NYSE Euronext Outsources Billing to Firm58
NYSE Euronext has selected Firm58 of Chicago to provide the online presentation and invoice system for equities trading on the New York Stock Exchange, 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," commented Bob Airo, SVP for market operations at NYSE Euronext, in the release. “With this web-based solution, our members have easy access to the information they need — in¬cluding trade-level detail and historical data for all of their transaction-based invoices. The Firm58 Portal has greatly improved our invoicing distribution and efficiency,” stated Airo in the release.
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.
Billing is a strategic component of any trading operation as it represents an opportunity to interact with clients," stated Sam Mele, co-founder and managing director at Firm58, in the release. Mele said leading edge firms are starting to realize the advantages of outsourcing key horizontal processes such as bill, which results in reduced costs, improved client satisfaction and fee transparency.
Firm 58's billing product is part of the company’s larger suite of middle-and-back-office solutions designed to manage fees, commissions and payouts.
The NYSE Euronext client win falls on the heels of Firm58 announcing that it closed a Series C funding round of $7 million which will be used to power Firm58’s growth in providing post-trade Software as a Service (SaaS) solutions to capital markets firms and exchanges.
Ivy is Editor-at-Large for Advanced Trading and Wall Street & Technology. Ivy is responsible for writing in-depth feature articles, daily blogs and news articles with a focus on automated trading in the capital markets. As an industry expert, Ivy has reported on a myriad ... View Full Bio