Macro Risk Advisors Selects Firm58 for Post-Trade Profitability Analysis
Web access to daily trade details enables streamlined operations, cost reductions and revenue growth
CHICAGO — March 22, 2011 — Firm58, Inc. (https://www.firm58.com), a leading financial management software company, announced today its appointment by Macro Risk Advisors (MRA), a leading equity derivatives strategy and execution broker dealer, to provide post-trade technology solutions.
In support of the firm’s steady growth, New York-based MRA is replacing its existing spreadsheet-driven processes with Firm58’s Software as a Service (SaaS) offering. The initial implementation will provide daily profitability reporting, accessible from a central web-based dashboard, with no need for additional MRA headcount.
“Streamlining our post-trade processing was a strategic decision that will enable us to understand our biggest cost drivers and accelerate customer acquisition efforts,” said Dean Curnutt, CEO of MRA. “In Firm58, we found a partner that can meet our current and future needs, allowing us to help our clients be more profitable in an unpredictable market environment.”
Firm58 provides an online, centralized trade blotter that consolidates trade-level revenue and expense details across assets, clients, and business units. The flexibility of the software empowers firms to adopt and implement new pricing strategies in order to take on new types of clients and increase order flow while maintaining control over brokerage, clearing and execution costs. Additional Firm58 solutions address other revenue-driving programs, including commission sharing arrangements (CSA) and soft dollars.
“The more we learned about Firm58, the more we realized the firm’s technology supports many of our most important areas of focus,” said John Luttenberger, head of operations at MRA. “Working with Firm58, we can be more nimble and responsive to changing market conditions and verify we are receiving accurate rebates. The bonus of having all of this functionality available in one solution made this an easy decision.”
“We’re thrilled to be working with Macro Risk Advisors to automate their post-trade processing,” said Nick Fera, Firm58’s chief executive officer. “MRA not only recognizes the importance of driving topline revenue, but also streamlining many of the manual middle-office functions that are garnering increased government attention. We look forward to helping the firm maintain and grow its competitive market position.”
About Macro Risk Advisors
Macro Risk Advisors is an equity derivatives strategy and execution firm headquartered in New York and specializing in translating proprietary market intelligence into specific trading ideas for its clients. Using an extensive network of contacts, MRA is able to access deep liquidity pools that enable the most efficient execution possible. MRA’s strategy notes are read by more than 1,300 unique institutional firms. The company is a FINRA-registered broker-dealer. For more information, visit www.macroriskadvisors.com or MRAD on Bloomberg.
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.