Belzberg selects ShadoSuite for back office clearing
23 May 2007 | 1524 views | 0
Source: Shadow Financial Services, Belzberg Technologies
Belzberg Technologies Inc. (TSX - BLZ), a provider of technology-based equity and options trading services, announced today that it has selected ShadoSuite as the back office clearing solution for the clearing business of Electronic Brokerage Systems, LLC, its wholly owned U.S. broker-dealer.
"Our decision to expand our offering to include full clearing services for our clients represents an important revenue and growth opportunity that our company is now well positioned to execute on," stated Sid Belzberg, Chief Executive Officer of Belzberg Technologies. "The ability to offer our customers full clearing services with state-of-the-art technology is a logical and important extension of our business that, in conjunction with our current products and services, positions the company strategically for a long-term, sustainable growth."
He continued, "ShadoSuite will integrate seamlessly into our existing operation. Its straight-through-processing functionality on a cost-effective, scalable platform fits well with our current expansion of our product offerings and will be an integral part of our drive to grow our business."
Don Marino, CEO of Shadow Financial, said, "We're pleased to welcome Electronic Brokerage Systems, LLC to Shadow's growing client base. Their decision to implement ShadoSuite is consistent with what we're seeing in the market - the move away from expensive outsourced solutions to a flexible on-premise system that provides the benefits of efficient real-time operational controls, the ability to scale or grow with the business and real-time access to their data."
Designed to process business the way business is conducted, ShadoSuite is unlike any other product available in the market today. Handling all combinations of currencies, financial instruments, and transactions types, ShadoSuite receives execution files from client front-end trading systems and reconciles them electronically with external organizations. ShadoSuite also provides on-line tools for staff to correct exceptions identified by the system, ensuring timely and accurate settlement of all securities traded along with correctly accounting for all this activity. As a result, ShadoSuite is the solution of choice for those companies seeking to self-clear, quickly and cost-effectively.