Belzberg Technologies to Offer Full Clearing Services using Shadow Financial Systems’ ShadowSuite as Back Office Clearing Solution for its Broker Dealer Subsidiary.
TORONTO and EDISON, N.J. (May 22, 2007) Belzberg Technologies Inc. (TSX -BLZ), a provider of technology-based equity and options trading services, announced today that it has selected ShadowSuite as the back office clearing solution for the clearing business of Electronic Brokerage Systems, LLC, its wholly owned U.S. broker-dealer.
“Our decision to expand our offering to include full clearing services for our clients represents an important revenue and growth opportunity that our company is now well positioned to execute on,” stated Sid Belzberg, Chief Executive Officer of Belzberg Technologies. “The ability to offer our customers full clearing services with state-of-the-art technology is a logical and important extension of our business that, in conjunction with our current products and services, positions the company strategically for a long-term, sustainable growth.” He continued, “ShadowSuite will integrate seamlessly into our existing operation. Its straight-through-processing functionality on a cost-effective, scalable platform fits well with our current expansion of our product offerings and will be an integral part of our drive to grow our business.”
Don Marino, CEO of Shadow Financial Systems, said, “We’re pleased to welcome Electronic Brokerage Systems, LLC to Shadow’s growing client base. Their decision to implement ShadowSuite is consistent with what we’re seeing in the market – the move away from expensive outsourced solutions to a flexible on-premise system that provides the benefits of efficient real-time operational controls, the ability to scale or grow with the business and real-time access to their data.”
Designed to process business the way business is conducted, ShadowSuite is unlike any other product available in the market today. Handling all combinations of currencies, financial instruments, and transactions types, ShadowSuite receives execution files from client front-end trading systems and reconciles them electronically with external organizations. ShadowSuite also provides on-line tools for staff to correct exceptions identified by the system, ensuring timely and accurate settlement of all securities traded along with correctly accounting for all this activity. As a result, ShadowSuite is the solution of choice for those companies seeking to self-clear, quickly and cost-effectively.
About Belzberg Technologies
Belzberg Technologies Inc. is a provider of technology-based brokerage services, trading equities and options through Electronic Brokerage Systems (EBS), Belzberg Technologies' wholly owned agency-only broker-dealer. EBS is a member of most North American stock exchanges, options exchanges and clearing organizations, including the NYSE, NASDAQ, CBOE, NSCC and OCC. Using Belzberg's suite of integrated trading tools and network connectivity, Belzberg's customers have direct access to all North American equities and options markets. The firm's client-base includes over 200 leading U.S and international brokerage houses and financial institutions. Belzberg Technologies is listed on the Toronto Stock Exchange (Ticker-BLZ) - additional information is available at www.belzberg.com.
ShadowSuite is a highly scalable on-premise installed software solution for post-trade processing, clearing and accounting, regardless of trading volume, currency combinations, financial instruments and transaction types. ShadowSuite features deep functionality, on-demand data access and delivery and global support. ShadowSuite can be deployed as a fully integrated enterprise solution or as distinct point solutions as required. As a result, ShadowSuite can be rapidly implemented in a wide variety of environments, helping facilitate business process improvements, exception management, and generate operational cost savings.
About Shadow Financial Systems
Founded in 1997 by industry experts, Shadow Financial Systems’ technology provides comprehensive post trade processing, treasury and accounting functionality on a cost-effective platform for trading organizations. Among the Company’s clients are NYSE Arca, National Financial Services, Raymond James & Associates, MF Global, NYFIX International, and Belzberg Technologies. www.shadowfinancial.com
Forward Looking Statement Disclaimer
Except for historical information contained herein, the matters discussed in this press release are based on forward-looking statements that involve risk and uncertainty. A variety of important factors could cause results to differ materially from such statements, including but not limited to economic, competitive, governmental and technological factors affecting the company's operation, markets, products, prices and other factors.