Broker Dealer Retires Bespoke Legacy Back-Office Systems By Implementing Shadow Financial Systems’ ShadowSuite Solution
Client Consolidates and Streamlines Domestic and International Back-Office Processing
PISCATAWAY, NJ (January 30, 2018) Shadow Financial Systems, developers of ShadowSuite® the single enterprise-wide post-trade processing solution for the middle and back-office today announced that a broker dealer providing correspondent clearing and execution services has gone live with ShadowSuite’s Software as a Service (“SaaS”) model replacing both its bespoke domestic and international legacy back-office systems.
Hosting both its U.S. and U.K. entities on the same instance of ShadowSuite and tightly integrating all of the firm’s peripheral processes, by taking advantage of ShadowSuite’s open architecture, has allowed the client to modernize, consolidate and streamline its post-trade processing resulting in significant cost savings.
ShadowSuite’s configurable business rules and processes automates post-trade procedures allowing the system to do the work rather than an army of staff.
ShadowSuite’s ability to process volume for both equities and fixed income regardless of currency in real-time on an exception basis were important requirements for the client given its aggressive plan to grow its businesses.
“ShadowSuite’s cost-effective highly scalable real-time processing capability provides the client with a competitive advantage to realize its business goals,” said Shadow Financial Systems’ CEO Donald Marino. “We are delighted to have another multi-entity client in production on ShadowSuite.”
About Shadow Financial Systems
Founded in 1997 by industry professionals, Shadow Financial’s technology provides comprehensive post-trade processing, treasury and accounting functionality on a cost-effective SaaS platform for firms that trade securities. Among the Company’s clients are NYSE Arca, Fidelity Clearing and Custody, a Fidelity Investments Company, Société Générale New York Branch, and Raymond James and Associates. More information can be accessed at www.shadowfinancial.com.