Firm58 Announces Record Results for 2012 & Explosive Growth in Trade Volume Processed for its Clients
Nearly One Billion Trades Processed by Firm58 Last Year
CHICAGO — January 30, 2013 — Firm58, Inc. (https://www.firm58.com), an independent financial management software company, announced today that during 2012 it processed an incredible 910.5 million trades for its clients. That volume more than doubles the previous year. In addition, Nick Fera, CEO of Firm58 announced record revenues again in 2012. “Once again our revenue run-rate continues to grow and exceed our expectations,” said Fera. “New business activity among broker dealers and exchanges continue to fuel company growth.”
During 2012 Firm58 continued to see a common theme among its existing and new subscribers of its services. “Cost reduction and better visibility throughout these organizations,” said Fera “are the leading drivers for clients.” With continued downward pressure on overall trade volume and heightened focus on profitability, Firm58’s clients are actively engaged in reducing their cost structure through outsourced services like Billing and Commission Share/Soft Dollar Solution, while enhancing their client relationships through greater access and transparency.
One initiative by Firm58 that embodies both of these concerns was the 3rd Quarter release of its new rapid-deployment CSA/Soft Dollar Solution. This new solution brought a professional interface to many brokerage’s loyalty programs while at the same time reducing the cost of implementing and managing these solutions. Firm58 successfully offered a ‘freemium’-pricing pricing model to make it easy for broker dealers to sign up and get their Soft Dollar programs active, while greatly enhancing the functionality offered to their clients. Many new brokerages continue to take advantage of this unique Firm58 offer.
Following on the successful roll out of the CSA/Soft Dollar Solution, in early 2013 Firm58 will release a new Compliance Reporting & Surveillance Solution targeted to assist the broker dealer community keep pace with regulatory guidance from the SEC and FINRA. This new solution will also be ready for rapid deployment and allow brokerages to enhance their own trade surveillance to avoid punitive actions resulting from a failure to supervise their trading activity. Firm58 will announce availability and pricing shortly.
Fera stated, “since 2005 we have worked to address the most complex middle and back office needs of the world’s most demanding broker dealers and exchanges. As those needs expand in response to both customer requirements and new regulation, Firm58 will continue to adapt and innovate as we have in the past to meet our clients’ needs and improve both their operational and financial performance.”
Added Fera, “we’re excited that the industry continues to look to Firm58 to address the growing and complex demands of capital markets companies. We look forward to staying on the leading edge of innovative client focused solutions..”
About Firm58, Inc.
Firm58 simplifies trade operations for capital markets firms. The company’s web-based financial management software manages the processes associated with fees, commissions and payouts to help increase revenue and operational efficiency, and reduce costs. The Software as a Service
(SaaS) platform automates middle- and back-office processes across asset classes to provide insight into daily profitability and protect revenue. Firm58 offers solutions for billing, profitability analysis, commission sharing arrangements/soft dollar management, and compliance. Clients include global market exchanges and execution venues, leading institutional brokerages, clearing and non-clearing broker-dealers, and proprietary trading firms. Founded in 2005, Firm58 is based in Chicago, and is backed by New World Ventures and North Bridge Venture Partners. For more information, visit www.firm58.com.
Sam Mele, firstname.lastname@example.org