Firm58 Trade Processing Activity More Than Doubled in 2010
The financial management software provider increased daily transactions by 183%
CHICAGO — January 27, 2011 — Firm58, Inc. (https://www.firm58.com), a leading financial management software company, announced today it more than doubled trade processing activity in 2010.
Citing a growing interest in post-trade analytics, electronic billing, and on-demand access to trade data, Chicago-based Firm58, a Software as a Service (SaaS) provider, grew its customer base by nearly two-fold in 2010, adding bulge bracket firms, global exchanges, and broker-dealers. New clients included NYSE Euronext, CBOE Holdings’ C2 Options Exchange, and Lightspeed Financial.
“Market dynamics are prompting financial firms to reevaluate their middle and back office strategies, and our solutions solve pressing challenges in a compelling way,” said Nick Fera, chief executive officer of Firm58. “In today’s demanding regulatory environment, capital markets firms are not equipped to generate detailed post-trade data using their existing outdated systems and manual processes. Firm58’s solutions address escalating regulatory and compliance issues with affordable and scalable web-based software.”
Firm58’s web-based solutions have been adopted by large financial institutions to manage fees, commissions and payouts, including billing, daily profitability reporting, and soft dollar program management. The company manages the billing function for many of the top global exchanges, including the CBOE Stock Exchange (CBSX), the Boston Options Exchange, and ELX Futures. Prominent institutional brokerages, broker-dealers, and proprietary trading firms including Cheevers & Company, and Hamilton Executions also employ Firm58’s solutions.
“We place a significant emphasis on scaling our platform well beyond the capacity of our current client base and expected growth over the next five years,” said Jim Mullen, Firm58’s co-founder and chief technology officer. “Firm58 has emerged as a leading post-trade technology provider as evidenced by the caliber of clients using our platform on a daily basis and we continue to outpace and out-innovate legacy providers and 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, compensation, and accounting. 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 has offices in Chicago and New York, and is backed by New World Ventures and North Bridge Venture Partners. For more information, visit www.firm58.com.