Shadow Financial Services was formed in late 1997 as a software solutions provider for the
securities industry. Its founding members, Donald Marino, Julio Herrera, Fred Rodriguez and
Christopher Bell, had previously worked together at a large Broker-Dealer, which managed
a diverse range of businesses and products. Under the management of Mr. Marino, this team
of professionals was responsible for the application development of that company's global
securities and FX trading system, including the risk management, settlement, treasury, and
accounting functions.

During this time, Shadow's founders discovered certain inefficiencies and limitations
in the back-office securities processing systems in the market. Thus, they identified
an opportunity for a more flexible and adaptable solution that could effectively support
the processing, clearing, and accounting function of global, multi-currency trading for
a broad array of securities and derivative products.

Drawing on more than 50 years of combined IT expertise and knowledge in the
securities industry, Shadow's management team — along with seasoned IT
developers — delivered in mid-1999 its proprietary software product – ShadowSuite,
a multi-currency platform that assists with “post-trade" operations: trade processing,
reconciliation, clearing, and accounting.