FIA Technology Services, Inc. is a wholly-owned subsidiary of the Futures Industry Association. We collaborate with the global futures industry to improve operational efficiency via web based software systems. FIA Tech operates four platforms: the Electronic Give-Up System (EGUS), the Electronic Give-Up Automated Invoicing System (eGAINS), the Reconciliation Software (eRECS), and FIA Tech’s OCR Data Service. The OCR Data Service establishes a means for participating firms and their clients to ensure that account data reported to the Commodity Futures Trading Commission is complete, accurate, and properly formatted for review by industry regulators. The EGUS, eGAINS, and eRECS systems integrate to help firms efficiently settle and reconcile their give-up brokerage.
EGUS allows brokers, traders and customers to electronically execute the FIA uniform give-up agreements and the FIA-ISDA Cleared Derivatives Execution agreement. EGUS interacts with eGAINS frequently to retrieve give-up agreements and facilitate the calculation of give-up payables and receivables.
eGAINS matches give-up trades to give-up agreements using the executing and carrying exchange firm codes, and account numbers. After a give-up is matched to an agreement, eGAINS finds the appropriate give-up fee for that transaction, using detailed criteria such as futures/options, spread codes and product codes.
eRECS is a web-based application that allows system users to reconcile trades, commission rates, receivables and payables with the corresponding data in their back office and accounting systems on a daily basis. eRECS queries eGAINS starting at 2:00 a.m. EST until it obtains the daily eGAINS end-of-day file. It will import data from a firm’s internal accounting system according to the individual firm’s processing schedule. FIA Tech designed eRECS to handle files from leading back office systems including Sungard’s GMI and ION’s RANSYS as well as proprietary accounting systems.
FIA Tech's OCR Data Service is a web-based application that allows Reporting Entities such as Futures Commission Merchants (FCM), clearing organizations, foreign brokers, and swap dealers to capture and store client data needed for regulatory reporting purposes and automatically file Form 102 reports to the Commodity Futures Trading Commission (CFTC) based on volume thresholds and/or certain triggering events.