Firm58, a leading financial management Software-as-a-Service provider, today announced that it has been selected by Lightspeed Financial to manage an integrated middle-office platform, including such processes as financial reporting, revenue and cost analysis, soft dollar management, and bill generation and publication.
Lightspeed is a leading provider of direct market access trading technology, risk management solutions, and brokerage services for professional retail active traders and institutional investors.
Firm58 will roll out its middle-office services for Lightspeed during the fourth quarter of 2010.
"As a broker dealer with a sophisticated and growing client base, it is imperative that we employ equally as sophisticated and transparent services to manage our trading operations," said Stephen Ehrlich, chief executive officer, Lightspeed Financial, Inc. "By consolidating many of our middle-office functions with Firm58, we are able to accomplish those goals and achieve significant operation efficiencies in the process. This is a win for our clients and a win for us."
"We are thrilled to be partnering with Lightspeed to manage and integrate its middle-office platform," said Nick Fera, chief executive officer at Chicago-based Firm58. "Recent industry research indicates that the leaders among brokerages will be those firms, like Lightspeed, that proactively manage service and measure costs across their trading relationships."