Archipelago Holdings Selects Shadow Financial’s ShadowSuite as Back Office Clearing Solution for its Broker-Dealer Subsidiary
Archipelago Subsidiary to Leverage Shadow Financial’s Industry Knowledge, Scalable Product Design and Field-Proven Capabilities
EDISON, N.J. and CHICAGO (November 16, 2004) – Shadow Financial Systems, developers of the ShadowSuite global securities processing system, today announced that Archipelago Holdings, Inc. (PCX: AX), the owner and operator of the Archipelago Exchange (ArcaEx), through its wholly owned subsidiary, Archipelago Securities, L.L.C. has selected ShadowSuite as the back office clearing solution for Archipelago Securities’ clearing business.
“Our vendor selection process was quite rigorous. Shadow Financial Systems was already a proven entity in self-clearing and we knew their product design and scalability would enable us to meet our high volume requirements,” said Pamela Zielezinski, Managing Director of Securities Operations at Archipelago.
Archipelago Securities has now licensed ShadowSuite for use in its clearing process.
As Archipelago Securities transitions to self clearing status, ShadowSuite is being used by Archipelago Securities as the middle office solution for reporting as well as reconciling trades and positions with the external clearing firm. Prior to the final implementation, ShadowSuite’s functionality was customized for Archipelago Securities by the Shadow professional services team to include NSCC reporting capabilities.
Donald Marino, Chief Executive Officer of Shadow Financial Services, said, “We’re thrilled to welcome Archipelago Securities to our growing roster of clients. Their use of ShadowSuite exemplifies how our product supports high-volume situations and can be tailored to meet specific requirements unique to each organization.”
Designed as a global securities transaction system, ShadowSuite handles the complex transactions of Institutional Investors as well as the volume of retail brokerage firms. A true multi-currency trade processing, clearing and accounting system, ShadowSuite manages all combinations of currencies, products and types of trades. From initial entry to liquidation, ShadowSuite maintains every position in its originally traded currency.
About Archipelago Holdings
Archipelago Holdings (PCX: AX) operates The Archipelago Exchange® (ArcaEx®) the first totally open all-electronic stock exchange in the United States to trade Nasdaq-listed stocks and exchange listed stocks, including New York Stock Exchange®, American Stock Exchange®, and Pacific Exchange® equity securities. In addition to offering core execution services, ArcaEx provides corporate clients with listing services and innovative data products. In 2004, Archipelago launched ArcaVision to provide corporate and trading clients with more transparent market data, analytical tools and access to market-wide and ArcaEx specific trading information. Archipelago Holdings completed its initial public offering in August 2004.
For more information, please visit: www.arcaex.com.
About Shadow Financial Systems
Founded in 1997 by industry professionals, Shadow Financial Systems’ software provides comprehensive back-office functionality on cost-effective, open technology platforms for institutional and retail brokerage firms. The Company’s clients include National Financial Services LLC, a Fidelity Investments Company, Raymond James & Associates, Maple Securities and numerous other brokerage firms. For more information, please visit: www.shadowfinancial.com.