Firm58 Provides Online Billing for CBOE Holdings’ C2 Options Exchange
Firm58 equips the new all-electronic exchange and its participants with online access to trade details and end-to-end billing information
CHICAGO — December 20, 2010 — Firm58, Inc. (https://www.firm58.com), a leading financial management company, announced today its appointment to manage the online billing function for the recently launched C2 Options Exchange (C2) of CBOE Holdings, Inc. (Nasdaq: CBOE).
Chicago-based Firm58, a Software as a Service (SaaS) provider of middle- and back-office technology solutions, enables C2 and its market participants to access daily trade and billing details at any time via an online client portal.
“Firm58’s online billing function allows C2 to offer market participants easy access to their invoices and the ability to view and download trade data and associated fees using only a web browser, 24 hours a day,” David Reynolds, Chief Accounting Officer of CBOE Holdings said. “By providing a self-service billing portal, we continue our focus on customer service and transparency and we provide an all-electronic billing solution for our fully electronic exchange.”
“Fundamental to the launch of an electronic exchange like C2 is the requirement to provide streamlined billing and deliver a superior online experience,” said Sam Mele, Firm58’s co-founder and managing director, Firm58, Inc. “Our involvement in the launch of C2 allows the exchange to deliver another highly practical level of customer service.”
Firm58 provides web-based solutions to manage fees, commissions and payouts including billing and soft dollar program management. The company manages the billing function for many of the top global exchanges, including NYSE, CBOE Stock Exchange (CBSX), and ELX. For more information, 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 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, 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.