Chimera Capital Gets “Hyper-Efficient” with Firm58
Firm58 software streamlines post-trade operations at Chimera Capital.
CHICAGO, August 22, 2007 — Firm58, Inc., (www.firm58.com), developer of post-trade management software solutions for the financial services sector, today announced its latest platform is being utilized by Chimera Capital to automate major management functions, such as position management, expense management and complex group and trader payouts.
“Firm58 enabled us to double our head count and open a remote office in Boston without adding any additional financial staff,” said Jared Gerstenblatt, Partner at Chimera Capital. “The operations side of our business has become hyper-efficient. We’ve dramatically increased trade volume and revenue, yet reduced costs.”
“Historically proprietary and active trading firms have had no choice but to build an in-house system or resort to spreadsheets to manage the complexities of their business,” noted Sam Mele, President of Firm58. “Spreadsheets are inherently unreliable and custom development bears significant risk. In comparison, we are pleased to offer a comprehensive enterprise class platform specifically designed for proprietary and active trading firms with rich, proven functionality and superior reliability, all at dramatically lower costs.”
Firm58 has developed an offering to solve the unique post-trade management issues experienced by proprietary and active trading firms. With Firm58, Chimera is able to:
- Report daily gross and net profit & loss at the firm, group and trader level
- Calculate and verify all trade-related expenses such as execution, SEC, ECN fees and rebates and clearing fees
- Automatically calculate group and trader payouts
- Monitor notable variations in firm capital at the group and trader level
- Query and analyze trading activity and fees by day, month or year
- Access and view historical data online
- Easily export trade and fee data to Excel for further analysis
“With Firm58, we can now verify the clearing firm’s numbers and have peace of mind every night. Firm58 highlights discrepancies on a daily basis,” said Jason Malkin, Partner and CFO at Chimera. “Each day, we can see where money is being made and lost and our traders now have daily visibility to their profit and income by day, symbol, etc.”
About Firm58, Inc.
Based in Chicago, Firm58 offers on-demand post-trade management software solutions to manage critical operations such as position management, billing, reconciliation, payment, fees and commission calculations, in addition to customer, financial and operational analytics. By automating all post-trade processes regardless of asset class (equities, foreign exchange, fixed income, futures, etc.), Firm58 enables organizations to increase revenues while simultaneously reducing costs.
About Chimera Capital
Chimera is a New York-based, active trading company, with offices in New York, Los Angeles and Boston. For more information about Chimera, visit http://www.chimeracapital.com.