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Firm58, Inc. (www.firm58.com), a financial management software provider, today announced its selection by NYSE Euronext to provide the online presentation and invoicing system for equities trading on the New York Stock Exchange, NYSE Arca and NYSE Amex, as well as options trading on NYSE Arca and NYSE Amex. The new billing facility provides members with self-service access to daily balances, historical data, and trade-by-trade level detail. Firm58's Software as a Service (SaaS) solution manages the publication and invoice processes for more than 1,000 member firms of NYSE Euronext’s U.S. markets.
"The new online facility is a tremendous benefit to our members, providing greater flexibility, efficiency and transparency in the billing process," said Bob Airo, senior vice president for market operations at NYSE Euronext. “With this web-based solution, our members have easy access to the information they need — including trade-level detail and historical data for all of their transaction-based invoices. The Firm58 Portal has greatly improved our invoicing distribution and efficiency.”
"Billing is a strategic component of any trading operation as it represents an opportunity to interact with clients," said Sam Mele, co-founder and managing director at Firm58. "Leading-edge firms are beginning to realize that it's advantageous and cost-effective to outsource key horizontal processes such as billing. The results are significantly reduced costs, improved client satisfaction and fee transparency. We are proud to be the billing choice for NYSE Euronext, delivering automated bill publication and online access to financial and trade data."
Firm58 processes more than 30,000 monthly invoices in aggregate across eight NYSE Euronext bill categories, and the technology platform captures an average of 24 million trades per day. A self-registration feature provides NYSE Euronext members with permission-based access to the billing website where they can view current and past bills, payment history, past due amounts, and a summary of trading mnemonics. Members can also query the system for trade data and download trades for further analysis.
Firm58's Billing product is part of the company's larger suite of middle- and backoffice solutions designed to manage fees, commissions, and payouts. The SAS 70- certified company manages the billing activities for many of the largest exchanges in the world. Firm58 supports more than 90 million contracted daily transactions across global exchanges, broker dealers, and trading firms. For more information or to request a demonstration, contact marketing@firm58.com or visit www.firm58.com.
