The Alternative Matching and Clearing Solution

During the development of LISA Clearing Engine, a particular emphasis was put on its architecture and technical solutions in order to obtain true next generation performances.

Laurent Courbin, co-founder of EMOS and currently President of ATEO, used his previous experience to launch the LISA Clearing Engine project as a true third generation Clearing Engine. Laurent Courbin declares “the standardization of Middle and Back-office operations procedures has enabled us to simplify technical processes in order to obtain performance levels unseen up to now”.

From the start LISA Clearing Engine was designed with new Exchange compliance requirements in mind. Traceability, Time stamping, User profile management, Data access protection… were all set as initial key requirements.

Pushing the boundaries …
LISA Clearing Engine delivers all necessary middle-office functions. But LISA goes a bit further to:
  • Deliver the performance and stability your operations are expecting.
  • Make sure all exchange specific clearing functions are made available to the operators,
  • Ensure your IT department can smoothly integrate LISA with 3rd party systems via our message-based API

Provide your IT department with all necessary real-time monitoring tools.

Main features

LISA Clearing Engine delivers all standard middle-office functions:
  • Capture all your trades through a variety of different exchanges and venues
  • Uppload client allocation instructions through multiple sources
  • Standard quantity/percentage/High Low allocations capabilities
  • Automated matching and clearing
  • Managing risk limits
  • Real time follow up on trade status, exception management
  • Support for all exchange specific features (APS, GiveIns, GiveUps, reversals...)
  • Standard export to all book-keeping systems or other in-house systems.

Most importantly, LISA Clearing Engine also delivers a unique set of added value features and differentiators:
  • Advanced set of allocation algorithms such as “fair price allocation” rules, over multiple prices and any given period of time (daily, weekly, monthly…)
  • Advanced Auto Clearing Rules (ACRs) based on trade patterns and user defined rule outcomes (e.g. Allocate, Mark as APS, on Hold…)
  • Advanced matching rules (all trade details can be used for matching purposes)
  • Position monitoring across all your accounts (Account Recap)
  • Instant access to Trades and Orders historical data
  • Automatic roll over for uncleared trades from one day to another
  • Full audit trail (trade, clearing, static data …)
  • Customized client confirmations (emails, FIX, PDF …)
  • Openness of the system and extended connectivity:
    > Support for 70+ markets
    > FIX support (Inbound/Outbound, drop copies for confirms, allocations …)
    > Execution platforms connectors (TT, PATS, CQG, FIDESSA …)
    > Other sources (e.g. Bloomberg EMSX)
    > All data available through message-based APIs at any point in time.

Operational efficiencies

LISA Clearing Engine has been designed with our customers to ensure they get the best out of our solutions:
  • Bulk copy/edit of all static data; create hundreds of accounts in a single click
  • Native static data upload from your book-keeping systems (e.g. accounts)
  • Native integration (message based) with in-house risk systems or other 3rd party applications
  • Real-time exchange and system warning and alerts
  • Single click filter on markets, memberships, trade status through “matrix” filter
  • Color based warnings on trades that are “untouched” over a given period of time
  • Ability for customers to design and run ad-hoc reports from our ATEO Reporting Tool (part of the ATEO tool kit)
  • LISA Web Client module allows end customers to monitor their trades online throughout the entire trade life-cycle.

Architecture

LISA Clearing Engine is designed to handle high volumes and, most importantly, intra-day peaks and speedy recoveries, so as to ensure minimal downtimes.

Some facts:
  • System can process up to 5,000,000 trades per day
  • ATEO Message Hub allows unique core implementation (reduced footprint, ease of maintenance) while deploying remote gateways (close to specific CCP)
  • All data is persisted at trade capture, available to 3rd party applications independently of clearing status
  • Minimal foot-print on client side as single GUI can handle all activity across all markets, all memberships
  • LISA Web Stat module delivers:
    > System metrics: pending messages, throughput, latency, expected clearing delays
    > Business metrics: Number of pending GiveUps, average clearing time, average acceptance time per broker, pending business per account/contract/broker …


LISA I Connectivity

Emea

CCPMarket
EURONEXTMATIF
MONEP
AMSTERDAM
BRUSSELS
LISBON
EUREXEUREX
European Commodity Clearing AG (ECC)EEX (EUROPEAN ENERGY EXCHANGE)
Cassa di Compensazione e Garanzia (CCG)IDEM
MEFFMEFF ENERGY
MEFF RV
London Stock Exchange (LSE)LSEDM (London Stock Exchange Derivatives Market)
ICE Futures Europe (ICE EU)IFEU (ICE FUTURE EUROPE)
NDEX (ICE ENDEX Futures EU)
IFLL(FINANCIAL PRODUCTS DIVISION)
IFLO (EQUITY PRODUCTS DIVISION
IFLX (AGRICULTURAL PRODUCTS DIVISION)
IFED (ENERGY DIVISION)
Dubai Gold & Comm. (DGCX)DGCX
London Metal Exchange (LME)LME SMART
Nasdaq NLX (NLX)NLX (NASDAQ OMXNLX)
NASDAQ OMXCMX Derivatives
CMX Commodities
CME Clearing Europe (CMECE)CCE (CME Clearing Europe)
CCE (CME Clearing Europe Energy)
South African Futures Exchange (SAFEX)APD (ISE agricultural Products Market)
EDM (ISE Equity Derivatives Market)
IRC (ISE Interest Rate &Currency Derivatives)

NAM

CCPMarket
The Montreal Exchange (TMX)ME
ICE Futures Canada (ICE CA)IFCA
CMECME
CBOT
NYMEX
COMEX
DME
ICE Futures U.S (ICE US)IFUS (ICE FUTURES U.S.)
IFED (ICE FUTURES U.S. ENERGY DIVISION)
Options Clearing Corporation (OCC)CFE (CBOE Futures Exchange)
ELX (ELX Futures, LP)
ONE (ONECHICAGO)
NFX (NASDAQ OMX FUTURES EXCHANGE) AMEX (Nyse AMEX)
BATS (BATS Options Market)
BOX (BOX Options Exchange)
CBOE (Chicago Board Options Exchange)
C2 (C2 Options Exchange, Inc.)
ISE (international Securities Exchange)
NSDQ (NASDAQ OMX BX Options)
NOBO (NASDAQ OMX BX Options)
PHLX (NASDAQ OMX PHLX)
PSE (PIONEER SOUTHWEST ENERGY PARTNERS L.P.)

OTC API

APIMarket
ICE Futures Trade RegistrationEFP, EFS and,black trades
CME ClearportEnergy,Metals, Ags, Interest Rates, CDS,FX
CME
CBOT
NYMEX
COMEX
DME
CME EUROPE

APAC

CCPMarket
ASX Clear Futures (ASX24)CFD
SFE
NZFOE
ASX ClearASXD (Options)
ASXF (Futures)
Hong Kong Futrures Exchange (HKFE)HKFE (Hong Kong Futures Exchange)
This includes HKCC & SEHK
SGXSGX
ICE Futures Singapore (ICE SG)IFSG

Services

  • ATEO 24/7 support services provided by our regional support teams located in EMEA, NAM, APAC
  • On line and real time access to all service requests (who does what, latest status, ETA….)
  • Quick turn around on issues being raised, enhancements requests
  • A number of native monitoring tools part of the ATEO tool kit.