Broker Dealer Expands Use of Shadow Financial Systems’ ShadowSuite to Include U.S. Equities Functionality
PISCATAWAY, NJ (September 4, 2012) – Shadow Financial Systems, developers of the ShadowSuite® global securities processing, reconciliation, clearing, treasury and accounting system, today announced that a current broker dealer client has successfully expanded the use of ShadowSuite to process its U.S. equities business.
The client has been successfully using ShadowSuite for the processing of its fixed income, options and international equities businesses and chose to expand the use to include its U.S. equities business. This allowed the client to completely consolidate its post trade processing onto a single platform and in the process retire multiple vendor and in-house systems leading to significant cost savings and completely removing legacy technology from its middle and back office.
ShadowSuite’s U.S. equities functionality reconciles, clears and settles in real-time with both NSCC and DTC. Additionally, ShadowSuite integrates with up and downstream systems in real-time. ShadowSuite is an innovative middle and back office solution that improves processing efficiency because it does during the day, via messaging, what its legacy competitors do in their “overnight batch cycle”.
Donald Marino, CEO of Shadow Financial Systems, commented “Today ShadowSuite is the enterprise-wide post trade processing solution for this client. Over the past 3 years this client has migrated off of all its legacy post trade vendor and in-house systems. The result for them has been meaningful cost reductions and a much more efficient post trade process. This is a story we plan on repeating in the marketplace.”
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