Broker Dealer Goes Self-Clearing Using Shadow Financial Systems’ ShadowSuite
Clearing Firm Costs Were Becoming Unwieldy Leading to Self-Clearing Decision
PISCATAWAY, NJ (October 15, 2017) Shadow Financial Systems, developers of ShadowSuite® the premier real-time, exceptions based solution for middle and back-office post-trade processing, reconciliation, clearance, settlement, treasury and accounting, today announced that an introducing broker dealer effecting riskless principal transactions in U.S. government securities with its customers has gone self-clearing with ShadowSuite’s Software as a Service (“SaaS”) model from a third party clearing firm.
The broker dealer was finding its clearing costs constantly growing while the level of service provided by the clearing firm was unchanged. Looking to be in control of its operations and cost structure the broker dealer turned to Shadow Financial Systems to migrate its business onto ShadowSuite’s SaaS offering to begin self-clearing.
Shadow Financial Systems’ SaaS offering is the only one in the market using cost-effective 21st Century technology and includes all hardware, communications lines and database licenses in both the production and disaster recovery sites.
ShadowSuite is real-time exceptions based post-trade processing that improves processing efficiency because it does during the current day, message-to-message, what its competitor’s legacy systems do in their “overnight batch cycle”.
“ShadowSuite’s real-time, exceptions based post-trade processing and fully integrated position and cash management components, stock record and general ledger allowed the broker dealer to continue to do its business with the same number of staff it had when it conducted business on a fully-disclosed basis,” revealed Shadow Financial Systems’ CEO Donald Marino. “We are pleased to have another firm taking advantage of ShadowSuite’s efficient cost-effective post-trade processing capabilities.”
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.