Firm58 Powers New Online Financial Portal for NYSE Euronext’s U.S. Equities and Options Markets
Bill presentation and invoicing solution supports trading operations
CHICAGO June 15, 2010 Firm58, Inc. (www.firm58.com), a financial management software provider, today announced its selection by NYSE Euronext to provide the online presentation and invoicing system for equities trading on the New York Stock Exchange, NYSE Arca and NYSE Amex, as well as options trading on NYSE Arca and NYSE Amex. The new billing facility provides members with self-service access to daily balances, historical data, and trade-by-trade level detail. Firm58’s Software as a Service (SaaS) solution manages the publication and invoice processes for more than 1,000 member firms of NYSE Euronexts U.S. markets.
“The new online facility is a tremendous benefit to our members, providing greater flexibility, efficiency and transparency in the billing process,” said Bob Airo, senior vice president for market operations at NYSE Euronext. With this web-based solution, our members have easy access to the information they need including trade-level detail and historical data for all of their transaction-based invoices. The Firm58 Portal has greatly improved our invoicing distribution and efficiency.”
“Billing is a strategic component of any trading operation as it represents an opportunity to interact with clients,” said Sam Mele, co-founder and managing director at Firm58. “Leading-edge firms are beginning to realize that it’s advantageous and cost-effective to outsource key horizontal processes such as billing. The results are significantly reduced costs, improved client satisfaction and fee transparency. We are proud to be the billing choice for NYSE Euronext, delivering automated bill publication and online access to financial and trade data.”
Firm58 processes more than 30,000 monthly invoices in aggregate across eight NYSE Euronext bill categories, and the technology platform captures an average of 24 million trades per day. A self-registration feature provides NYSE Euronext members with permission-based access to the billing website where they can view current and past bills, payment history, past due amounts, and a summary of trading mnemonics. Members can also query the system for trade data and download trades for further analysis.
Firm58’s Billing product is part of the company’s larger suite of middle- and back-office solutions designed to manage fees, commissions, and payouts. The SAS 70-certified company manages the billing activities for many of the largest exchanges in the world. Firm58 supports more than 90 million contracted daily transactions across global exchanges, broker dealers, and trading firms. For more information or to request a demonstration, contact email@example.com or visit www.firm58.com.
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 a firm’s revenue, 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, compensation, and accounting. Customers 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 headquartered in Chicago with a branch office in New York, and is backed by New World Ventures and North Bridge Venture Partners. For more information, visit www.firm58.com.
About NYSE Euronext
NYSE Euronext (NYX) is a leading global operator of financial markets and provider of innovative trading technologies. The company’s exchanges in Europe and the United States trade equities, futures, options, fixed-income and exchange-traded products. With approximately 8,000 listed issues (excluding European Structured Products), NYSE Euronext’s equities markets the New York Stock Exchange, NYSE Euronext, NYSE Amex, NYSE Alternext and NYSE Arca represent one-third of the world’s equities trading, the most liquidity of any global exchange group. NYSE Euronext also operates NYSE Liffe, one of the leading European derivatives businesses and the world’s second-largest derivatives business by value of trading. The company offers comprehensive commercial technology, connectivity and market data products and services through NYSE Technologies. NYSE Euronext is in the S&P 500 index, and is the only exchange operator in the S&P 100 index and Fortune 500. For more information, please visit: http://www.nyx.com.