Shadow Financial Systems, Clients Prepared as OPRA Codes Rendered Obsolete, OSI Becomes Standard
— ShadowSuite’s Updated Module Makes Clients Compliant with Options Symbology Initiative —
EDISON, N.J. (January 13, 2010) — Shadow Financial Systems, developers of the ShadowSuite® global securities processing, reconciliation, clearing, treasury and accounting system, today announced a new release of its Options Processing module. Fully integrated within ShadowSuite, this module will enable clients to conform to the new Options Symbology Initiative (OSI) codes.
The Options Price Reporting Authority (OPRA) symbols used to represent options contracts in data transmissions have been in use for more than 25 years and have become limited in today’s marketplace. On February 12, 2010, OPRA Symbols will be rendered obsolete and all options market participants must become OSI complaint.
“As always, Shadow Financial Systems is in step with the market and ready to support our clients. These enhancements will enable our customers to align with the new symbology and become OSI compliant,” said Donald Marino, CEO of Shadow Financial Systems. “This is a major overhaul for the industry and many have compared the challenges it presents to the challenges of the Y2K conversion. The change to the new OSI symbols can put a heavy burden on IT departments supporting internal applications. To assist with this issue, our securities aliasing feature allows our users to maintain the legacy symbols while being in compliance with the new symbology.”
A committee of industry representatives developed the OSI naming convention to better support the rapidly growing and increasingly complex options market. The new OSI-compliant symbols will be more consistent and intuitive than the OPRA codes and ultimately will decrease the number of process errors and reduce investor confusion. The three- to five-character OPRA symbols will be replaced by a 21-character convention that will include an exact expiration date and a root that matches a security’s ticker symbol.
ShadowSuite is a highly scalable on-premise installed software solution for post-trade processing, reconciliation, clearing, settlement, treasury and accounting. Shadow Financial continually makes innovations and updates it to its solution to support the evolving market and changing customer needs.
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, Newedge USA, and Belzberg Technologies. More information can be found at www.shadowfinancial.com.