Broker Dealer Converts to Shadow Financial Systems’ ShadowSuite Real-Time, Cost Effective, Scalabale Modern-Day Alternative to the Old Guard Back-Office Service Bureaus
PISCATAWAY, NJ (February 18, 2014) – Shadow Financial Systems, developers of the ShadowSuite® 9.3 global securities processing, reconciliation, clearing, treasury and accounting system, today welcomed another broker dealer that has gone live with ShadowSuite. In this instance, the broker dealer began self-clearing its U.S. equity activity from a third party provider.
This particular broker dealer provides clearing, settlement and financing services to its proprietary trading groups. Seeking to take control of its clearing capabilities this technology savvy broker dealer required a cost effective, real-time solution that was scalable to efficiently manage its post trade reconciliation, settlement and bookkeeping. ShadowSuite’s number one value-added is its use of the most current technology available in the market today to deliver its Software-as-a-Service offering (“SaaS”).
Donald Marino, CEO of Shadow Financial Systems, commented, “ShadowSuite is the industry’s modern-day alternative to the old guard back-office service bureaus. It truly is a cost effective real-time clearing platform that speaks message-to-message with the clearing corporations keeping the client up-to-date throughout the day. This is another example of how easily ShadowSuite can be implemented as a service as our client sought to remove their dependency on a thrid party provider while being able to maintain its focus on its front-end trading systems.”
About Shadow Financial
Founded in 1997 by industry professionals, Shadow Financial’s technology provides comprehensive post-trade processing, treasury and accounting functionality on a cost-effective platform for any firm trading securities. Among the Company’s clients are NYSE Arca, National Financial Services LLC, a Fidelity Investments Company, Newedge USA, and Raymond James & Associates. More information can be accessed at www.shadowfinancial.com