Broker-only Routing (Confirmation)

Broker-Only Routing lets you match your Trade Confirmations with your counterparty in GEN, while the confirmation of the broker fee is handled with your broker through Equias.

Once your Trade Confirmation has been matched in GEN through the paper/PDF matching workflow, GEN automatically creates a separate Broker Confirmation and sends it to your broker via Equias, provided that:

• The Trade Confirmation contains a broker with a valid Broker ID.
• An active Broker routing rule matches the trade.
• Broker Fee Information (BFI) is available, either inside the Trade Confirmation or as a separate BFI document.

Trade matching and broker matching are two separate journeys. The result of your trade matching with your counterparty is not affected by the result of the broker matching.

Please note: if your Trade Confirmation is already fully routed to Equias through an existing routing rule, broker matching is handled as part of the standard Equias process and Broker-Only Routing does not apply.

Questions answered in this article:

1. What do I need to set up?
2. What does the Trade Confirmation need to contain?
3. What if the broker fee is not available when the Trade Confirmation is created?
4. What happens once everything is in place?
5. How can I check whether it worked?
6. Why might the Broker Confirmation not be sent?
7. What are the current limitations?

1. What do I need to set up?

Before using Broker-Only Routing, three things need to be in place: an Equias connection, the broker in Static Data and a Broker routing rule.

1. Equias connection

Your company needs to be configured for communication with Equias. If you are not sure whether this is already the case, please reach out to your Customer Success Manager or the Fidectus Support Team, and we will be happy to check it for you.

2. Set up the broker in Static Data

The broker needs to be configured as a counterparty in GEN with:

• Role: Broker
• EIC code: the Broker ID

Please make sure the Broker ID used in your Trade Confirmations is the same as the one configured in Static Data.

3. Create a Broker routing rule

Create a dedicated routing rule with:

• Status: Activated
• Role: Broker
• Receiver: the Broker ID

If you use additional filters in the rule (for example transaction type, commodity, delivery point area, agreement or Active from date), the trade needs to match all of them for the Broker Confirmation to be sent.

Good to know about exclusion lists: if your rule uses the Disabled for the list option, every broker that is not on the list will be routed, including brokers you have not explicitly configured. We recommend reviewing the list carefully so that only the brokers you want are routed to Equias.

For more details on configuring routing rules, please see the Routing Setup Guide article.

2. What does the Trade Confirmation need to contain?

The Trade Confirmation always needs a broker agent with a valid Broker ID. Total Fee and Fee Currency are also required in the confirmation, unless you provide the broker fee through a separate BFI document (see the next section).

For example:

<Agents>
   <Agent>
     <AgentType>Broker</AgentType>
     <Broker>
       <BrokerID>12ABCD-XXXX-CH</BrokerID>
       <TotalFee>106</TotalFee>
       <FeeCurrency>EUR</FeeCurrency>
     </Broker>
   </Agent>
 </Agents>

Please note that Broker-Only Routing currently supports one broker per Trade Confirmation.

When the broker fee is included in the Trade Confirmation, GEN automatically creates a BFI from it and links it to the confirmation. This generated BFI starts at version 1.

3. What if the broker fee is not available when the Trade Confirmation is created?

If the broker fee is not yet known when you create the Trade Confirmation, you can submit the Broker Fee Information (BFI) as a separate document. To make sure Broker-Only Routing can pick it up, we recommend submitting the BFI before trade matching in GEN is completed.

The BFI must:

• Reference the relevant Trade Confirmation in LinkedTo, so GEN can link the broker fee to the correct trade.
• Use the Broker ID as the ReceiverID.
• Have ReceiverRole = BROKER.

For example:

<BrokerFeeInformation>
   <DocumentID>BFI-000123</DocumentID>
   <Version>1</Version>
   <SenderID>11TESTACCOUNT-TE</SenderID>
   <ReceiverID>12ABCD-XXXX-CH</ReceiverID>
   <ReceiverRole>BROKER</ReceiverRole>
   <LinkedTo>CNF_20260810_06</LinkedTo>
   <TotalFee>106</TotalFee>
   <FeeCurrency>EUR</FeeCurrency>
 </BrokerFeeInformation>

Good to know: when GEN sends your BFI to Equias, it keeps the same Document ID but uses a higher version number. Seeing a different version in Equias than the one you submitted is therefore expected.

4. What happens once everything is in place?

Once the setup and the required information are available, no manual action is needed. GEN takes care of the following steps automatically:

1. You and your counterparty complete trade matching in GEN through the paper/PDF workflow.
2. GEN identifies the broker on the Trade Confirmation and checks whether an active Broker routing rule applies.
3. GEN creates a separate Broker Confirmation and sends it to your broker via Equias. The broker status is set to ISSUED.
4. Once the Broker Confirmation has been received in Equias, the broker status changes to PENDING.
5. GEN then sends the BFI to Equias (either your separately submitted BFI or the one generated from the Trade Confirmation).
6. The broker confirms the broker fee in Equias.
7. GEN receives the result: the broker status changes to MATCHED and the BFI becomes VALID.

Your Trade Confirmation itself stays in GEN. Only the broker-related information is shared with Equias.

5. How can I check whether it worked?

You can follow the broker journey through the statuses below:

Where available, the broker status and details can be reviewed in:

• Documents overview
• Documents detail view
• Broker Matching Statement
• Audit Trail

We are continuously improving how broker information is displayed in GEN, so the broker status may not yet be visible in every view. If you cannot find the information you need, please contact the Fidectus Support Team and we will gladly check it for you.

6. Why might the Broker Confirmation not be sent?

Broker-Only Routing only starts when all conditions are met. If it does not start, no Broker Confirmation or BFI is sent, and your trade matching result stays unchanged. Please check the following:

Routing and setup

• Is the Trade Confirmation already fully routed to Equias by another routing rule? In that case, broker matching follows the standard Equias process instead.
• Is your company configured for communication with Equias?
• Is the broker configured in Static Data with Role Broker and the Broker ID as EIC code?
• Is a Broker routing rule in status Activated for this broker?
• Does the trade match all filters of the rule, including the Active from date?

Trade Confirmation and BFI

• Has trade matching been completed in GEN through the paper/PDF workflow?
• Does the Trade Confirmation contain a Broker agent with a valid Broker ID?
• Does the Trade Confirmation contain only one broker?
• If no separate BFI is used, does the Trade Confirmation contain Total Fee and Fee Currency?
• If a separate BFI is used, does it reference the correct Trade Confirmation in LinkedTo, with the Broker ID as ReceiverID and ReceiverRole BROKER?

Status

• The BFI is only sent once the Broker Confirmation has reached PENDING. If the broker status remains ISSUED, please contact us so we can look into it.

If everything appears to be set up correctly but the broker does not receive the confirmation, please contact the Fidectus Support Team with the relevant trade or confirmation details. We will be happy to investigate this with you.

7. What are the current limitations?

Broker-Only Routing is actively being developed. Please keep the following points in mind:

• Full routing takes priority. If the Trade Confirmation is fully routed to Equias, Broker-Only Routing is not used.
• Automatic only. The Broker Confirmation is sent automatically when all conditions are met. It cannot be started manually.
• One broker per confirmation. Confirmations with multiple brokers are not supported.
• Exclusion lists route all other brokers. With the Disabled for the list option, every broker not on the list is routed, so the list needs to be complete and up to date.
• Trade lifecycle events. Amendments, new versions, cancellations, terminations and tear-ups are not yet fully supported for the broker journey.
• Visibility. The broker status, Broker Matching Statement and Audit Trail entries may not yet be shown consistently in every view.
• Reason for skipped routing. When Broker-Only Routing does not start, GEN may not always display the reason. The checklist above can help, and our Support Team is happy to assist.

We will update this article as these points are addressed.

Related resources

• What are the different Broker Fee matching status?

• Routing Setup Guide