Firm58 Selected by Lightspeed Financial to Power Middle Office
Firm58 to manage Lightspeed’s revenue, expense, billing, and soft dollar programs on one integrated platform
CHICAGO — October 18, 2010 — Firm58, Inc. (www.firm58.com), a leading financial management Software-as-a-Service provider, today announced that it has been selected by Lightspeed Financial, Inc. to manage an integrated middle-office platform, including such processes as financial reporting, revenue and cost analysis, soft dollar management, and bill generation and publication.
Lightspeed is a leading provider of direct market access trading technology, risk management solutions, and brokerage services for professional retail active traders and institutional investors.
Firm58 will roll out its middle-office services for Lightspeed during the fourth quarter of 2010.
“As a broker dealer with a sophisticated and growing client base, it is imperative that we employ equally as sophisticated and transparent services to manage our trading operations,” said Stephen Ehrlich, chief executive officer, Lightspeed Financial, Inc. “By consolidating many of our middle-office functions with Firm58, we are able to accomplish those goals and achieve significant operation efficiencies in the process. This is a win for our clients and a win for us.”
“We are thrilled to be partnering with Lightspeed to manage and integrate its middle office platform,” said Nick Fera, chief executive officer at Chicago-based Firm58. “Recent industry research indicates that the leaders among brokerages will be those firms, like Lightspeed, that proactively manage service and measure costs across their trading relationships.”
Firm58 solutions are designed to manage fees, commissions, and payouts across assets and the enterprise. The SAS 70-audited company manages the billing activities for many of the largest exchanges in the world. Firm58 supports more than 100 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 Lightspeed Financial, Inc.
Headquartered in New York City, Lightspeed Financial operates through three wholly-owned subsidiaries:
Lightspeed Trading, LLC operates as a fully disclosed introducing broker-dealer and FINRA and NFA member. The Company offers securities and direct access brokerage, trading and advanced order routing services to their clients utilizing Lightspeed’s software products.
Lightspeed Technologies, LLC serves as the Company’s technology development subsidiary. Lightspeed develops and operates Lightspeed Trader, Lightspeed’s Direct Market Access trading software application; Lightspeed Gateway, Lightspeed algorithmic trading offering; Lightspeed Risk, a real-time risk management application; and Lightspeed Admin, Middle Office Technology suite. Utilizing a number of proprietary technologies, Lightspeed offers these products and more to broker-dealers, institutional entities and professional traders.
Lightspeed Education, LLC delivers educational products to the Lightspeed Trading, LLC customer community. These products include third party educational tools, webinars and the Lightspeed Spotlight social community. www.lightspeed.com
Lightspeed Financial, Lightspeed Technologies, Lightspeed Trading, Lightspeed Education and the Lightspeed logo are trademarks or registered trademarks of Lightspeed Financial, Inc.
© 2010 Lightspeed Financial, Inc. All rights reserved.
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.