Helix Clearance and Middleware

Helix’s Clearance and Middleware applications automate the clearance of domestic and international governments, agencies, corporates, munis and other securities, with direct, real-time links to:

  1. JPMorgan/Chase (Chase);
  2. GSCC;
  3. CCMS (Clearance and Collateral Management System for international settlements); and
  4. Interfaces to downstream credit, risk and accounting management systems.

Helix’s back-office tools automatically keep track of the current state of the clearing trade, adjusting balances and posting GL entries in real-time for Positions, Stock Record, GL Accounting and Bookkeeping, ensuring that the user has the best possible information available at all times.

In addition, Clearance and Middleware maintain the balances necessary to correctly calculate principal and interest payments (P&I) for both domestic and international securities, cash and financing trades.

With our sophisticated Graphical User Interface (GUI), your users have the automated tools they need to pairoff and partially pairoff, roll back, split, cancel and correct, submit, re-submit, view, sort, categorize, and manage all trades.

  • Feature List

    • Multi-entity, multi-currency, multi-product
    • Ledger / Sub-Ledger capability
    • Fully integrated with HelixREPO
    • Full real-time P&I tracking – monitor eligible trades/positions, create appropriate payments and projected payments, and produce reports 
    • Full Account Journal accounting engine – for GL and SR; detailed accounting entries for such items as Onside/Offside, Interest accrual, Coupon payments, Maturities, Reprices, As of (backvalued), Settlements
    • Delayed accounting capability
    • Sophisticated Cancel / Corrects processing
    • Positions maintained in real-time for items such as UnApproved Deliver, UnApproved Received, Pending Deliver, Pending Receive, Anticipated Position, Actual Position
    • Full real-time reporting capabilities, such as Transaction Summary, Executing Broker, Projected Securities Settlements, Gross Notional Report, Settlement Summary, Bookkeeping Ledger, Stock Record,  Fail reporting, Position Report by Trade Date and Settlement Date (Holdings), Audit, Cash and Security pair-offs
    • Security / Role based – access to entities, ledgers, screens, objects on screens
    • Modularized Clearance / Depository functions
    • Affirm and Approve tabs - Supports workflow by enabling people in different roles to approve and act on a ClearingTrade
    • Waiting/Fail and Settle tab
    • Rejected / DK / DK Reverse / Cancel tabs
    • Resubmit of Rejected and DK trades
    • Pending and Alarms tabs
    • Real-time screen refresh via Signal Service
    • Real-time server-side processing
    • User customizable displays: data displayed, order of columns, sort order, colors of fields, data formats, fonts
    • Specialized trades displayed in different colors for easy recognition
    • User created/retrievable screen filters for each screen
    • Default instruction is set per counterparty, per Delivery Location
    • Multiple settlement instructions per counterparty, per entity may be defined
    • Audit trail and reporting on settlement instruction modifications
    • Settlements and comparisons are updated real-time
    • Real-time communication between Helix Clearance and Middleware and the clearing banks can be automatic or manual
    • Supports multiple accounts at the clearing bank
    • Supports receiving confirmations, rejects and DKs [don’t knows] - in real-time - from the clearing banks and modifies ClearingTrades accordingly
    • Ability to view all clearing messages sent to and from clearing banks
    • Automated settlement day processing, such as creation of off-legs on contract settlement day
    • Customizable business rules
    • Supports netting, full and partial pairing off of ClearingTrades, split ClearingTrades, money only ClearingTrades, securities with resolution money ClearingTrades
    • Settable pairoff options per DeliveryLocation
    • STP
    • Money Difference handling with user settable tolerances per Delivery Location
    • Internal bookkeeping ClearingTrades do not flow to the clearance banks
    • System generated cash settlements must be affirmed before they are eligible to be sent
    • Settlements are assumed failed until cleared by confirmation from the clearing bank
    • Find ClearingTrade function to aid in research
    • Visual display of trade information via Explorer
    • Customizable server-side events, such as when reports should run

 

Real-Time Reporting

Helix Clearance and Middleware provide many basic reports as part of its standard configuration. These reports can be run for one entity or across entities, with detail, summary, roll-up, CSV and PDF options.

  1. Accounting Reports – such as Billing, Bookkeeping Ledger, Coupon Interest, P&I, Stock Record
  2. Customer Verification, Clearance, and Settlement Reports – such as Fails, Netted, Gross Notional, Projected Securities Settlements, Pair Offs
  3. Position Reports – such as Box, executing Broker, Fx Exposure, Global Activity, Maturity, Settlement Summary Proof, Trade Date Positions, Market Value