Firm58, Inc. (http://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environment, capital markets firms are not equipped to generate detailed post-trade data using their existing outdated systems and manual processes.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.”