Three shades of CMTA Billing

Institutional options trading and settlement is a very flexible business process unique to US listed options market. The cost for this flexibility is the added complexity in the billing process. Many institutional clients’ are multi primed, execute through a non-clearing member who transfers the transaction to the prime of their choice involving multiple hops with a drop in fidelity of billing details. Having a manual process to track the billing through a spread sheet in comparison to book keeping in a separate system further complicates it, creating challenges for the operations/accounting teams to keep both data in sync. Executing Brokers typically write-off between 150 to 500 basis points as slippage. CMTA Direct is a billing platform to streamline CMTA billing process realizing efficiencies with reduced slippage, accelerated receivables and resource cost in three different ways depending on the payer. 1. Excelling with spread sheet Broker can streamline their billing process with CMTA Direct. Starting with an automatic upload of daily execution files into the system, payee can run the invoice as required typically once every month. Invoice can be one per client across Primes if they are directly paying or one invoice per prime for all its clients or even one invoice per prime per client, if that is the preference of the Prime. With an interactive spreadsheet update, any disputes/resolutions and comments will be preserved in the system with tracking of payments made. Any unpaid invoice gets aged. Executing Broker can analyze and speed up the process with interactive reports.   2. Payer portal Trading firms like to be on top of the game resolving any issues as...