Firm58

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Firm58
LogoFirm58.jpg
Founded 2004
Headquarters Chicago
Employees Over 40
Products Post-trade management software solutions

Firm58 is a Chicago-based financial management software company that offers post- trade operations for capital markets firms. The company's software provides a view into daily profitability, automates full-cycle billing activities, and manages CSA/CCA/soft dollar programs. The technology platform automates middle- and back-office processes across asset classes including equities, futures, options, foreign exchange and fixed income. Firm58's software is utilized by global market exchanges and execution venues, institutional brokerages, clearing and non-clearing broker-dealers, and proprietary trading firms. [1] The firm was started in 2004.[2]

History

Since its inception in 2005, Firm58 has raised upwards of $12 million to develop and market software to small and medium-sized financial services firms. In 2007, Firm58 closed a $3.7 million in Series A financing deal led by New World Ventures, an early-stage venture capital firm that invests in privately-held technology companies.[3] In 2008, the company announced it had secured $8.5 million in growth capital to fuel the mass commercialization of its offerings and that North Bridge Venture Partners co-led the round with existing investor New World Ventures.[4]

Products and Services

Firm 58 has a variety of products and services for post-trade management.

Billing Solution

Firm58's billing solution provides visibility into revenue stream and automates and expedites full-cycle billing activities. Its automated bill calculation, cost-plus billing, bill generation/presentation, and collection and payment replaces error-prone manual processes. The service offers permission-based online access for clients to share invoice-related information and provide up-to-the-minute billing information rather than waiting until month's end.

Profitability Analysis Solution

Firm58's profitability analysis solution calculates daily net profitability and share data via permission-based online dashboards providing insight into margins, liquidity and income analysis. It is an automated analysis of variable and fix-cost trade activity that understands profitability drivers.

CSA/CCA/Soft Dollar Solution

Firm58 also has a dollar management program, CSA/CCA/Soft Dollar solution, which allows clients to offer a high-value program to their customers and participants via a web-based, self-service interface. The solution automates CSA/CCA invoicing and payment workflow and is configurable to fit specific program needs.

Compliance & Surveillance Solution

In June 2013, Firm58 launched a new compliance & surveillance solution for broker dealers. The launch was in response to heightened scrutiny of trading activity and evolving requirements for broker dealer trade supervision, the company said. The software is built to detect patterns and specific issues, such as order spoofing and quote-stuffing.[5]

Key People

References

  1. Home. Firm58.
  2. Profile. LinkedIn.
  3. Press Release. Firm58.
  4. Press Release. Firm58.
  5. Firm58 Offers New Market Surveillance Solution for Broker Dealers. Firm58.