Newedge Group Implements Shadow Financial Systems' ShadowSuite for Self-Clearing
Flexible, Scalable Solution Aims to Decrease Operational Risks and Cost; Improves Processing Efficiency
| Source: Shadow Financial Systems
EDISON, NJ--(Marketwire - November 30, 2009) - Shadow
Financial Systems, developers of the ShadowSuite® global securities
processing, reconciliation, clearing, treasury and accounting system, today
announced that Newedge USA, LLC has successfully implemented ShadowSuite
for self-clearing of its U.S. fixed income products. Newedge USA, a
leading global broker providing high quality, innovative clearing and
settlement services across multiple asset classes, is a subsidiary of Newedge Group, SA, a joint
venture with equal ownership by Calyon and Société Générale, two of the
world's largest financial groups.
Seeking to expand its business while maintaining control of costs and
eliminating the limitations of an outsourced clearing model, Newedge turned
to Shadow Financial Systems to bring the clearance, settlement and
bookkeeping functions in-house. ShadowSuite's innovative back-office
solution aims to decrease operational risk and costs while improving
processing efficiency.
Daoman Chung, Head of Fixed Income IT at Newedge USA, stated, "Working
closely with Shadow's team we successfully migrated our fixed income
operations and financing desk onto the ShadowSuite platform. Shadow's
ability to extend its functionality to support our requirements enabled us
to deliver a comprehensive real-time front to back office solution."
Donald Marino, CEO of Shadow Financial Systems, commented, "We've developed
the industry's first truly multi-currency, multi-asset, real-time platform.
Newedge is another great example of an industry leader leveraging
ShadowSuite's next-generation enterprise technology. I'm delighted to
welcome Newedge to our growing list of satisfied clients."
About ShadowSuite®
Shadow Financial's global securities clearing system, ShadowSuite®, is a
highly scalable on-premise installed software solution for post-trade
processing, reconciliation, clearing, settlement, treasury and accounting.
ShadowSuite handles all combinations of currencies, financial instruments
and transaction types on a real-time, exception basis. More information
about ShadowSuite can be accessed at www.shadowfinancial.com
About Shadow Financial Systems
Founded in 1997 by industry experts, Shadow Financial's technology provides
comprehensive post trade processing, treasury and accounting functionality
on a cost-effective platform for trading organizations. Among the Company's
clients are NYSE Euronext, National Financial Services, Raymond James &
Associates, MF Global, NYFIX International, and Belzberg Technologies.
www.shadowfinancial.com