Firm58 exceeds 100 million
22 July 2010 Chicago
Image: Shutterstock
Firm58, Inc. has announced it passed the 100 million mark of daily transactions contracted under its brokerage, trading and exchange clients as of June 30, 2010, a two-thirds increase over the 60 million daily transaction total achieved at year end 2009, and twice the total reached 12 months ago.
This increase represents the expansion of Firm58's software platform, which helps financial services firms outsource functions including billing, profit analysis, and compensation, by existing clients and additional mandates won by Firm58 in the first half of 2010 to manage billing and other middle- and back-office functions. New clients in the first six months of 2010 include NYSE Euronext, Cheevers & Co., and Boston Options Exchange (BOX).
"We are very pleased to reach this significant milestone, demonstrating both our robust and scalable software platform and the growth in the number and size of our clients," said Nick Fera, Firm58's chief executive officer. "Leading-edge brokerages, trading firms and execution venues are discovering that outsourcing middle- and back-office processes to Firm58 results in significant cost savings, increased client satisfaction, and greater fee transparency."
This increase represents the expansion of Firm58's software platform, which helps financial services firms outsource functions including billing, profit analysis, and compensation, by existing clients and additional mandates won by Firm58 in the first half of 2010 to manage billing and other middle- and back-office functions. New clients in the first six months of 2010 include NYSE Euronext, Cheevers & Co., and Boston Options Exchange (BOX).
"We are very pleased to reach this significant milestone, demonstrating both our robust and scalable software platform and the growth in the number and size of our clients," said Nick Fera, Firm58's chief executive officer. "Leading-edge brokerages, trading firms and execution venues are discovering that outsourcing middle- and back-office processes to Firm58 results in significant cost savings, increased client satisfaction, and greater fee transparency."
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