Merlin Securities Selects Firm58 to Automate Clients’ CSA/Soft Dollar Processes
CHICAGO — December 7, 2011 — Firm58, Inc. (https://www.firm58.com), an independent financial management software company, announced today that Merlin Securities, a premier technology solutions provider and prime brokerage services firm, has selected to utilize and integrate its commission sharing agreement (CSA) technology.
Through Chicago-based Firm58’s CSA product, Merlin Securities has automated the processes of its soft dollar programs, allowing the firm to increase the size and scope of this business and enhancing clients’ visibility into trades, payments, credits and commissions.
“Our hedge fund clients are increasingly interested in capturing data about how trades are processed, billed and tracked,” said Aaron Vermut at New York-based Merlin Securities. “Integrating Firm58’s software into our own proprietary systems will help us manage that process effectively while maintaining close communication with clients and regulators.”
“We’re very excited to be chosen by Merlin Securities to automate their soft dollar programs,” said Sam Mele, Firm58’s co-founder and managing director. “In a recent Firm58 study, three quarters of those surveyed said that using Firm58’s technology is helping them better prepare for SEC and FINRA audits and internal compliance reviews, as well as improving their trade-related operations. We feel confident that Merlin and their clients will benefit from the efficiencies our solutions provide.”
Firm58′s 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 bulge bracket firms as well as 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 Lightspeed, and Hamilton Executions also employ Firm58′s solutions. Founded in 2005, Firm58 has offices in Chicago and New York, and is backed by New World Ventures and North Bridge Venture Partners.
About Merlin Securities
Merlin is a premier technology solutions provider and prime brokerage services firm offering integrated solutions to the alternative investment industry. The firm serves more than 500 single- and multi-primed managers, providing them with a broad suite of solutions including dynamic performance attribution analytics and reporting, seamless multi-custody services, capital development, 24-hour international trading, securities lending experts and institutional brokerage. With more than 100 employees, the firm has offices in New York, San Francisco, Boston, Chicago, San Diego and Toronto. Merlin utilizes the custodial and clearing operations of JP Morgan, Goldman Sachs and National Bank of Canada. Merlin is a member of FINRA and SIPC. For more information, please visit www.merlinsecurities.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 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.