per calendar year from January, 1st – December, 31st prorated for initial year-end term.
  • All fees and future renewals will be invoiced in annual terms in full prior to renewal
  • Firms already in production will be invoiced annually in advance for their subscription fees. All other firms will be invoiced upon the execution of their service agreement
  • Payments are due 30 days from receipt of invoice
  • Firms 90 days past due are subject to suspension of their service and account access until their account is current

*All pricing does not include any applicable Federal, State, or Local use taxes. Any tax obligations of non-US entities resulting from this service remain the sole responsibility of the customer to ensure they comply with their tax authority.

FEE CALC

Tier I-II FCMs

  • $36,000 – Small brokers & buy side
  • $48,000 – Tier III FCMs
  • $84,000 – Tier I-II FCMs
  • Additional service charge for firms with exceptional volume requiring larger processing capacity (e.g., 1 year of reconciled data for manual invoices, additional environments for staging/testing)

*All pricing does not include any applicable Federal, State, or Local use taxes. Any tax obligations of non-US entities resulting from this service remain the sole responsibility of the customer to ensure they comply with their tax authority.

OCR

OCR Pricing

The OCR Data Service requires an annual subscription fee and a fee for onboarding as shown in the following fee schedule. FIA Tech uses the following criteria to determine which fee tier applies to your firm.

  • FCM – Large is greater than $2b in customer assets in seg as reported by the CFTC or equivalent regulatory entity
  • FCM – Basic and Non- FCM Clearing Member tiers are for FCMs and Clearing Members with less than $2b in customer assets in seg as reported by the CFTC or equivalent regulatory entity
  • Swap Dealer Only tier is for non-clearing swap dealers and firms who use OCR for their own reporting
Fee Tier Onboarding Fee  Annual Subscription Fee
FCM – Large $15,000 $45,000
FCM – Basic $15,000 $30,000
Non-FCM Clearing Member $15,000 $30,000
Swap Dealer Only $15,000 $25,000

FIA Tech’s OCR Service allows for Reporting Firms to acquire data from 3rd party providers such as the Markit Counterparty Manager (MCPM).  Below are the additional fees per reporting firm for the use of these 3rd Party Data Providers via FIA Tech’s OCR Service.

OCR Subscription Tier Annual 3rd Party Data Provider Fee
FCM – Large $5,000 per year
FCM – Basic $3,500 per year
Swap Dealer Only $2,500 per year

Additional Payment Terms

  • The service period is annually per calendar year from January, 01st – December, 31st
  • At signing each invoice is pro-rated through December, 31st of the current year, and all future renewals are invoiced in annual calendar terms in full prior to the renewal
  • Onboarding fees are invoiced at the time of signing and cover the onboarding period until the client is in UAT
  • Payments are due 30 days from receipt of their invoice
  • Firms 90 days past due are subject to suspension of their account access until their account is current

 

*All pricing does not include any applicable Federal, State, or Local use taxes. Any tax obligations of non-US entities resulting from this service remain the sole responsibility of the customer to ensure they comply with their tax authority.

Databank Pricing

Service Annual Introductory Fees*
Position Limits Databank (PLD) Global Exchanges + MiFID II $29,750
EMEA Exchanges + MiFID II $15,000
Americas Exchanges $15,000
Asia Exchanges $15,000
Equity Options Position Limits Databank (EOPLD) Global Exchanges $8,900
Exchange Fees Databank (EFD) Global Exchanges $23,500

 

Ref Data Category Ref Data Initiatives Annual Fees* All Subscriptions*
Contract Specs Regulatory Classification (CFTC, SA-CCR, MiFIR, EMIR, CFI) $25,000 25% Discount
Contract Specs Exchange/CCP Hours of Operation & Holiday Hours $10,000
Contract Specs Basic Trading Specification $25,000
Contract Specs Instrument Level Detail $10,000
Contract Specs Settlement and Delivery Calendar (Includes Spot Month Calendar) $10,000
Contract Specs Delivery grade and point $10,000

 

Ref Data Category Ref Data Initiatives Annual Fees*
Exchange Event Management Cash and Collateral $25,000
Ref Data Category Ref Data Initiatives Annual Fees* All Subscriptions*
Corporate Actions Corporate Actions $35,000 N/A
Pricing EOD Pricing $12,000 per exchange/year N/A
Symbology X-Ref Symbology $10,000 per symbol, per FIA Tech product set $50,000 across all services per symbol
Index Classification Foreign Security Futures Data – Broad/Narrow Classification $35,000 N/A
Entity Reference Data Broker Code Reports $10,000 N/A

Contact sales@fia-tech.com to get started.

*Initial subscriptions auto-renew and annual fees increase by the greater of the current year’s CPI or 3% at each renewal.

*FIA Tech, in its sole discretion, reserves the right to increase annual fees upon each renewal per the terms of each Agreement.

*All pricing does not include any applicable Federal, State, or Local use taxes. Any tax obligations of non-US entities resulting from this service remain the sole responsibility of the customer to ensure they comply with their tax authority.

MiFID II Lockbox

$20,000 per year for firms not subscribing to FIA Tech’s OCR service.    

*All pricing does not include any applicable Federal, State, or Local use taxes. Any tax obligations of non-US entities resulting from this service remain the sole responsibility of the customer to ensure they comply with their tax authority.

FCR

Fees & Commissions Repository

FIA Tech offers the Fees & Commissions Repository(FCR) service under the contractual framework of the Docs Adherence Agreement and is subject to those terms and conditions.

To activate the FCR service, a Docs Participant Admin must complete and return the FCR Opt-in form to FIA Tech (by email).

Client Subscription Tiers Buy-side
FCR Read Only

  • Clients can view and download rate schedules created by subscribing brokers 
  • Includes User-interface accessPDF and Excel downloads of fee & commission schedules
$0
FCR + Exchange Fee Management $10,000/quarter (FCR)
Executing Broker/Clearing Broker Subscription Tiers Sell-side
FCR Approval Only:

  • User-interface access (schedule approval only)
  • PDF and Excel export
$0
FCR RateSync:

  • Approved fee & commissions schedules are synced with Docs and generates amended give-up agreements
  • Rate Schedule workstream can also be pre-approved on amended give up agreements with client based your firm’s configuration
$2,500/quarter
FCR + Exchange Fee Management (Full Service):

  • Requires Exchange Fees Databank (EFD) subscription.
$15,000/quarter (FCR)

 

*All pricing does not include any applicable Federal, State, or Local use taxes. Any tax obligations of non-US entities resulting from this service remain the sole responsibility of the customer to ensure they comply with their tax authority.

Contact Us

For general inquiries regarding Accelerate:

Call: 1.202.772.3000

Email General Client Support: clientservices@fia-tech.com

Review

General inquiries regarding Atlantis

Call: 1.202.772.3000

Email Atlantis Support: atlantis.support@fia-tech.com

General inquiries regarding Docs

Call: 1.202.772.3000

Email Docs Support: docs.support@fia-tech.com

General inquiries regarding OCR

Call: 1.202.772.3000

Email OCR Support: ocr.support@fia-tech.com

General inquiries regarding eRecs

Call: 1.202.772.3000

Email eRecs Support: erecs.support@fia-tech.com

General inquiries regarding Databank

Call: 1.202.772.3000

Email Databank Support: databank@fia-tech.com