ELX Futures, a new fully regulated electronic futures exchange, has selected Firm58, a financial management software provider, to automate billing processes and invoice delivery.
Using Firm58's billing solution, ELX Futures will provide an online portal for exchange participants to access daily balances, trade discounts and fees, and detailed reports. Firm58's software-as-a-service (SaaS) platform provides ELX Futures with additional business insights via summary-level views of trade activity, income analysis and profitability drivers.
"As a new exchange, ELX intends to provide a meaningful difference at all stages of trading, and that includes post-trade transactions," said Neal Wolkoff, chief executive officer of ELX Futures. "Firm58 has an extensive platform that ensures our billing needs are supported, so we can focus our efforts on growing our marketshare, and maintaining a high level of customer service."
The flexibility of the Firm58 platform supports multiple lines of business and a full range of asset classes allowing ELX Futures to scale its business. With the configurable platform, ELX can easily create and modify rate plans in response to changing market conditions.
"Technology advancements are ushering in a new era of choice for exchange participants, and ELX Futures offers an attractive alternative," said Nick Fera, chief executive officer of Chicago-based Firm58. "ELX has developed an efficient and competitive exchange alternative for global markets and is putting similar emphasis on its middle- and back-office systems. Firm58's platform brings an unprecedented level of visibility to post-trade processing and we look forward to helping ELX Futures capitalize on their new strategic advantage."
Firm58's deployment consultants worked closely with ELX Futures to expedite the configuration of the revenue management solution and meet an aggressive timetable to take the exchange live with a complete billing solution. The company counts leading brokerages, trading firms and marketplaces as customers.
ELX Futures' deployment of the Firm58 solution is currently live.