Firm58’s Post-Trade Management Technology Powers First Online Billing Facility for CBOE Stock Exchange (CBSX)
CBSX participants can use online system to manage billing and historical records
CHICAGO, July 23, 2007 Firm58 (www.firm58.com), developer of post-trade management software solutions for the financial services sector, today announced that its technology is powering a new online billing facility for the CBOE Stock Exchange (CBSX).
This Web-based portal provides CBSX customers with an easily accessible, next-day, detailed record of trades and related fees. Using any Web browser, CBSX participants can:
- View trade-related fees, such as taker fees, maker credits and Section 31 fees
- Sort and analyze trading activity and fees by day, month and year
- Access and view historical statements online
- Download current and past statements in HTML or PDF formats
- Easily export trade and fee data to Excel for further analysis
“Firm58’s mission is to bring efficiency and transparency to post-trade processing,” said Sam Mele, president and CEO of Firm58. “Providing immediate visibility to trades and related fees to participants of CBSX accomplishes this goal. In doing so, costs are reduced and customer service is improved for the exchange and its participants.”
As the complexity of trading has increased, the demand has grown for post-trade management solutions that drive down costs by automating back-end operations, such as billing. CBSX is the first exchange to move its billing system online, and others in the financial services sector are expected to follow suit.
“CBSX is very focused on reducing trading costs for our customers. Firm58’s Web-based technology offers a cost-effective and convenient solution to the billing process and we are pleased to offer it to our customers,” said CBSX President and CEO David Harris.
Based in Chicago, Firm58 offers on-demand post-trade management software solutions to manage critical operations such as position management, billing, reconciliation, payment, fees and commission calculations, in addition to customer, financial and operational analytics. By automating all post-trade processes regardless of asset class (equities, foreign exchange, fixed income, futures, etc.), Firm58 enables organizations to increase revenues while simultaneously reducing costs.
CBSX is a fully electronic, Regulation NMS compliant marketplace, offering strict price-time priority for all participants. CBSX offers trading in 2,900 of the most actively traded New York Stock Exchange, American Stock Exchange and NASDAQ Stock Market listed and Over-the-Counter securities as well as Exchange Traded Funds (ETFs). Launched in March 2007, CBSX is a subsidiary of the Chicago Board Options Exchange (CBOE). For more information about CBSX including listings, access and fees; visit www.cbsx.com.