Newedge Group Implements Shadow Financial Systems’ ShadowSuite for Self-Clearing
-Flexible, Scalable Solution Aims to Decrease Operational Risks and Cost; Improves Processing Efficiency-
EDISON, N.J. (November 30, 2009) – Shadow Financial Systems, developers of the ShadowSuite® global securities processing, reconciliation, clearing, treasury and accounting system, today announced that Newedge USA, LLC has successfully implemented ShadowSuite for self-clearing of its U.S. fixed income products. Newedge USA, a leading global broker providing high quality, innovative clearing and settlement services across multiple asset classes, is a subsidiary of Newedge Group, SA, a joint venture with equal ownership by Calyon and Société Générale, two of the world’s largest financial groups.
Seeking to expand its business while maintaining control of costs and eliminating the limitations of an outsourced clearing model, Newedge turned to Shadow Financial Systems to bring the clearance, settlement and bookkeeping functions in-house. ShadowSuite’s innovative back-office solution aims to decrease operational risk and costs while improving processing efficiency.
Daoman Chung, Head of Fixed Income IT at Newedge USA, stated, “Working closely with Shadow’s team we successfully migrated our fixed income operations and financing desk onto the ShadowSuite platform. Shadow’s ability to extend its functionality to support our requirements enabled us to deliver a comprehensive real-time front to back office solution.”
Donald Marino, CEO of Shadow Financial Systems, commented, “We’ve developed the industry’s first truly multi-currency, multi-asset, real-time platform. Newedge is another great example of an industry leader leveraging ShadowSuite’s next-generation enterprise technology. I’m delighted to welcome Newedge to our growing list of satisfied clients.”
Shadow Financial’s global securities clearing system, ShadowSuite®, is a highly scalable on-premise installed software solution for post-trade processing, reconciliation, clearing, settlement, treasury and accounting. ShadowSuite handles all combinations of currencies, financial instruments and transaction types on a real-time, exception basis. More information about ShadowSuite can be accessed at www.shadowfinancial.com
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 platform for trading organizations. Among the Company’s clients are NYSE Euronext, National Financial Services LLC, a Fidelity Investments Company, Raymond James & Associates, MF Global, NYFIX International, and Belzberg Technologies. More information can be found at www.shadowfinancial.com.