The Boston Options Exchange (BOX) Selects Firm58 for On-Demand Billing
Firm58 replaces BOX’s in-house billing system and provides exchange participants with online access to trade details and balances
CHICAGO February 4, 2010 Firm58 (www.firm58.com), a financial management software provider, today announced The Boston Options Exchange Group, LLC (BOX), an all-electronic equity options market, has selected Firm58 to automate its billing processes.
The Boston Options Exchange Group is using Firm58’s Software as a Service (SaaS) solution to manage bill calculation, invoice presentation and delivery, and revenue reporting. In addition, BOX exchange Participants can use Firm58’s self-service Web portal to access detailed reports on trade activity at any time during the billing cycle.
“Replacing our in-house system with Firm58’s billing solution delivers time and cost efficiencies for our exchange and benefits our Participants,” said BOX CEO Tony McCormick. “Using Firm58s system allows BOX to continue its commitment to transparency and availability by offering Participants online access to trade details and invoice data on a daily basis.”
The Firm58 billing solution provides BOX with detailed reports and more flexible rate schedules including the ability to bill based on clearing identification. At the end of each month, statements are automatically delivered to Participants via email. In addition to billing, Firm58 offers a suite of post-trade solutions that reduce costs and simplify the processes associated with fees, commissions and trader payouts.
“BOX joins a growing list of leading global exchange customers that understand the strategic benefits of SaaS-based billing,” said Nick Fera, chief executive officer of Chicago-based Firm58. “At a time when IT budgets are shrinking and exchanges are looking to save costs, hosted software can bring about significant savings and efficiencies as well as improved customer service. We look forward to helping BOX continue its tradition of service.”
The BOX implementation of Firm58’s billing solution is currently live. For more information about Firm58 or to request a demonstration, contact firstname.lastname@example.org or visit www.firm58.com.
About The Boston Options Exchange Group, LLC (BOX)
The Boston Options Exchange Group, LLC (BOX) is an all-electronic equity options market that is jointly owned by the TMX Group and seven broker dealers. BOX was established in 2002 and launched trading in February 2004 as an alternative to the market models in existence at the time. Since inception, BOX has provided its participants with an efficient and transparent marketplace, cutting edge technology and best price filtering for customer order execution.
BOX offers many distinctive features as well as an innovative market structure. Its ultra-low latency trading engine has hubs in Chicago and New York. Matching is executed based on price-time priority, with no order cancellation fees. Other key features of BOX are its Price Improvement Period (PIP) auction, which has returned over $270 million to customers since BOX’s launch, and multiple competing market makers. There are no DPMs or specialists, and BOX has no seats to buy or lease. BOX has very simple fee structures. For more information, see the BOX website: www.bostonoptions.com.
Firm58 simplifies trade operations for capital markets firms. The company’s Web-based financial management software provides insight into daily profitability, automates full-cycle billing activities, and manages CSA/CCA/soft dollar programs to help increase a firm’s revenue, operational efficiency, and reduce costs. The technology platform automates middle- and back-office processes across asset classes including equities, futures, options, foreign exchange and fixed income. Firm58 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.